Armenia’s pharmaceutical sector recorded an annual growth of 20% over last 5 years

YEREVAN, OCTOBER 12, ARMENPRESS. Investment opportunities, industrial capacities, and promising spheres of Armenia’s pharmaceutical industry were discussed at a thematic session in the sidelines of “Armenia investment forum 2016” held in New York. . As “Armenpress” was informed from the press service of Armenia Development Fund, First Deputy Health Minister of Armenia Sergey Khachatryan delivered an expanded presentation.

“Armenia’s pharmaceutical sector is one of the most dynamically developing sectors of Armenia in the recent years, becoming more and more important for the country’s economy. The reasons of such a success are highly qualified specialists and researches done with innovative techniques. The pharmaceutical sector became a strategic one for the economy of the Republic of Armenia thank to its growing export potential and investment attractiveness. The production volume of Armenia’s pharmaceutical sector rose from 1 million USD to 15 million USD during the last decade ensuring 20% growth over the last 5 years. More than half of the total output of Armenia’s pharmaceutical industry is exported with an annual growth of 20% and thank to the rising profits, state policy and application of international standards regular growth is foreseen. The countries domestic market may be small, but Armenia offers simplified access to neighboring countries, as well as CIS and Middle Eastern markets”, reads the report on pharmaceutical sector.

Dan Zhang,CEO ofFountain Medical Development (3rd most powerful in China) mentioned in his speech, “My decision 2 years ago to enter Armenia became a matter ofdubiety among my partners, but now our company has expanded and the number of employees has risen from 1 to 85. We do dozens of researches, our capacities grow and we plan to bring the number of researches to 400”.

The participants of the session were provided with brochures containing information on legislation and promising spheres of the pharmaceutical industry.