YEREVAN. – A Swiss pharmaceutical company is going to invest $0.5 million to experimental manufacturing of drugs in Armenia.

Azad Pharmaceutical Ingredients, Armenian Ministry of Economy and the Armenian Development Agency signed a cooperation memorandum in Yerevan.

“We are going to open a raw materials lab and then pilot production. In few years, we will probably open a full-fledged pharmaceutical plant,” said Mike Baronian, chairman of Swiss company's board of directors.

The company is going to focus on trainings of pharmaceutical chemists first.

“Armenia has a considerable potential of human resources,” he said.

The company's investments will make $10-15 million, while the pilot production may open in 3-4 years.

The Swiss company chose Armenia mainly due to an opportunity of facilitated exports to the markets of Customs Union states.

“The procedures inside the Customs Union will be more simplified,” Baronian added.

Since 1960s Mike Baronian has been working for Johnson&Johnson corporation, then was appointed a vice president of Сilag AG. In 2003 he set up his own company focusing on ophthalmology and oncology drugs.