, Armenia
Jan 29 2011

Armenia`s pharmaceutical industry developing

January 29, 2011 | 17:06

The economic crisis did not affect Armenia`s pharmaceutical industry
Karine Minasyan, Deputy Minister of Economy, stated at a shirt-sleeves
meeting with industry representatives in Aghveran, Armenia.

Armenia`s pharmaceutical industry recorded 8% growth in 2009, and
18.7% growth last January-November. Also, Armenia was exporting its
pharmaceutical products to Europe rather than to the other CIS states.
which is evidence of higher quality of Armenian pharmaceutical

Minasyan also reported that fewer people are now employed at the 18
Armenian pharmaceutical companies. She hopes the reason is companies`
enhanced efficiency.

The industry representatives said that they receive attractive offers
to transfer their businesses to other countries, particularly to

Minasyan admitted that many countries have revised their tax rates
since the crisis. In Armenia, however, it is not an issue on the
agenda. Armenia is trying to create free economic zones for
pharmaceutical companies to work without paying VAT, she said.

From: A. Papazian