Iran saves $3.8 billion through domestic biopharmaceutical production

Iran’s Biotechnology, Health, and Medical Technologies Headquarters has announced that the country has achieved $3.8 billion in foreign currency savings through the domestic production of biopharmaceuticals.

According to the Iranian Vice Presidency for Science Technology and Knowledge-Based Economy, this achievement is equivalent to the revenue from selling 54 million barrels of oil at an average price of $70 per barrel.

In response to banking sanctions and import restrictions, Iranian researchers have localized the production of advanced medications, reducing reliance on foreign sources.

This strategic move not only aided patient treatment but also played a significant role in easing economic pressures.

The biopharma industry has also generated a domestic market worth approximately $260 million, equivalent to the cost of equipping ten specialized hospitals.

Additionally, localized production of modern drugs has saved another $439 million in foreign exchange—comparable to building 1,300 six-classroom schools across the country.

Iran has also begun exporting some of these medicines, generating $9 million in export revenue—the equivalent of selling 145,000 barrels of oil.

Moreover, domestic drug production has significantly reduced healthcare costs, especially for insurance providers.

According to the report, local biopharmaceuticals have resulted in $235 million in insurance savings, covering nearly 10% of the national health insurance budget.