Armenia. News: Local Medicines Cover Only 10% Of Armenian Market

Director of Likvor CJSC Sergey Matevosyan said that local medicines cover 10% of the Armenian pharmaceutical market.

"We should conceive that pharmaceutics is a strategic field and it should be developed in Armenia," Matevosyan said after a visit to the company's new industrial unit with Armenian Minister of Economy Tigran Davtyan.

Matevosyan added that Likvor company operates for 20 years and is the leader in medicines production in the Armenian market. According to him, 35% of the company's output is exported to eight countries, while the new unit's launch will allow expanding the export volume and geography.

Matevosyan reported that the new building's construction started in September 2009 and the basic construction works are finished.

According to him, the estimated cost of the project makes around $3.5-4mln, most of which has been already invested.

The emergency response team of the Armenian government approved an AMD 900mln lax credit to the company in 2009, of which the company has already received 400mln, while the third tranche at the amount of AMD 150mln will be transferred soon.