President Shavkat Mirziyoyev singed a decree to create the free economic zones Nukus-pharm, Zomin-pharm, Kosonsoy-pharm, Sirdaryo-pharm, Boysun-pharm, Bustonlik-pharm, and Parkent-pharm, in efforts to draw investment to the pharmaceutical industry, produce high-quality medicine, boost Karakalpakstan, Djizzak, Namangan, Sirdarya, Surkhandarya and Tashkent’s industrial capacities, and create new jobs.
With pharmacy bearing much importance, Uzbekistan has always paid close attention to it.
A total of 146 local firms produce over 2,000 medications, which make up around 55% of all medicine on the market.
But improvements are yet to be made in pharmacy, as 6,300 of the 8,500 medications produced by the pharma industry are imported to Uzbekistan.
There is high reliance on foreign imports for drug production.
The localization needs can be addressed by growing more medical herbs; only 71 out of 350 herbs worldwide are cultivated in Uzbekistan.
The decree will address existing issues and push for better pharmacy in Uzbekistan.
Considering unique environmental conditions in Djiazzak, Namangan, Sirdarya, Surkhandarya, and Tashkent Regions, as well as in Karakalpakstan, the decree sets as a priority the setting up of free economic zones.
Authorities have been tasked with mapping out the territory, finding plantation plots, and devising a program specifying which plants should be grown on these plantations.
The zones will be functioning for 30 years, with an option to renew the term.
They will have special tax, customs, and currency regimes.
Free economic zone members can choose the way to pay for imports and exports.
Rebates and preferential regimes will make foreign and local investors interested in providing direct investment.
The decree also recommends that commercial banks give loans and offer co-financing opportunities to support pharmaceutical companies.
The decree will help boost industrial development and supply more medicine to the market. (UzReport/Business World Magazine)
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