Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is set to establish a venture fund focused on financing startup projects in the pharmaceutical industry.

The creation of the fund is outlined in a decree by the President of Uzbekistan "On Additional Measures for the Accelerated Development of the Pharmaceutical Industry."

As part of this initiative, the fund will support innovative developments in promising areas such as biopharmaceuticals, cell technologies, and oncology.

Additionally, the establishment of an investment fund for promising pharmaceutical industry projects is planned.

According to the decree, by 1 July 2025, five model plantations of medicinal plants will be created in the country, and by the end of 2026, processing of the raw materials grown on these plantations will be established.

Furthermore, a state institution, Pharm Service, will be created in Uzbekistan to provide marketing and consulting services and facilitate the implementation of advanced standards at pharmaceutical enterprises.