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.