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Georgia Pharmaceutical & Healthcare Industries Overview 2017

Georgia Pharmaceutical & Healthcare Industries Overview 2017

  • December 2017
  • 31 pages
  • ID: 5264947
  • Format: PDF
  • By UPharma Consulting

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Georgia Pharmaceutical & Healthcare Industries Overview 2017 provides essential information on the economics, pharmaceutical market, and healthcare landscape in Georgia.

Georgia is located in the South Caucasus region at the crossroads of Southwest Asia and Southeastern Europe. In 2016, Georgia was 119th country in the world by GDP (US$ 14.2 bn). GDP per capita amounted US$ 10,044 (105th position in the world rating).

In 2015 and 2016 the GDP growth slowed to 2.9% and 2.7%, respectively, after the notable fall in exports (23% y-o-y in 2015) due to slowdown of some of the key trade partners (Russia, Azerbaijan, Ukraine). Consumer and business confidence were affected by domestic political uncertainty. 

The average level of inflation reached 2.1% in 2016; however, it grew faster by the end of the year which was mainly due to the increasing amount of GEL in circulation and its depreciation.

In 1990s, pharmaceutical market of Georgia was hugely dependent on imports, while retail sale was controlled by three major pharmacy chains. At the same time the accessibility o? drugs was very low due to low incomes of the population and high cost of imported products.

According to the GeoStat, in 2016 there were 68 producers of pharmaceuticals in Georgia, 295 wholesalers, and 1,014 retailers. The major players on the market are three vertically integrated companies, which include both production, distribution and retail departments. PSP, Aversi and Georgian Healthcare Group (GHG) companies obtain about considerable share of the distribution and retail markets and are able to regulate prices on them.

In 2016, the imports of pharmaceuticals in Georgia reached the maximum value of USD 332 mio growing by 7.4% vs 2015. Main importers of pharmaceuticals in Georgia are companies from Germany, France, Russia, Italy and Turkey.

There are about 1,500 pharmacies in Georgia. About half of them belong to GHG, Aversi and PSP. GHG – 251 PoS, Aversi – 238, PSP – 193. About 700 pharmacies in Georgia are independent i.e. do not belong to any chains. They hold about 15% share of the market. Independent pharmacies predominately are not able to compete with big chains, so their number is decreasing in consequence of bankruptcy and acquisitions.

Foreign companies dominate about 85% of the market in values. The production of local companies is conventionally cheaper, but the quality of it is poorer. In 1H2017, World Medicine (Turkey) was leading company on the Georgian retail pharmaceutical market by sales in values and was followed by Berlin-Chemie/Menarini (Germany) and Servier (France).

In 1H2017, drugs made 96% of total pharmacy sales in values and 98% in volumes. The sales of food supplements made 4% of the total retail sales of pharmacies in values and 2% in volumes. The share of parapharmaceuticals and cosmetics amounted less than 1%.

In nearest years, the boost of the pharmaceutical market of Georgia is not expected. In 2017, we expect it to decrease by 1.9% in values. In 2018 and 2019, some increase stimulated by stable growth of the economy is expected.

The Overview uncovers economic, pharmaceutical and healthcare insights in a tailored made systematic and business styled manner, incl. PESTLE & SWOT analyses, epidemiology & demographic trends.

The report covers a 2012-1HY2017 data with the forecast of the economics and pharmaceutical market growth to 2017-2019.

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