1118 GMT November 14, 2019
Novo Nordisk singed the contract with Iran's Barakat Pharmaceutical Company on Monday.
The Danish company has obliged to make €70 million worth of investment to establish a plant for producing the medicine in the lands which belong to the Iranian company.
Novo Nordisk will produce 'modern insulin' in Iran to meet the needs of Iranian diabetic patients and those in the regional countries.
Insulin is a hormone made by the pancreas that allows your body to use sugar (glucose) from carbohydrates in the food that you eat for energy or to store glucose for future use. Insulin helps keep your blood sugar level from getting too high (hyperglycemia) or too low (hypoglycemia).
If your pancreas secretes little or no insulin (type 1 diabetes), or your body doesn't produce enough insulin or has become resistant to insulin's action (type 2 diabetes), the level of glucose in your bloodstream increases because it's unable to enter cells. Insulin therapy is often an important part of diabetes treatment.
A senior official of the Danish company said the plant will provide 'diabetic treatment through high technology'.
Peter Soelberg added that the plant will not only transfer the technology of producing advanced medicines to Iranians, but also help generate jobs.
Rasoul Dinarvand, the head of Iran’s Food and Drug Organization, said Novo Nordisk has taken a big step for investing in the field of producing medicines in Iran.
"Iran can provide a good opportunity for Novo Nordisk to benefit from its lucrative market," he said.
Novo Nordisk says it is a global healthcare company with more than 90 years of innovation and leadership in diabetes care.
Barakat Pharmaceutical Company is one of the largest pharmaceutical holding companies with more than 20 subsidiaries.
Hamid Reza Jamshidi, the managing director of Barakat Pharmaceutical Company, said the company has established a 220-hectare pharmaceutical town in Alborz province.
He said the company has received scores of requests for cooperation with foreign and Iranian firms.
Jamshidi noted that Barakat has so far signed three contracts with companies from Switzerland, the UK and Denmark for producing medicines.