EUGBC top management participated in the Investors Council Meeting


On June 22, EUGBC Executive Director, Giorgi Kacharava took part at the 13th Investors Council meeting chaired Prime Minister of Georgia aiming to review recommendations for the promotion of investments in Georgia and measures implemented for a improvement of the investment climate. Focus has been made on the facilitated development of the capital market, along with past and intended reforms in the energy and education sectors. Discussions were also related to the attraction of more foreign direct investments in light manufacturing, pharmaceutics, and FMCG sectors. Swift development of these sectors also should serve significant import-substituting role, which proved to be vital in the current pandemic crisis.

During the meeting EUGBC raised the issue of GMP standardization taking into account that it is crucial for investments and development of Pharmaceutical Sector in Georgia Mr. Kacharava emphasized that “we all agree that GMP standardization is essential for increase of competitiveness and volume of export of domestic producers, however the current date for mandatory standardization (January 1, 2022) is unrealistic, because till now there is no step-by-step plan for compliance with GMP standards, jointly developed by the Government and Business Sector.

Maintaining the current status quo will result in: 

√Prevention about 70 million GEL Investments from Local producers
increase of prices of medicines
√closure of absolute majority of existing Georgian companies and/or
√relocation of production and unique knowledge to other countries.

EUGBC offered pragmatic solution: “taking into account that the implementation plan and schedule of GMP standards is individual for each company, it should be in advance agreed and approved by the respective Georgian Authorities… GMP mandatory standardization deadline should be adjusted accordingly. In addition it was stated that “as of July 2019, local producers have the liability to comply with GMP standard in case of new production lines or registration of new medicines while there is no GMP standard requirement for imported medicines.” Therefore Local Pharmaceutical companies are in discriminatory position …..and respective legislative changes are required in order apply similar GMP requirements for imported medicines, likewise the local Pharmaceutical products’ requirements.