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.