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March 29
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The economic crisis did not affect Armenia`s pharmaceutical industry Karine Minasyan, Deputy Minister of Economy, stated at a shirt-sleeves meeting with industry representatives in Aghveran, Armenia.

Armenia`s pharmaceutical industry recorded 8% growth in 2009, and 18.7% growth last January-November. Also, Armenia was exporting its pharmaceutical products to Europe rather than to the other CIS states. which is evidence of higher quality of Armenian pharmaceutical products.

Minasyan also reported that fewer people are now employed at the 18 Armenian pharmaceutical companies. She hopes the reason is companies` enhanced efficiency.

The industry representatives said that they receive attractive offers to transfer their businesses to other countries, particularly to Georgia.

Minasyan admitted that many countries have revised their tax rates since the crisis. In Armenia, however, it is not an issue on the agenda. Armenia is trying to create free economic zones for pharmaceutical companies to work without paying VAT, she said.

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