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World Markets Research Centre
Global Insight
April 8 2010
Drug Sales in Armenia Reach US$70 mil.
BYLINE: Zulaikha Sesay
Sales of drugs in Armenia amounted to US$70 million in 2009, reports
Armenian news agency Arka. This figure was provided by the Director of
the Scientific Centre of Drug and Medical Technologies Expertise
(SCDMTE), a body that regulates the pharmaceutical industry. According
to the SCDMTE, sales were up from about US$50 million in 2008, a 40%
year-on-year increase. Imports account for the bulk of sales, with
those from domestic producers only accounting for 5-7% of total sales.
Significance:The increase in turnover from drugs sold in Armenia comes
as little surprise, given the pharmaceutical price growth reported in
2009. A report commissioned by the ministry of health found that two
of the six biggest local pharmaceutical companies by market
share--Amikus and Vaga Farm--were involved in excessive pricing. The
rapid growth observed over the last year may increase the
attractiveness of the Armenian pharmaceutical market, following a
pattern observed in various ex-Soviet states.
Global Insight
April 8 2010
Drug Sales in Armenia Reach US$70 mil.
BYLINE: Zulaikha Sesay
Sales of drugs in Armenia amounted to US$70 million in 2009, reports
Armenian news agency Arka. This figure was provided by the Director of
the Scientific Centre of Drug and Medical Technologies Expertise
(SCDMTE), a body that regulates the pharmaceutical industry. According
to the SCDMTE, sales were up from about US$50 million in 2008, a 40%
year-on-year increase. Imports account for the bulk of sales, with
those from domestic producers only accounting for 5-7% of total sales.
Significance:The increase in turnover from drugs sold in Armenia comes
as little surprise, given the pharmaceutical price growth reported in
2009. A report commissioned by the ministry of health found that two
of the six biggest local pharmaceutical companies by market
share--Amikus and Vaga Farm--were involved in excessive pricing. The
rapid growth observed over the last year may increase the
attractiveness of the Armenian pharmaceutical market, following a
pattern observed in various ex-Soviet states.