THE IMPACT OF REGULATORY POLICIES ON GEORGIA’S PHARMACEUTICAL MARKET

The pharmaceutical market plays a crucial role in both economic development and public health outcomes. The impact of regulatory frameworks, competition, and economic factors on the growth of the pharmaceutical sector is particularly significant in transitioning economies, including Georgia. A review of existing literature indicates that the efficiency of the pharmaceutical market is largely influenced by regulatory policies, pricing control mechanisms, and the involvement of international companies. This study is based on a quantitative survey aimed at assessing the challenges and opportunities within Georgia’s pharmaceutical market. The findings reveal that regulatory complexities, issues related to medication accessibility, and inefficiencies in distribution channels significantly affect the sector’s operational environment. Furthermore, the influence of international pharmaceutical corporations and the competitive dynamics of the market present both opportunities and challenges for local companies. The study concludes that targeted policy reforms are necessary to optimize regulatory frameworks, foster market development, and enhance access to pharmaceutical products for the public. Keywords: Pharmaceutical market, Pricing strategy, Regulatory policies.