Pharmaceutical startups to receive venture funding under new initiative

Additionally, Pharmagency will take charge of the production of dietary supplements and cosmetics. The agency is instructed to localize production and introduce cutting-edge global practices and standards.

By the end of the year, the Pharmaceutical Safety Center's laboratory must undergo prequalification by the World Health Organization (WHO) to confirm its compliance with international best practices.

The establishment of five model medicinal plant plantations is planned by July 1, with processing facilities for the harvested products set to become operational by 2026.

Plans are also in place to create an investment fund for promising pharmaceutical projects. Another fund will provide venture financing for startups in fields such as biopharmaceuticals, cell technologies, and oncology.

The decree also calls for the establishment of a state agency, Pharm Service, which will provide consulting services to pharmaceutical enterprises on implementing advanced standards and offering marketing support.

In December 2024, the president announced the creation of an investment fund for the pharmaceutical sector, with an allocation of $100 million. An additional $10 million will be directed to a venture company under Asaka Bank for financing medical startups, while 20 billion UZS in grants will be made available to support new developments.

At the same time, the president extended customs privileges for pharmaceutical enterprises until 2028 and supported the proposal to transition all pharmacies, regardless of turnover, to VAT payment.