Armenian Business- Pharmaceuticals grows from 1.9 Billion Drams to 3 Billion drams in 5 years.

Armenia’s Pharmaceutical Industry Grows From 1.9 Billion Drams In 2005 To Almost 3 Billion Drams In 2010
YEREVAN, November 16, /ARKA/. Armenia’s pharmaceutical industry has grown from 1.9 billion Drams in 2005 to almost 3 billion Drams in 2010, Lala Markariants, a coordinator of pharmaceutical programs of the USAID-funded Competitive Armenian Private Sector (CAPS) Project said today at the Third International Conference on Armenian Pharmaceutical Competitiveness.

The event this year highlighted the process of introducing EU standards and the required legislative framework, as well as export possibilities for local products to CIS markets.
Lala Markariants said Armenian pharmaceutical industry has the potential to grow further and become competitive both at local and foreign markets.

According to economy minister Nerses Yeritsian, last year the local pharmaceutical companies exported $4.5 million worth products and the figure rose by 19% in the first nine months of 2010. About 40 percent of Armenian pharmaceutical products are sold to Russia, Georgia, Ukraine, Belarus and Central Asian countries.

According to Lala Markariants, last year Armenia’s market of drugs was estimated by experts at $100 million. Local companies imported $67 million worth drugs, while y $6.8 million worth medications were produced locally. Twelve of 17 licensed pharmaceutical companies are very active, according to Lala Markariants, and besides 30 companies are engaged in import and distribution o drugs. The country has 1,600 drugstores.

The conference was held by USAID-funded Competitive Armenian Private Sector (CAPS) Project and the Medicine Producers and Importers Union jointly with the Armenian Ministry of Health, Ministry of Economy and Scientific Center of Drug and Medical Technology Expertise It hosted the chairman of the standing committee on healthcare of the National Assembly Ara Babloyan, minister of health Harutyun Kushkyan, USAID/Armenia Mission Director Jatinder Cheema, other officials and over 150 representatives of pharmaceutical producers, relevant state and international organizations, educational institutions, NGOs and business associations. -0-