We are proud to announce our new "Azerbaijan Pharmaceutical & Healthcare Industries Overview 2017" report is ready. The Overview uncovers economic, pharmaceutical and healthcare insights in a tailored made systematic and business styled manner. This report is intended for decision makers, industry professionals, and other stakeholders globally. The report covers 2012-1HY 2017 historical data with the forecast of the economics and pharmaceutical market forecast to 2017-2019.
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Azerbaijan Pharmaceutical & Healthcare Industries Overview 2017 provides essential information on the economics, pharmaceutical market, and healthcare landscape in Azerbaijan, and comprises the following:
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The Overview will upgrade your vision of the Azerbaijani pharmaceutical and healthcare environments by making you possible to:
This article is based on the "Azerbaijan Pharmaceutical and Healthcare Industries Overview 2017" report developed by UPharma Consulting and contains short excerpts from this report The full report is available for purchase now.
The Republic of Azerbaijan is a country located in the South Caucasus region at the crossroads of Southwest Asia and Southeastern Europe. The country’s GDP amounted US $ 37.9 bn in 2016 (93rd in the world rating).
Azerbaijan has built an oil-based economy, where the government plays significant role. However, in the early 1990s, the disastrous conditions of the economy were complicated by the war conflict over Nagorno-Karabakh. After a ceasefire in 1994, the President of Azerbaijan Heydar Aliyev signed the “Contract of the Century” with the most significant western oil corporations on joint development of three major oil fields. In the late 1990s the construction of strategically important international pipelines allowed to improve oil exports considerably.
The “Doing Business-2009” report declared Azerbaijan the most reformist country around the globe. Azerbaijan kept a high position in the next Doing Business reports. Furthermore, in the current economic situation, Standard & Poor’s increased the Azerbaijani rating’s forecast from “stable” to “positive”.... The economy’s high dependence on hydrocarbons output revealed again in 2014 after the fall of the world oil prices.
In 2015, the government had to devaluate the national currency twice – by 24% in February and by 48% in December. A steep oil price decline in the second half of 2015 led to a deceleration of growth and economic recession. The average monthly salary decreased to USD 296.4 from USD 596.6 in 2014, causing Azerbaijan to lose its status of “middle-income country”. Unemployment is among the critical vulnerabilities of Azerbaijan – about 1.3 mio of employable citizens do not have an official job.
Throughout 2016, almost all of Azerbaijan’s economic indicators have been on a downward curve. The sustained real growth of the GDP, which started in 2004, shifted to a sharp -3.8% contraction in 2016 with 14.8% inflation on the background. The non-oil industries constructed even more – by 5.3%, declining its share in the economy to 59.6%.
Pharmaceutical market of Azerbaijan is the biggest one in Transcaucasia (South Caucasus). Before the collapse of the Soviet Union, there were republican wholesale companies, which distributed drugs in Azerbaijan. After the country declared independence, state wholesale companies were privatized.
Currently, there are 6 major companies, which are main marketers and distributors of pharmaceutical products in Azerbaijan. Wherein, the local production of pharmaceuticals, almost ceased, condemning the country to the big rely on imports.
The pharmaceutical industry is seen as an essential non-oil sector of the economy. In 2015, the government approved the plan on stimulating the development of the pharmaceutical industry, which envisages the creation of many modern full-cycle manufacturing pants, which meet international GMP standards.
In 2016, the value of the total pharmaceutical market in Azerbaijan amounted US $ [XXX.x] mio. Economic disturbances affected the market, which decreased by [x.x%] y-o-y and by [x.x%] y-o-y in 2014 and 2015, respectively. In 2016, the currency devaluation led to 28.5% decrease in the market. In the 1HY 2017, the market slumped by [x.x%] PPG vs 1HY 2016 to USD [xxx] mio. In volumes, the market contracted by [x.x%] PPG.
In recent years, foreign companies started considering Azerbaijan not only as a market but also as a prospective place for deployment of production facilities and a hub for accessing the pharmaceutical markets of neighboring republics, including Iran. The government’s favour should promote the development of local pharmaceutical industry in following years. The development of the Pirallahy industrial park is supposed to boost the market, but first new productions are expected to be launched only in 2019.
Pharmaceutical & Healthcare Industries Overview 2017 - is a professional industry report, which covers crucial economic, pharma and healthcare information for decision makers and industry professionals globally. The Overview will be useful for top-managers, business owners, consultants and other stakeholders of the Life Sciences industry, who are analyzing, planning to enter or invest into the Kazakh pharma and healthcare market.
For additional information, please, contact, Eugene Brovko via email email@example.com or phone +380 (98) 224-98-64