Nicosia, Cyprus, Jan. 29, 2021 (GLOBE NEWSWIRE) — Rafarma Pharmaceuticals, Inc. OTC:(RAFA) is pleased to announce its joint venture with the entity known as The Pharmaceutical Industry Development Agency of Uzbekistan which is essentially the Health Department of Uzbekistan. Together the two organizations will produce medicines for use by public health institutions in the Republic of Uzbekistan. This will entail the acquisition of real property (10 hectares in the established Innovative Scientific Production Pharmaceutical Cluster known as “Tashkent Pharma Park”) and the construction of a physical plant on the premises. Projected costs are currently at $82,000,000.
Both parties will be tasked with developing a timetable for project completion and implementation (projected time table 2021-2025). Rafarma will supply experts in their respective fields, oversee construction, and supply the necessary equipment.
The Pharmaceutical Industry Development Agency will be responsible for obtaining the necessary registration and certification of all future medicines produced by the partnership, and negotiating contracts with the health sector of the Republic of Uzbekistan.
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