Sectorial Brochure Pharmaceutical Sector of Armenia/ BA - Page 9

1 SUCCESS STORY / AZAD AZAD is a story of a double Armenian success: that of Mike Baronian, a successful businessman of Armenian descent based in Switzerland and founder of the company, and that of the company's investment in Armenia. Established in Switzerland in 2000 for global sales and marketing of active pharmaceutical ingredients (API), AZAD soon began to diversify its field of expertise in order to broaden its o erings and extend its presence in the healthcare industry, mainly concentrating on the following areas: £ Developing non-infringing APIs through proprietary development and partnerships £ Developing non-infringing finished drug products and o ering modified, value added drug products The company first opened up an o ce in Yerevan and then decided to start its own lab in Armenia to carry out development work on APIs for third parties. AZAD's R&D lab currently employs 30 highly skilled engineers. SUCCESS STORY / FMD K&L Established in the US in 1995, FMD K&L is an international Contract Research Organization (CRO) supporting Data Management, Biostatistics, Pharmacovigilance, Medical A airs and other services to pharmaceutical, biotechnological and medical device companies worldwide. With o ces and delivery centers in the US, UK, China, Philippines, India, South Korea, Armenia, Japan and throughout the Asia-Pacific region and more than 1500 employees worldwide, FMD K&L has a broad reach and innovative vision. Having started its operation in Armenia in 2015, FMD K&L Europe currently has more than 180 employees. In 2018, the company established the region's largest biotechnology park in Armenia. FMD K&L Europe plans to increase the number of its employees to reach 500 in the next few years. Kirit Velani, Managing Director of FMD K&L Europe “The quality of work I get from Armenians is great. The cost di erence between the West and Armenia is striking. This gives us a competitive edge in our business with large multinational companies.” 8