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Armenian businessmen are preparing for the country’s joining the common market of medicines and medical devices of the Eurasian Economic Union (EAEU), RIA Novosti news agency reported citing the press service of the Eurasian Economic Commission (EEC).
According to the source, EEC Minister Karine Minasyan met with entrepreneurs in Yerevan on Thursday. She spoke about the new prospects and challenges awaiting Armenian businesses after new rules and principles regulating the circulation of drugs and medical devices within EAEU take effect on January 1, 2016.

The minister said that entry into a common market of medicines and medical devices means common conditions of doing business by all parties, which, in addition to opening up new opportunities, may also create serious challenges to Armenian businessmen. “The medical sector of Armenia is developing dynamically. In the past 5 years it has grown almost 1.5fold, mainly thanks to productivity and efficiency. The average growth rate was no less than 10% a year, which is quite a high index compared with other sectors of the Armenian economy. This shows that Armenian business has much potential for participating in common markets of drugs and medical devices within the framework of EAEU,” she noted.

The EAEU’s drug and medical devices market reaches $1.5 billion, with most of products being exported to other countries. Mutual trade among EAEU countries accounts for only 20%.

“There is potential for development, which could allow Armenia to occupy its niche in the EAEU space,” K. Minasyan said. Armenia’s position is now being established regarding introduction of novelties in the circulation of drugs and medical devices, and that position will determine the terms of business conduct next year. In this connection the minister urged Armenian businessmen to take an active part in the issue’s discussion.