IRNA – The vice president for science and technology, Sourena Sattari, said on Saturday that the Iranian knowledge-based companies are producing 98 percent of the pharmaceuticals needed inside the country.

Noting that the price of a barrel of oil is less than a bottle of cologne, he said that during a session of Mazandaran's Knowledge-Based Economy Workshop that oil-based economy will deal a blow to development and the country cannot be run by oil.

Today, no country goes towards oil-producing states for technology, he said, adding, "Knowledge-based economy and technology is the same area which will make us different from other countries in the oil-rich Middle East."

Contending that producing medicine is one of the most important areas of activity for knowledge-based companies, Sattari said that 98 percent of the medicine needed inside the country is produced locally.

Commercialization is one of the most important issues of knowledge-based companies that should stand on their own feet and stop relying on oil credits.