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ERIELL and Turkish companies Abdi Ibrahim and Guray Group sign a protocol on cooperation in the field of pharmaceuticals
ERIELL and Turkish companies Abdi Ibrahim and Guray Group sign a protocol on cooperation in the field of pharmaceuticals
Uzbekistan’s ERIELL Group and Turkey’s Abdi Ibrahim and Guray Group have signed a tripartite protocol on cooperation in the production, sale, marketing and distribution of licensed Abdi İbrahim medicines in Uzbekistan.
The protocol, signed during the past week’s Tashkent International Investment Forum, reflects the two firms’ intentions to establish a joint venture in Tashkent. In accordance with the "Development Strategy of Uzbekistan for 2022-2026", as well as the Presidential decree "On additional measures for further development of the pharmaceutical industry and acceleration of investment projects" (PP-14 dated 10.01.2024), the parties intend to organize the production of medicines to minimize imports and provide high-quality drugs to the domestic population. Signing for the Turkish companies were the chairman of the Guray Group, Gurel Aydin, and the general director of the Abdi Ibrahim, Suha Taspolatoglu.
Signing on behalf of the Eriell Group, Bakhtiyor Fazilov, the Group’s founder said:
“In recent years, everyone in Uzbekistan has become aware of our vulnerability to supply disruptions in pharmaceutical supplies. With this protocol with two of Turkey’s leading companies in the world we hope to contribute to a solution. It will be good for our nation’s balance of payments, for our young population’s employment prospects and, most importantly, for the health care of our citizens.”
The parties also plan to build a pharmaceutical plant that will meet Good Manufacturing Practice (GMP) requirements and organize production and quality control. Total investment is expected to reach about $100 million and to take five years for completion.
NOTES TO EDITORS
Guray Group, founded as Güray Real Estate Development Inc. in 1991, is a major developer of housing projects, hotels, industrial facilities, sports facilities and other projects in Turkey and internationally.
Abdi Ibrahim, a leading company in the Turkish pharmaceutical industry, was founded in 1912. Abdi Ibrahim has the largest product portfolio in the industry with 250 brands and more than 500 products that it develops independently and collaborates with 30 licensors. Abdi Ibrahim has been a leader in the Turkish pharmaceutical industry since 2002 and today it operates in 17 countries outside of Turkey and exports products to more than 70 countries.
The protocol, signed during the past week’s Tashkent International Investment Forum, reflects the two firms’ intentions to establish a joint venture in Tashkent. In accordance with the "Development Strategy of Uzbekistan for 2022-2026", as well as the Presidential decree "On additional measures for further development of the pharmaceutical industry and acceleration of investment projects" (PP-14 dated 10.01.2024), the parties intend to organize the production of medicines to minimize imports and provide high-quality drugs to the domestic population. Signing for the Turkish companies were the chairman of the Guray Group, Gurel Aydin, and the general director of the Abdi Ibrahim, Suha Taspolatoglu.
Signing on behalf of the Eriell Group, Bakhtiyor Fazilov, the Group’s founder said:
“In recent years, everyone in Uzbekistan has become aware of our vulnerability to supply disruptions in pharmaceutical supplies. With this protocol with two of Turkey’s leading companies in the world we hope to contribute to a solution. It will be good for our nation’s balance of payments, for our young population’s employment prospects and, most importantly, for the health care of our citizens.”
The parties also plan to build a pharmaceutical plant that will meet Good Manufacturing Practice (GMP) requirements and organize production and quality control. Total investment is expected to reach about $100 million and to take five years for completion.
NOTES TO EDITORS
Guray Group, founded as Güray Real Estate Development Inc. in 1991, is a major developer of housing projects, hotels, industrial facilities, sports facilities and other projects in Turkey and internationally.
Abdi Ibrahim, a leading company in the Turkish pharmaceutical industry, was founded in 1912. Abdi Ibrahim has the largest product portfolio in the industry with 250 brands and more than 500 products that it develops independently and collaborates with 30 licensors. Abdi Ibrahim has been a leader in the Turkish pharmaceutical industry since 2002 and today it operates in 17 countries outside of Turkey and exports products to more than 70 countries.
