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Supply of domestic oil in the form of crude has been turned into a weaknesses for the country, he said, adding, “under such circumstances, enemies of the country especially the United State, while focusing on it, imposes financial and economic sanctions against the country.”

To realize objectives of all-out economic development in the country, “we have no choice but to prevent crude selling of raw materials,” Sattari emphasized.

In modern economics, crude selling of products is regarded as a basic and fundamental weakness, he noted.

Head of Iran’s National Elites Foundation Sattari stated, “with supporting research and development (R&D) sectors and relying upon talented youth, fortunately, the country has attained favorable self-sufficiency in refinery sector.”

He also pointed to the practical and important role of knowledge-based companies in spurring economy of the country and added, “small- and medium-sized enterprises have brought about sizable revenues for those who are active in economic sector of the country.”

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“According to the document, significant products in fields which are of top priority for the Defense Ministry, such as aerospace, biology, and cognition, will be designed which could create superiority in the defense sector,” said Hatami.

He went on to say that cooperation between the Defense Ministry and Vice-Presidency for Science and Technology have been in place directly or indirectly in recent years and these ties have led to great achievements in different scientific and technological sectors of the country.

Hatami noted that the MoU creates a new pattern for developing bilateral cooperation between two bodies, adding that according to the document, cooperation of scientific and technological centers in boosting defense technologies will be more influential, the process will be financially and legally supported, and the ground will be paved for mass production of products.

Iran’s defense sector has seen many great achievements made by Iranian engineers during recent years. Tehran has repeatedly announced that its military power is just aimed at defending the country against threats and does not present any threat to others.

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“This is a result of the abundant universities and research and scientific centers in the city,” he added.

Sattari noted that Tehran’s considerable human resources, along with its immense academic potentials, grant the sprawling capital a unique opportunity to develop its innovative plans.

This is of great significance since the knowledge-based sector can greatly contribute to oiling the wheels of the economy, he said.

The 17 festival of Best Companies of Pardis Technology Park is held annually to highlight the best businesses and products developed at Tehran’s first technology park, which is located 30 km east of the capital.

The park has a stellar record and has signed collaboration deals with academia to help promote the technology sector.

Selected companies picked by a panel of industry heads will be offered meetings with investors and awarded incentives to boost their potential.

Pardis Technology Park created a decade ago, is supervised by the Vice-Presidency’s Office for Science and Technology.

Tehran currently has 21 operational technology parks across the city affiliated to universities like Tarbiat Modares University, Tehran University, and Amir Kabir University.

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Sattari mentioned that Iran’s international ranking of innovation has raised 4 steps, added that Iran’s rank in innovation was 120 in 2013, now it is 61.

Iranian VP said that Iran has improved its ranking in the global innovation index, adding that this is the result of the attempts of all the universities, research centers, the country’s economy system, as well as science and technology parks, innovation centers, startups and knowledge-based companies.

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More than 400 startups, knowledge-based technology, accelerators, technology parks, inventors, growth centers, venture capitalists and advisors have participated at the event.

INOTEX is the premier regional event for professionals engaged in technology and innovation. Leading governmental organizations of Iran are the partners behind INOTEX, including Vice Presidency for Science and Technology, Presidential Center for Innovation and Technology Cooperation and Innovation Fund.

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The anti-cancer drugs included the highly important and expensive Regorafenib and Sorafenib, while Empagliflozin and Dapagliflozin were unveiled for the treatment of diabetic patients.

Regorafenib, under the trade name chemotherapy drug Stivarga, was first developed by Germany in 2012 for treatment of colorectal cancer, gastrointestinal stromal tumors (GIST), and liver cancer.

Iranian researchers managed to obtain the highly complex know-how for the production of this pricey drug after seven years of relentless research and experiment. A 28-tablet pack of Regorafenib costs $5,870 on the global market. The Iranian version is sold at only 5% of the value of the German product.

Sorafenib, known by its brand name Nexavar, is used to treat kidney, liver, and thyroid cancer. The product was produced only by Germany and the US until now. The Iranian version of the product is sold at less than one-tenth of its price on the global market, which is as high as $4,880.

Empagliflozin, sold under the trade name Jardiance, is used to treat type 2 diabetes. Iran is now the third producer of the medication, after Germany and the US.

Dapagliflozin, sold under the brand name Farxiga, is also used to treat type 2 diabetes. Iran managed to obtain the technology to produce the medication after the UK.

It is predicted that the two Iranian anti-cancer drugs would potentially generate $1 billion worth of revenues in the country.

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A number of Iranian nano companies held a session with a trade delegation from China to confer on expansion of cooperation on polymer-based projects.

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