STADA: Armenia's pharmaceuticals retail market grew to EUR 155 Million in 2021

YEREVAN, March 7. /ARKA/. Armenia's retail market of pharmaceuticals in 2021 grew to 155 million euros, according to the findings of a study conducted by the international pharmaceutical company STADA.

It says that  Armenia's retail market of pharmaceuticals was driven largely by over-the-counter drugs, nutritional supplements, vitamins, which showed a dynamics of 3.6% compared to the previous year, while the increase in prescription drugs was 1.3%,".

Armen Hakobyan, the head of STADA cluster comprising Georgia, Armenia and  Moldova told the 13th annual Eurasian Pharmaceutical Forum that  over-the-counter drugs market in Armenia grew throughout 2021 both in monetary terms and in terms of the number of packages sold reaching 57  million euros. In the last month alone, it increased by a record 46.8%, he said.

In 2021, STADA ranked first in the rating of over-the-counter-drug companies in Armenia with a market share of 7.2%, and was also in the top 10 pharmaceutical companies in terms of retail sales. The company's net imports increased by 35% last year in euro terms, driven by the streamlined portfolio, supply chain improvements and new product launches.

The main brands of the portfolio in the region are: Cardiomagnyl, Calcium D3, Vitaprost, Kamistad, Aqualor spray and Levomekol.

Hakobyan also, on behalf of all major manufacturers, expressed concern over  the imports of unregistered medicines. He stressed that the current market dynamics shows the growing need of the population for pharmaceuticals, so it is important, first of all, to ensure not only their availability, but also their quality.

Despite the measures that are already being taken by the regulator, the risk of counterfeit products still remains high. As a major international manufacturer that cares about people's health, STADA follows strict international quality standards and offers its customers drugs that have passed all the necessary stages of registration.

This year's forum brought together more than 250  regulators from the Eurasian Economic Union member countries, international and local pharmaceutical manufacturers, representatives of distribution companies and pharmacy chains.