Sectorial Brochure Pharmaceutical Sector of Armenia/ BA | Page 4

1
MANUFACTURING
$19.9
MLN
2013
2017
x1.8
GROWTH
PRODUCTION VOLUME IN 2017
+17.4%
+16.2%
EXPORT GROWTH FROM 2016 TO 2017
AVERAGE ANNUAL PRODUCTION GROWTH
BETWEEN 2013 AND 2017
£ There are 24 pharmaceutical companies in Armenia
£ 360 registered medicines and 91 registered veterinary drugs are manufactured in
Armenia
£ The main focus is the production of generics, vaccines, natural herbal medicines,
herbs and dietary substances
Low labor costs!
£ The average hourly compensation in the pharmaceutical industry in Armenia is
$2.6 USD/hour, 20.4 times lower than $52.2/hour, the average cost among world's
top 10 pharmaceutical exporters
HOURLY COMPENSATION COSTS FOR PHARMACEUTICAL SECTOR IN 2016
ARMENIA COMPARED WITH THOSE OF WORLD’S TOP 10 EXPORTERS
Switzerland*
Denmark
Belgium
Ireland
Germany
USA
Italy
United Kingdom
Spain
India* 2.4$
Armenia 2.6$
Average 52.2$
3
36.6$
64.6$
62.2$
58.4$
56.1$
54.8$
51$
101.2$
35.2$
Source: The Conference Board & National Bureaus of Statistics
* Latest available data