NEWS

Georgia

Georgia

There appears to be paucity of accurate national statistics as far as the size of the pharmaceutical market in Georgia is concerned. 2016 market value estimates vary between $278mn and $365mn. Import and consumption of pharmaceutical products in Republic of Georgia are increasing yearly. Compound Annual Growth Rate of pharmaceutical imports to Georgia during 2010-2014 was 13%.Top 5 countries by pharmaceutical import are: Turkey, Germany, Hungary, France and Switzerland.Due to low per capita pharmaceutical expenditures along with rising incomes and strong projected GDP growth Georgia expects growth of pharma sector. In 2014 23% of domestic consumption of pharmaceuticals was covered by local production and remaining 77% was imported. Between 2010-2014 Republic of Georgia increased its pharmaceutical export to USD 105 mn with CAGR accounting for 30%. Major markets for Georgian export are: Uzbekistan, Azerbaijan and Armenia. 96 large wholesalers and retailers are key players in Georgian pharma market. Regulation and standards: • No pharmaceutical pricing regulations; • No VAT on pharmaceuticals; • Agency for State Regulation of Medical Activities (licensing/monitoring of production, trade, prescribing, disposal); • Law on Medicines and Pharmaceutical Activity (1997) as later amended; • Various related laws (health care, patents, consumer rights, etc.); • Simplified licensing for import of FDA and GMP certified pharmaceuticals (for certain countries); • New legislation allowing for parallel imports of pharmaceuticals; • Plans for GMP certifying agency.