Uzbekistan's pharmaceutical market has been recognized as the fastest-growing in Central Asia. According to a recent study by EY, the republic, together with Kazakhstan, forms the core of regional demand, demonstrating unique resilience to external challenges.

The main feature of the domestic market remains the dominance of the commercial sector: retail sales account for 96 percent of the total volume, confirming the strength of consumer demand.

The study, which involved 15 major international and local players, showed that more than half of the respondent companies have headquarters in Western Europe. At the current stage, 67 percent of participants are present in Uzbekistan in the form of representative offices, which experts assess as an early stage with huge potential for further localization of production. Sales are led by drugs for chronic and socially significant diseases.

EY partner Sergey Bachmanov notes that the active growth phase is driven by a combination of demographic factors and government support measures. Nevertheless, businesses are closely monitoring regulatory changes. About 60 percent of surveyed companies indicate a possible temporary freeze on new investment projects until a fully predictable tax environment is formed, particularly regarding VAT application.

Despite a cautious approach to capital construction of plants, the forecast for 2026 remains positive. About 40 percent of market participants expect growth in monetary terms of 5–10 percent. Key trends for the year will be the rapid development of online sales and digital distribution channels. The market is entering a phase of structural transformation, where the main focus will be on increasing operational efficiency and adapting portfolios to the needs of Uzbekistan's population.

Source: podrobno.uz