YEREVAN. – Armenia’s Likvor Pharmaceutical Company opened a new factory. Total investments constituted $4.5 million US, from which $1.3 million were for equipment. The factory will prepare close to 70-brand drugs from 27 pharmaceutical groups. President Serzh Sargsyan on Saturday attended official opening of the factory.    

This project was funded with 880 million drams (approx. $2.4 million) from Armenian government’s anti-crisis program. Remaining funds were provided by the European Bank for Reconstruction and Development (EBRD), with $1 million, and by Likvor company itself.   

In his opening remarks at the event, Minister of Economy Tigran Davtyan stated that opening of local production has always been a positive stimulus for Armenia’s economy. “We are hopeful that, as a viable business plan, this would become a positive example for strengthening the country’s pharmaceutical sector,” the Minister noted.  

Likvor Pharmaceutical Company was founded in 1991. Ever since 2000, the Company exports products to Commonwealth of Independent States (CIS) countries. In 2005, forty-five percent of the Company’s shares were transferred to EBRD.