Pharmaceutical Market Overview

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1 Strategy Operations Legal and Tax Pharmaceutical Market Overview Yerevan, 2014

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3 So far, we have accomplished analytical reports in various fields, such as tourism development agriculture labor and social protection macro economy Avenue Consulting Insights represent highly professional consultants combining analytical skills, industry knowledge and wide experience. With Avenue Consulting insights you can get thorough analysis across any business function or process in any industry and find the best solutions to your needs. This report is devoted to the pharmaceutical market of Armenia. It includes short global pharmaceutical market overview and description of Armenian market and some statistic information. 3

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5 The Global Pharmaceuticals market is emerging year by year. According to the information provided by IMS Health Consulting international analytical company, global pharmaceutical sales are going to grow constantly. In 2012 they were USD 959 billion. This number will reach USD 1 trillion in 2014 and will exceed USD 1.17 trillion by According to 2013 stats, USA is the leading country in production of medicines. 4 out of 10 leading global pharmaceutical corporations are based there and their overall sales reach USD 134,518 million. UK, Switzerland and Israel also are among the countries having one or two leading pharmaceutical corporations. TOP 10 GLOBAL PHARMACEUTICAL CORPORATIONS RANKING BASED ON SALES (2013) Ranking Company Name Country Sales (USD Million) 1 Novartis AG Switzerland 50,576 2 Pfizer Inc. United States 44,330 3 Sanofi France 38,181 4 Merck & Co. Inc. United States 36,359 5 Roche Holding Ltd. Switzerland 36,146 6 GlaxoSmithKline United PLC Kingdom 32,544 7 Johnson & Johnson United States 30,784 8 AstraZeneca United Kingdom 30,257 9 Teva Israel 24, Eli Lilly & Co. United States 23,045 SOURCE: IMS HEALTH,

6 The largest sales in pharmaceuticals industry are registered in North America 38% - as of the year Where, as already mentioned, are situated 4 from the largest pharmaceutical corporations. Europe both with EU and non EU countries, where are situated 5 from 10 leading pharmaceutical corporations, occupy the second place. 24% of all pharmaceuticals sales take place there. Asia has 18% of pharmaceutical sales, and Japan 12%. The lowest level of sales is in Latin America where sales reach 8%. GLOBAL PHARMACEUTICAL SALES BY REGION Asia 18% Japan 12% Latin America 8% Europe (EU+Non- EU) 24% North America 38% SOURCE: IMS HEALTH 6

7 Pharmaceutical market is divided into two groups: 1. out-of-pocket market 2. hospital market. Drugs in their turn also are divided into two groups: 1. over-the-counter drugs 2. prescription drugs. Out-of-pocket market presents the market where the pharmaceutical products are sold to end costumers through pharmacies. The general groups of markets and drugs in pharmaceutical field. Hospital market presents the market where the buyers are either hospitals or the state. Over-the-counter drugs can be bought without physician's prescriptions Prescription drugs can be bought only with physician's prescriptions 7

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9 In 2013 Armenia had 18 licensed manufacturers 25 pharmaceutical product importers/ wholesalers and 1,278 retailers 41 retail companies which have more than two drugstores 47 representatives of foreign pharmaceutical companies (21 registered country offices) 1702 pharmacies (2014) the turnover of which is more than USD 100 million Armenian pharmaceutical market is considered to be fast growing market with high potential, in spite of the fact that domestic market is limited. Its fast pace of growth and high development potential is linked with 3 main factors: Old traditions and rich experience in the fine chemical industry, High level of partnership with CIS countries, Armenia impending membership to Eurasian Customs Union which will give new opportunities for export. Major Export Markets Regulation & Standards Russia, Georgia, Turkmenistan, Uzbekistan, Ukraine, Belarus. Armenia adopted EU GMP standards on November 25, 2010 and all the producers should match the standard no later than 2015 year. Registered Drugs 4397 drugs were registered in Armenia (in 2013) of which: 6.3% were locally produced 31.13% were produced in countries of the EU 18.53% were produced in countries of the CIS 14.08% were produced in other countries Foreign Investment Liqvor, Yerevan Chemical-Pharmaceutical Firm, PharmaTech 9

10 Market Size USD 12.9 million local pharmaceutical production (2013) USD million imports (2013), of which USD 10.2 million from CIS countries USD 80.0 million from EU USD 37.5 million from other countries USD 7.8 million exports (2013) of which USD 4.5 million to CIS countries USD 3.3 million to other countries Currently there are 18 manufacturers in Armenia, from which, two already have GMP certification. Liqvor, obtained GMP certification in 2013, issued by the Ministry of Health of Armenia based on the inspection report of the Scientific Center of Drug and Medical Technology Expertise (SCDMTE). Arpimed is the second company that obtained GMP certification (2014), issued by the Ministry of Health of Armenia. Pharmatech, will achieve GMP certification by the end of Other manufacturers have to achieve GMP certification until 2015 year. LIST OF PHARMACEUTICAL PRODUCERS OF ARMENIA 1 Alex Grig 2 Alfa Pharm 3 Armenicum+ 4 Arpimed 5 Arsanit 6 Bio-Chem 7 Esco-Pharm 8 Esculap 9 Hagenas 10 Leykoalex 11 Liqvor 12 Lizin 13 Medical Horizon 14 NOKI 15 PharmaTech 16 Shirinyan Brothers The Institute of Fine Organic Chemistry after L. 17 Mnjoyan 18 Yerevan Chemical-Pharmaceutical Firm 10

11 Market Growth 20% average annual growth rate in local pharmaceutical production ( ), 19.3% average annual growth rate in local production export ( ) 7% average annual growth rate in imports ( ) During last 10 years pharmaceutical sector of Armenia has registered high growth level, for instance according UN database import has grown more than 3.4 times. Pharmaceutical products import (mln USD) SOURCE: 11

12 Despite high import volumes rate, import trade value per capita of Armenia, is less than that of the most of CIS countries. Armenia import pharmaceutical production mainly from EU, 63% of import, than comes other Europe with 11% of import. IMPORT OF PHARMACEUTICAL PRODUCTION BY REGION (2013, USD THOUSAND) 63% 8% 9% 11% 8% 1% SOURCE: IMS HEALTH SOURCE: IMS HEALTH 12

13 Pharmaceutical products export has shown huge growth during last 10 years, getting from USD 0.88 mln in 2004, to USD 7.82 mln in 2013, which shows rising more 8.8 times. The most growth was recorded during years, when it reached 1.16 mln. OTHER EXPORT OF ARMENIAN PHARMACEUTICAL PRODUCT BY REGION, % 0.88 Pharmaceutical products export from Armenia (mln USD) GEORGIA 37% ASIA EU CIS 1% 3% 58% SOURCE: The main directions of export are CIS countries and Georgia. Which are respectively equal to 58% and 37%. 0% 10% 20% 30% 40% 50% 60% 70% SOURCE: MINISTRY OF FINANCE OF THE RA;

14 During last 5 years the export to CIS and non-cis countries has grown approximately equally, respectively 109% for CIS countries and 96% for non-cis countries. Increase of export volume to CIS countries can be explained by easy transportation conditions, and more flexible export regulations. 33% EXPORT OF PHARMACEUTICAL PRODUCTS BY COMPANY (2013) 10% 24% 24% EXPORT TREND OF ARMENIAN PHARMACEUTICAL PRODUCTION TO CIS AND NON-CIS COUNTRIES (USD THOUSAND) 5% 3% 1% LIQVOR ARPIMED PHARMATECH YERCPHF VITAMAX BIO-CHEM OTHER CIS countries Non - CIS countries SOURCE: NSS OF THE RA, MINISTRY OF FINANCE OF THE RA; 2014 SOURCE: MEDICINE PRODUCERS AND IMPORTERS UNION OF ARMENIA; 2014 The leader in exporting pharmaceutical products from Armenia is Yerevan based Liqvor company, which is exporting 33% of total export, that is 9% more than next two exporters, who export 24% each one. 14

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