The Economic Impact of COVID-19 Pandemic on the Pharmaceutical Sector in Kosovo during 2018-2021

Gashi Art (2022) The Economic Impact of COVID-19 Pandemic on the Pharmaceutical Sector in Kosovo during 2018-2021. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

This study analyzed the impact that the novel COVID-19 pandemic had on the pharmaceutical sector in Kosovo. COVID-19 was declared a pandemic by WHO on May, 2020. Shortly after that the first few cases of COVID-19 infections appeared in Kosovo. The effects of the coronavirus pandemic on the economy range widely from nation to nation due to the wide variety of economic and health care systems. Poor or undeveloped countries were particularly hard hit by COVID-19's devastating effects. Even developed nations have a problem of the threat of rising unemployment and high inflation as a result of the strict restrictions and of the spending on the recovery plans.  For instance, in a developed pharmaceutical industry like Ireland, the export of medical products during the COVID-19 increased significantly, but in Kosovo the opposite happened, the import rate of medicinal products significantly increased. The restrictions in countries such as China and India were detrimental to the pharmaceutical industry, since they are the leading producers of Active Pharmaceutical Ingredients (API). In addition, the restriction that countries put on the export of pharmaceutical products, placed countries that depend on the import of these products in an unfavorable position. The pandemic changed the ways in which consumers in Kosovo may act in respect to the accessibility of medical items, and was unable to stop the \"panic buying\" of pharmaceutical products during the pandemic. This exposed Kosovo's weak health and social protection systems. This paper analyzed the level of imports of pharmaceuticals with tariff code 3004, which is the code which corresponds to pharmaceutical products for therapeutic or prophylactic uses. Due to the fact that Kosovo has only three domestic pharmaceutical manufacturers, it relies on the import of pharmaceutical products in order to cover the medical needs of its citizens.  The level of import in Kosovo increased by 27.10% in 2020 compared to pre COVID-19 in 2019. The data of import on a monthly basis also shows a 101.05% in March of 2020 compared to March of 2019, which is around the time WHO declared COVID-19 as a pandemic. All the months following March of 2020 had a higher level of import than the previous year, this shows that COVID-19 had a direct impact on the level of pharmaceutical imported in Kosovo. Until 2022, Kosovo had a total of 3773 pharmaceutical products registered. This amount is much lower when compared to the number of medicinal goods registered by other nations in the area. Despite all challenges in pharmaceutical sector in Kosovo related to registration of pharmaceutical products 903 pharmaceutical manufacturers from EU countries applied to register the pharmaceutical products in Kosovo. More than half of pharmaceutical products registered in Kosovo are produced from EU pharmaceuticals manufacturers. From neighboring countries pharmaceutical manufacturers in Kosovo pharmaceutical market are: 42 Bosnian pharmaceutical manufacturers, 60 Macedonians and 23 pharmaceutical manufacturers coming from Albania. Data analysis shows that European pharmaceutical manufacturers were attracted and registered their pharmaceutical products in Kosovo. Pharmaceutical market size in Kosovo is impacted by export and import of pharmaceutical products, both important component for economy. Kosovo Medicine Agency has given approval for production to three manufacturers: Trepharm, Gentipharm and Medica.. Having a legal framework is crucial to ensure that medical safety standards remain at a high level which in turn allows the pharmaceutical sector to function better. This study examines the countries from which Kosovo is able to import medicinal products. It highlights the increase in imported products due to changes in legal regulations and it established the importance of those regulations. Administrative Instructions (AI) No. 02/2014 and No. 07/2014 have increased the access and availability of high-quality medicinal products for the use of consumers in Kosovo, leading to growth in the pharmaceutical sector. One of the downfalls of the AI is the lack thereof with different European countries. And as far as the standard procedure of registering pharmaceuticals in Kosovo is a very lengthy process The study suggests that in order to raise the standard in European countries, unilateral recognition between Kosovo and developed countries should be initiated. Unlike Hungary and other European countries, Kosovo did not make any decisions to simplify pharmaceutical importation processes. Kosovo is not an EU member state, so centralized procedures do not apply. Kosovo has unilateral registration recognition with only EU member states Germany and England. The European Medicines Agency (EMA) issued Legal Regulatory Guidance on the regulatory and registration of pharmaceutical products in EU countries during the pandemic. During the COVID-19 pandemic, the Kosovo Medicine Agency (KMA) did not establish facilities to increase pharmaceutical product imports to meet medical needs. Despite having a lower population than any other EU country, the number of varieties of pharmaceutical products registered at the country level should be roughly the same. This is due to lower economic interest and challenges in obtaining the dossier from Marketing Authorization holders for registration. This paper found that COVID-19 helped in the increase of the level of pharmaceutical imports and the registration of new products by manufacturers. The legal framework was not affected even though countries in Europe placed great emphasis in it.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Menedzsment Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Gazdálkodási és menedzsment

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	economic impact, koronavírus-járvány (COVID-19), Kosovo, legislative reform, Pharmaceutical industry
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2023. Ápr. 21. 10:12
Utolsó módosítás:	2023. Ápr. 21. 10:12

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