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Aust vitamins firm ties with Iran company

AAP logoAAP 28/09/2016 Rashida Yosufzai

Australian vitamins company Blackmores has tapped into a lucrative multi-billion dollar Iranian health market by partnering with a local drug maker.

The supplements firm has sealed a deal with Tasnim Pharma to distribute vitamins through the local partner under its own brand name, as well providing training and promotions.

Asia managing director Peter Osborne said the company had been researching the market for a year until a Singapore affiliate introduced them to the Iranian firm.

It was a strategic inroad into a market that was far from simple to crack quickly, given a tight regulatory environment and other challenges.

"Our view is that for a market like Iran you need a strong local partner," he told AAP.

Iran's healthcare sector has been valued at $US22 billion with public spending making up almost half of that market.

As well, an ageing population could mean demand for long-term management of chronic diseases rises.

The partnership comes as Australian firms seek to break into the emerging Persian economy which has been crippled by international trade sanctions, including from Australia.

Blackmores is among a slew of firms that have joined Trade Minister Steve Ciobo on an official business delegation to seize business opportunities with the recent lifting of the United Nations nuclear sanctions.

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