Georgia is an emerging market and those who choose to open a pharmaceutical company in this country
use this trait as an advantage to enter a growing industry with great potential for development in the following years. The pharmaceutical industry
in Georgia is composed not only of manufacturing units, but also of biotechnology oriented companies and research and development units.
The pharmaceutical market in Georgia
The pharmaceutical market in Georgia is constantly growing, with exports increasing by more than 40% over the past six years. At the same time, the country’s own demand for pharmaceutical products encourages imports. This growing trend is expected to continue in the following years. There are currently more than 70 manufacturers of pharmaceutical products and companies that import pharmaceuticals in Georgia. The industry is also an important employer, with more than 13,000 employees activating in the industry, mainly in production.
The Georgian government has recognized the potential in this business sector and encourages investments in the pharmaceutical industry
. Our company formationa agents in Georgia
can help you know more about the requirements for opening a pharmaceutical company in Georgia.
Pharmaceutical companies in Georgia
Pharmaceutical companies in Georgia enjoy a favorable business climate with simplified regulations and no price controls on pharmaceuticals. The country automatically recognizes pharmaceuticals registered in other countries in an attempt to enhance competitiveness. The regulations and standards in this business field are set forth by the Agency for State Regulation of Medical Activities and by the Law on Medicines and Pharmaceutical Activity. The Agency is responsible for issuing the necessary licenses for pharmaceutical companies as well as for the monitoring of production and trade in this business sector.
Pharmaceuticals in Georgia
also benefit from an attractive taxation regime; there is no value added tax
imposed on these types of products and there are no customs taxes for them.