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Int'l companies leaving Armenian market

18 July 2014 [15:18] - TODAY.AZ
By AzerNews

Doing business in Armenia is becoming harder not only for local but also international companies.

The world's seventh-largest pharmaceutical company, AstraZeneca, which had been operated in Armenia over the last several years, just closed down its representative office, local media reported.

AstraZeneka has a portfolio of products for major disease areas including cancer, cardiovascular, gastrointestinal, infection and etc. The company is operating in over 100 countries and its medicines are used by millions of patients worldwide.

Addressing local media, CEO of the Armenian Medicine Producers and Importers Samvel Zakaryan said the country's changing marketing policies often contradict with international standards. "This issue forced AstraZeneka to make such a decision," he said.

"The company, which is considered one of the world's best one simply called for suspending its brand's registration in Armenia," he said. "The company refused to continue selling its products and just left Armenia."

The unfavorable business environment in Armenia has forced almost 8,000 companies to suspend their operations over the past year.

Current monopolies are among the main reasons behind the companies' decision to leave Armenia's market. Armenia's economy is suffering seriously from monopolies. Some special groups possess about 60 percent of Armenia's market.

Prime Minister Ovik Abramyan's promise to fight monopolies have turned into an impossible mission. Many believe that the oligarch Abramyan cannot even fight his own circle.

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