Multi-factor competitiveness analysis of the chemical and pharmaceutical industry in eueu member states

Abstract

This paper aims to assess the degree of influence of various factors on the competitiveness of the chemical and pharmaceutical industry in EAEU member states. The analysis results made it possible to determine the level of competitiveness in pharmaceutical markets in individual EAEU member states, and to assess how much their competitiveness is impacted by such factors as the ratio between pharmaceutical imports and exports in the external market; prices offered by pharmaceutical manufacturers and output of pharmaceutical products. Upon completion of the research, the authors defined main development trends for the unified pharmaceutical market in EAEU member states, including how to harmonize laws, elaborate measures of price regulation and introduce new pricing approaches towards pharmaceutical products. Moreover, to improve competitiveness and strengthen the export potential of the EAEU pharmaceutical industry it is necessary to tighten regulatory requirements for the production of safe and high-quality pharmaceuticals in accordance with the unified EAEU GMP standards.