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Medication Prices Decline As Humanity-Georgia Entered The Market

Medication prices reduction is evident tendency in the Georgian pharmaceutical market. Major pharmacy networks are lowering prices. The Panaskerteli Index also proves the medication prices diminution has become of irreversible character.

Lika Chumburidze, operationы director of Inova healthcare, comments on the current market prices and the reasons for their change.

“I genuinely confirm the information that the medication prices are decreasing. For instance, the oncology center carries out purchase transactions through state tenders and the tender winner had offered 30% lower tariffs compared to the previous year, despite the GEL exchange rate was 2.36 against USD at the time of tender announcement. They were working by these prices throughout the year. Humanity Georgia was one of these companies. This company has offered very low tariffs”.

The intensified competition in the pharmaceutical market fosters the price diminution tendency. “I am witness how Humanity Georgia appearance has cheapened medications. There is nothing surprising – new player has entered with the same-quality products but for much lower prices and competitor networks had to decreased prices too”, Chumburidze said.

Chumburidze also talks about pharmaceutical market regulation issues: “It is absolutely correct and justified step to foster competitive environment instead of tightening regulations”, Lika Chumburidze noted.