site.btaBulgaria Has Potential To Be ‘Europe’s Pharmacy’ - Survey

Bulgaria has the potential to become ‘Europe’s pharmacy’ in the production of pharmaceutical substances and medical products for Europe, a survey of the German-Bulgarian Chamber of Commerce and Industry (GBCCI) and the Konrad Adenauer Foundation finds. Тhe Economic Policy Institute (EPI) conducted the survey, based on data analysis and interviews with experts in the sector in the period between September and November 2021. The data were presented Wednesday at the Bulgarian News Agency National Press Club.

The study sums up the opportunities for Bulgaria to take a leading role in pharmaceutical industry after the COVID-19 pandemic revealed dependence of deliveries for the European Union from third countries. It found that 15 per cent of all imported products came from China, India and Singapore. Part of Bulgaria’s advantages include low tax rates, no currency risk, the euro adoption plans, improving infrastructure, as well as the traditions in pharmaceutical production. 

Both the manufactured produce and revenues from it in Bulgaria are growing, said EPI Executive Director Yasen Georgiev. Exports in 2020 stood at over 1.0 billion euro and imports – at 1.518 billion euro, while data of the Bulgarian Drug Agency show 54 enterprises have production and import marketing authorizations. Pharmacy education standards in Bulgaria are high and the country ranks 20th globally by the number of clinical trials, he added.

Citing as an example Germany’s strong dependence on substance and medicine imports, Thorsten Geisler, Head of the Conrad Adenauer Foundation, said that besides high production costs this is also a threat to supplies in times of crises. Consequently, he believes there is a niche in pharma Bulgaria could occupy.

GBCCI CEO Dr Mitko Vassilev, pointed out that the study had also been presented before members of the German Bundestag and business representatives with a view of attracting investments to Bulgaria.