TEHRAN (Iran News) –Four countries signed memorandums of understanding, announcing their readiness for buying Iranian-made medical equipment at the 4th National and the 15th International Reverse Expo, which was held in Tehran on December 10-13.

Representatives from Uzbekistan, Armenia, Turkey, and Bosnia signed 40 memorandums of understanding with Iranian knowledge-based companies during the 3-day event.

In addition to the international sector, government agencies such as the Ministry of Energy, Ministry of Industry, Mining and Trade have also presented their technological needs, in general, 600 technological needs were announced.

The TESTA exhibition is held internationally with the aim of using the capacity of universities, research institutes, parks, and knowledge-based companies to meet the needs of research and technology, and is host to delegations from five countries, Venezuela, Armenia, Uzbekistan, Iraq, and Afghanistan.

Iranian knowledge-based companies marketed 70 countries

Iranian knowledge-based companies marketed their products in 70 countries, and in some global markets have overtaken European and American companies, Siavash Maleki, deputy head of the Innovation and Prosperity Fund, said.

Iranian companies producing medical equipment export their products to 54 countries across the world.In the last two days, the number of knowledge-based companies has exceeded 6,800, he stated, emphasizing that half of them are active in the field of electronics and electricity.

Last year, knowledge-based companies gained about $800 million in revenue from export, and in the current year (started March 21), it seems to reach over $1 billion, he noted.

Medical equipment global market share

Iran holds a share of one percent (about $5 billion) in the global market for medical equipment of approximately $500 billion, but the country has the potential to increase the share, according to the statistics of the Ministry of Health.

In 2018, the National Medical Device Directorate reported that the Iranian medical equipment market was worth $2.5 billion, 30 percent of which belonged to over 1,000 domestic firms.

On a global scale, 56 percent of 500,000 medical equipment items available in the world market have Iranian versions. In pharmaceuticals, around 70 percent of Iran’s $4.5 billion markets are domestic products and, in 2018, 97 percent of pharmaceuticals consumed in the country were manufactured locally.

In 2018, 67 percent of the active pharmaceutical ingredients (APIs) used to produce drugs in Iran were made locally.

A total of 227 knowledge-based firms are supplying medical equipment for health centers across the country, according to the Vice Presidency for Science and Technology.

Iranian companies producing medical equipment export their products to 54 countries across the world.