On October 5 the Tariff (Price) Council set on prices for 1,126 drugs, 1,079 of which will take effect from December 1, the Ministry of Economy and Industry said.
According to the ministry, as of today the government has set prices for 2,183 drugs, 53% of which are two times lower than the former ones, and 28% are more than three times lower. In general, prices for 98% of these drugs will be lower than before the customs control.
According to official statistics, Azerbaijan meets 99% of the needs for medical products through imports. In this regard, noteworthy is the fact that customs data on the volume of imports of drugs in Azerbaijan causes great doubt among experts.
The fact is that according to the State Customs Committee of Azerbaijan, in the first eight months of this year, official imports of medicines amounted to $ 185 million, which is 16.3% more than in the comparable period of 2014. During this period, Georgia, where there is sufficient potential for substantial production, imported drugs for $ 428.2 million, or two times more than in January-August 2014 ($ 201.3 million). At the same time, Georgia exported medication for $ 84.5 million (+42%). Azerbaijan also in this period exported drugs for $ 0.4 million, reducing exports by $ 11 million. -----08B
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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