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