The Association of Young Financiers and Businessmen (AYFB) plans to launch price monitoring in the Georgian market of medications following the high public interest and the heavy social environment.
Drug prices are considered one of the major challenges in our country. The AYFB has developed an economic index called as the Panaskerteli Index that enables to determine the change of prices on the market of medications through setting supervision on market prices of the most in-demand groups of pharmaceutical products.
The Georgian pharmaceutical market is one of the directions that remains in the center of the public interest, because there are continuous complaints and questions around expensive prices. To explore the current situation on the pharmaceutical market, the AYFB has conducted a comprehensive research work and outlined the main tendencies in the market. First of all, Georgia-based pharmaceutical companies receive high-margin profits, the report says.
“The fact is that this field is of huge social importance. More than 0.5 million persons are registered in the social programs database. This signifies that the current prices on medications have become a heavy burden for about a half part of Georgian residents. Therefore, we should possess real information whether prices decline or increase on the most in-demand medications and what factors and processes inspire these changes. The Panaskerteli Index enables to provide similar research works,” the AYFB representatives said.
The AYFB has reached a final phase of exploring prices on the 200 most in-demand pharmaceutical products. The Index will be calculated based on this research. The information about the prices was collected at pharmacies through incognito inquiry and phone inquiries. The AYFB offers Georgia-based pharmaceutical companies to set a cooperate regime so as the AYFB provides fully transparent work on the Panaskereteli Index and outlines the genuine picture.
Having specified several important details, the AYFB will introduce the Panaskerteli Index with figure and percentage indicators in the near future. The Fanaskerteli Index will be renewed on a monthly basis.
Zaza Panaskerteli-Tsitsishvili was a Georgian political figure and scientist in the 15th century. He is an author of the original medical work called Medicinal Book – Karabadini.
Zaza Panaskerteli is a special figure in the history of the Old Georgian Medicine. He is the only Georgian doctor-scientist in the ancient times and his authorship of the book and biography are genuine and unquestionable. His merit and contribution to the Georgian medicinal development inspired us to call the Index after his surname.