Our fresh "Georgia Pharmaceutical & Healthcare Industries Overview 2017" report is ready for purchase. This report demonstrates Georgian economic, pharmaceutical and healthcare latest trends in a tailored made systematic and business styled manner. The Overview is intended for decision makers, industry professionals, and other stakeholders globally. It covers 2012-1HY 2017 historical data with the forecast of the economics and pharmaceutical market forecast to 2017-2019.
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Georgia Pharmaceutical & Healthcare Industries Overview 2017 provides essential information on the economics, pharmaceutical market, and healthcare landscape in the country, and comprises the following:
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The Overview will upgrade your vision of the Georgian pharmaceutical and healthcare environments by making you possible to:
This article is based on the "Georgia 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.
Georgia is located in the South Caucasus region at the crossroads of Southwest Asia and Southeastern Europe. In 2016, Georgia was 119th country in the world by GDP (US$ 14.2 bn). GDP per capita amounted US$ 10,044 (105th position in the world rating).
Since 1995, the Georgian economy took the path of gradual recovering. The GDP grew 2.4% in 1995 and 14% in 1996, which stimulated the development of small and medium business in the country. About 30 ths new private enterprises were registered those years. At the same time the financial support from International organizations contributed to the growth of the State debt, which remains high till now.
In 2003, the peaceful Rose Revolution led to that the new pro-Western government headed by Mikheil Saakashvili came to power in Georgia. The new government implemented broad and comprehensive reforms, which were aimed to economy liberalization, de-bureaucratization and privatization of the State property.
Establishment of an attractive business environment led to a significant inflow of Foreign Direct Investment in the country, facilitating high economic growth rates. Herewith, the living standards of the population and its purchasing power did not change significantly.
In 2015 and 2016 the GDP growth slowed to 2.9% and 2.7%, respectively, after the notable fall in exports (23% y-o-y in 2015) due to slowdown of some of the key trade partners (Russia, Azerbaijan, Ukraine). Consumer and business confidence were affected by domestic political uncertainty. The average level of inflation reached 2.1% in 2016; however, it grew faster by the end of the year which was mainly due to the increasing amount of GEL in circulation and its depreciation.
Georgia is experiencing an economic recovery in 2017 on the back of stronger growth in the United States, Europe, and Russia. Similarly, remittances recovered significantly (by 20% y-o-y), with a positive impact on the non-tradable sectors. Pulled by the resulting boost in domestic demand and net exports, real GDP grew by 4.9% y-o-y in 1H2017.
Exports rose by 30% in 1H2017. Meanwhile, imports rose by 8.8% as growth quickened and remittances surged by 19.7% y-o-y. Higher tourism receipts strongly boosted service exports.
In 2016, private consumption rose 2.8% y-o-y to GEL 21.3 bn. In 1Q2017, private consumption showed 12% growth vs 1Q2016. The growth was enabled by higher remittances and accommodative monetary policy during 2016.
In 1990s, pharmaceutical market of Georgia was hugely dependent on imports, while retail sale was controlled by three major pharmacy chains. At the same time the accessibility oа drugs was very low due to low incomes of the population and high cost of imported products.
The import license was abolished, the import procedure was simplified, the physical and technical requirements for creating a pharmacy business were noticeably relaxed. Importers were not obliged to register their drugs in Georgia if they were approved by the FDA and EMA. Furthermore, in 2009 the government endorsed the parallel import of drugs, allowing to import drugs from any country in any package with no special document needed. Consequently, the prices of pharmaceuticals notably decreased, while the sales of pharmaceuticals grew 6 times from 2004 to 2014.
According to the GeoStat, in 2016 there were 68 producers of pharmaceuticals in Georgia, 295 wholesalers, and 1,014 retailers. The major players on the market are three vertically integrated companies, which include both production, distribution and retail departments. PSP, Aversi and Georgian Healthcare Group (GHG) companies obtain about considerable share of the distribution and retail markets and are able to regulate prices on them.
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 one of the CIS pharma markets.
For additional information, please, contact, Eugene Brovko via email firstname.lastname@example.org or phone +380 (98) 224-98-64