Iran, Denmark sign MoU on modern insulin plant

Iran’s Food and Drug Organization and the Danish Novo Nordisk company signed a Memorandum of Understanding (MoU) on Tuesday to build an insulin manufacturing factory, AVA Diplomatic reports.

Building the factory will turn the Islamic Republic from an importer into a producer of the FlexPen prefilled devices.

 “Iran is the most stable regional country with highly educated young population. In the post-sanctions era, we will only welcome investments which will be accompanied by technology transfer, create jobs, and bring in money,” Iranian Health Minister Seyed Hassan Hashemi said at the signing ceremony.

He said Novo Nordisk is the first major pharmaceutical company which has entered into business in Iran in the aftermath of the nuclear deal and said Iran will support Novo Nordisk if it wants to market for regional, Asian and African markets in addition to meeting the demands of 5 million Iranians suffering from diabetics.

 “The project is expected to last five years and represents an investment of 70 million euros,” said Ole Molekov Bech, corporate vice president of the Danish firm prior to signing the cooperation document.

 “Being here is a sign of our confidence in the Iranian economy and society,” he added, “With construction of the new facility, Novo Nordisk will create 160 jobs” as it has already employed 130 people in Iran.

Also speaking at the event, Rasoul Dinarvand, deputy health minister and CEO of Food and Drug Organization who signed the MoU with Molekov said Iran will be independent of importing an annual 40 million euros of anti-diabetics drugs and also become a regional hub for its production and export.

He welcomed Novo Nordisk’s joint venture and congratulated the Danish firm for selecting Iran from among five countries shortlisted for the venue of the factory.

 “Today is a historic day for Novo Nordisk and Iran. This is the right investment and we are pleased and proud over the investment of 70 million euros for production of disposable insulins through high-tech manufacturing process,” Molekov said.

The signing ceremony was attended by Iranian ambassador in Copenhagen and Danish ambassador in Tehran