Watch Out! The Russians Are Coming!

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russiansThey’re already in Georgia, but how about the Top 10 global market? At least that’s the conclusion of a new study, which projects sales of medicines in Vladimir Putin’s playground to grow more than 30 percent, in dollar terms, this year, PharmaTimes reports.

According to research published by DSM Group, the overall market volume should reach around $18.4 billion, up $14.3 billion last year. The market research firms says the key driver behind the growth is an increase in living standards.

Growth rates in the Russian commercial drug segment surged 30 percent to $4.55 billion, boosted by higher prices, PharmaTimes notes. However, the state-owned drug segment grew faster at 43 percent in the first half to $2.5 billion. DSM says that the reason for this growth was predominantly increased government financing of Russia’s Federal Reimbursement Program.

The DSM report comes just days after a new draft policy was released by Russia’s Industry and Trade Ministry envisages that, by 2020, Russian-made medss will account for at least 50 percent of the home market in terms of volume, and that no less than 80 of these products will be patent-protected innovations.

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  1. FYI only, the publisher is not DSM N.V., the chemicals company, but rather a Russia-based market research consultancy, DSM Group (www.dsm.ru).

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