Uzbekistan Pharma Market Shows Accelerated Growth — EY

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s pharmaceutical market is demonstrating strong growth rates and is becoming one of the key drivers of regional demand in Central Asia, according to a study published by EY based on an analysis of the industry conducted in January 2026.

The study included a survey of 15 major international and local pharmaceutical companies. The results indicate sustained demand and significant potential for further expansion. At the same time, 96% of the market volume is concentrated in the commercial segment, reflecting the dominance of retail sales and high consumer activity.

The analysis of market participants shows that 56% of companies are headquartered in Western Europe, while 22% are based in Eastern Europe. At the same time, 67% of respondents operate in Uzbekistan as non-commercial representative offices, indicating an early stage of institutional presence and remaining potential for deeper business localization.

Company portfolios remain diversified: 30% focus on over-the-counter medicines, 24% on branded generics in the prescription segment, and another 24% on innovative pharmaceuticals. In therapeutic terms, equal shares are occupied by drugs for chronic widespread diseases and socially significant conditions, reflecting the structure of national healthcare demand.

According to EY representatives, Uzbekistan together with Kazakhstan forms the core of pharmaceutical demand in the region, ranking second in market size by monetary value. Industry growth is driven by demographic factors, rising household incomes, and government measures to attract investment.

Survey participants expect positive momentum to continue over the next one to two years. The main growth driver is expected to remain the retail segment, including traditional sales channels and the expansion of digital distribution. Around 40% of companies forecast market growth of 5–10% in monetary terms.

Key trends in 2026 include the rapid development of online sales and digital channels, as well as a more cautious approach to localization investments. About 60% of respondents consider suspending previously announced projects or not launching new initiatives in the short term, citing the need for a more predictable regulatory and tax environment.

Overall, these factors indicate a transition of the market into a phase of structural transformation. Companies are focusing on operational efficiency, product portfolio adaptation, and strengthening positions in the commercial segment as the main source of sustainable growth.

EY, operating in more than 150 countries and present in Uzbekistan since 1995, provides services in audit, consulting, taxation, and strategic development. The firm’s Tashkent office employs over 250 specialists supporting both national companies and foreign investors across key sectors of the economy.