We are happy to announce our new report is launched: "Armenia Pharmaceutical & Healthcare Industries Overview 2018". The report comprises the overview of Armenian economic, pharmaceutical and healthcare latest trends in a tailored made systematic and business styled manner. The Overview was developed for decision makers and industry professionals, life sciences stakeholders globally. It covers the 2012-1HY 2017 historical data with the forecast of the economics and pharmaceutical market numbers to 2018-2019.
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Armenia Pharmaceutical & Healthcare Industries Overview 2017 provides an essential information about the Armenian pharmaceutical market its healthcare landscape, macroeconomic situation and more, including:
REASONS TO BUY THE OVERVIEW
This report will enhance your view of the Armenian pharmaceutical market, its healthcare environment by making you possible to:
This article is based on the "Armenia Pharmaceutical and Healthcare Industries Overview 2018" report prepared by UPharma Consulting and contains short excerpts from this report.
The Republic of Armenia is a country in the South Caucasus region of Eurasia located in West Asia in the Armenian Highlands. Armenia is a landlocked country. In 2016, the country’s GDP amounted US $ 10.55 bn (130th in the world rating).
Being a part of the Soviet Union, Armenia had a developed industrial base; its economy was based on chemicals, machinery, light industry, non-ferrous metallurgy, etc. The country was highly dependent on supplies of resources from other republics. The USSR collapse considerably damaged Armenian economy, as a lot of enterprises related to the Soviet military industry stopped their activity. The Nagorno-Karabakh conflict led to economic blockade from the side of Azerbaijan and Turkey, which significantly hampered Armenia’s recovery from the crisis.
In the 2000s, Armenian leaders managed to implement prudent monetary and fiscal reforms, to liberate trade, improve business regulation. Between 2001 and 2008 the average GDP growth amounted 8%.
The main pillars of the Armenian economy are metallurgy, textile industry, food industry, machinery, production of construction materials etc. The main trade partners of the country in export are Russia, Bulgaria, Georgia, Canada, Germany and Iraq, in import – Russia, Georgia, United Arab Emirates, China and Germany.
Economic contraction in Russia and other CIS countries in 2014-2015 caused a decrease in trade turnover affecting the social and economic situation in the RA. In 2016, 11.3% a fall in the construction and 5.8% decline in agriculture contributed to that Armenian GDP grew by only 0.2% y-o-y, which was the lowest record in 7 years. The budget deficit widened to 5.6% of GDP, beyond the initially planned 3.5%. The public debt also grew considerably. In 2016, the government approved the new IMF-endorsed Tax Code, which was designed to shift focus towards indirect taxation and to eliminate loopholes.
In 1H2017, the economic growth notably accelerated at the background of strong export performance and an increase of money transfers. Improved regulation of banking sector led to the injection of additional capital. GDP expanded by 6.5% y-o-y in 1Q 2017 and by a further 5.5% y-o-y in 2Q 2017. In 1H2017, industry excluding construction expanded by 7.6%, reflecting expansion in all sub-sectors. Services grew by 8.2% as trade, transport, finance, and other services benefited from reviving demand, both domestic and external. Severe weather caused agriculture to contract by 4.0%, and reduced public investment slashed construction by 12.0% (ADB, Asian Development Outlook 2017 Update).
Armenia’s pharmaceutical sector traditionally suffered from a lack of transparency, low numbers of domestic companies and a prevalence of smuggled drugs. Breaking the old habits of the healthcare system was not an easy task in 1991 just as the Soviet Union collapsed.
The government implemented the international GMP standards to improve the quality of local pharmaceutical production and expand external markets, in 2013. All local pharmaceutical manufacturers are expected to be complied with GMP standards by the end of 2019. Currently, only five out of 19 producers of pharmaceuticals in Armenia are GMP-certified.
Experts underline three pharmaceutical niches in which Armenia has competitive advantages and strong development potential. These niches are herbal medicine production, research and development (R&D) as well as development and production of active pharmaceutical ingredients (API).
Armenian pharmaceutical market consists of manufacturers, distributors/ wholesalers and retailers. ArmStat - the official statistical service- reports about 4,800 specialists are currently working in the pharmaceutical sector of the country. About 3,3 ths employees are related to the retail sector, and 900 employees work in wholesale companies. Most of the production companies on the pharmaceutical market are small or medium-sized, employing about 30-100 workers. Importing companies are presented in a quantity of 43.
Scheme. Marketing Authorization in the Republic of Armenia
Pharmaceutical & Healthcare Industries Overview 2017/2018 - is a professional industry report, which covers crucial economic, pharmaceutical 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 analyze, plan entering or investing 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