Uzbekistan is launching two major funds to support pharmaceutical projects: a venture fund for startups and an investment fund for larger initiatives. These initiatives were introduced through a presidential decree issued on January 28.
A venture fund with a capital of $10 million will be created under Asakabank within two months. This fund will focus on supporting pharmaceutical startups, particularly in biopharmaceuticals, cell technologies, and oncology.
In addition, an investment fund with a capital of $100 million will be established at Asakabank without forming a separate legal entity. Half of the funding will come from the Fund for Reconstruction and Development of Uzbekistan (FRRU), and the other half will be provided by Asakabank. This fund will be used to finance scientific and investment projects in the pharmaceutical industry, with decisions made based on the approval of investment proposals. The feasibility studies of funded projects will be reviewed by the Scientific and Technical Council under the Pharma Agency, while import contracts related to these projects will be evaluated by the State Unitary Enterprise “Center for Comprehensive Expertise of Projects and Import Contracts.”
To further support the pharmaceutical sector, five model plantations for growing medicinal plants will be established by July 1, 2025. By the end of 2026, projects will be launched to process these plants for commercial use. A new state institution, Pharm Service, will also be created to provide marketing and consulting services, helping pharmaceutical enterprises adopt advanced standards.
During a meeting with entrepreneurs on December 18, President Shavkat Mirziyoyev emphasized the need to expand domestic pharmaceutical production. A special program will be developed by 2025 to produce 200 essential medicines, with the goal of doubling pharmaceutical production. For this, $400 million will be raised on preferential terms. Particular attention will be given to manufacturing oncology drugs, as the country currently relies on imports for these medicines. Scientists, entrepreneurs, and investors are encouraged to submit proposals for funding.
Additionally, $20 billion UZS from the Science and Innovation Support Fund will be allocated in grants. This funding will help turn new pharmaceutical developments into commercial projects and support startup companies in the industry.
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