GlobalData Plc

The pharmaceutical market in Russia is one of the fastest growing globally and is set to rise from $20.91 billion in 2016 to $38.56 billion by 2021, representing a compound annual growth rate of 13%, according to GlobalData, a recognized leader in providing business information and analytics.

The company’s latest report states that key drivers of the Russian healthcare market include improving regulatory guidelines and government initiatives to develop the domestic pharmaceutical industry. The Federal Drug Reimbursement Program, for example, provides uniform, free access to over 350 drugs for the most vulnerable social groups of the country.

The implementation of a state program to improve the healthcare industry by the Russian Ministry of Industry and Trade has also had a positive impact on domestic production. The program’s main goals are developing domestic medicine production, developing the domestic production of medical devices, and improving state regulations for the circulation of medicines and medical devices. In 2015, the domestic market share of medicine was 27.2%, and the government aims to increase this to 50% by 2020.

A competitive generics market will also drive pharmaceutical sales. In 2015, the market share of generics, by value, was 59% of all drugs in Russia. By volume, generic drugs accounted for 85% of marketed drug sales. The Russian company Pharmstandard is one of the leading generic manufacturers in the country, producing and marketing a range of generic and branded pharmaceuticals, biogenerics, and active pharmaceutical ingredients.

For pharmaceutical companies hoping to profit from the Russian market in coming years, the country’s increasing focus on biotechnology may provide ample opportunity. In 2012, the government adopted the Comprehensive Program for Development of Biotechnology in the Russian Federation through 2020. The program sets targets for the development of the biotechnology market and will require $31.8 billion in financing from 2012 to 2020.

The government is planning to construct 10 factories for the manufacturing of biosimilars by 2020, with an additional investment of $265.3 million. Russia is currently developing its biosimilars guidelines. Draft guidelines were prepared in 2014 by the medical and pharmaceutical industries and submitted to the Ministry of Health, and are expected to be enacted this year.

– Information based on GlobalData’s report: CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Russia.

Related Intelligence

Want more Insight like this?

Our interactive subscription platform has the most comprehensive data and analysis in your industry.

Request a Demo

Related Consulting

How can we help your business?

Our consultants are skilled in every specialist market niche to deliver solutions specifically designed for your individual requirements.

Request a Callback

    Press Release Healthcare

    Late-stage CKD-induced comorbidity therapeutics market to reach $10.5bn by 2026

    Sales for chronic kidney disease (CKD)-induced hyperparathyroidism (HPT), hyperphosphatemia (HP), and hyperkalemia (HK) therapeutics were estimated to be $4.2bn across the seven major markets (7MM*) in 2016. This is expected to grow to $10.5bn in 2026, at a Compound Annual Growth Rate (CAGR) of 9.5%, according to GlobalData, a leading data and analytics company.

    Press Release Healthcare

    Majority of oncology clinical trials in China failed to meet enrolment targets

    The majority of oncology clinical trials in China that had a start date between 1 January 2012 and 31 December 2017 failed to meet the planned enrolment targets, according to GlobalData, a leading data and analytics company. The company identified and analyzed enrollment efficiencies of 324 clinical trials during the period and found that on...

    Press Release Healthcare

    Need for supportive care in oncology will increase during the next decade

    The need for effective supportive care in oncology will increase in the next decade as patients continue to live longer and cancer progresses to become more like a chronic disease. This includes the need for chemotherapy-related conditions, as chemotherapy will remain the backbone of cancer therapy for the foreseeable future, observes GlobalData, a leading data and analytics company.

    Press Release Healthcare

    World Cancer Day: What will 2018 mean for cancer research and treatment?

    The theme of this year’s World Cancer Day held on 4th February of “We can. I can.” aimed to reinforce the public message that all individuals and groups can play their part in reducing the global burden of cancer. Indeed in recent years many events have involved collaborations between traditional drug developers, cancer treatment professionals and those of varying disciplines. Examples include the IBM Watson supercomputer which is helping physicians make treatment decisions and the development of other databases such as ASCO’s CancerLinQ which assists oncologists in monitoring and analyzing patient data.

    Press Release Healthcare

    Melanoma sales are projected to rise to $5.5bn in 2026

    The value of the melanoma market was estimated to be $3.3bn across the seven major markets (7MM*) in 2016. This is expected to grow to $5.5bn in 2026, at a Compound Annual Growth Rate (CAGR) of 5.3%, according to GlobalData, a leading data and analytics company.

Media Enquiries

If you are a member of the press or media and require any further information, please get in touch, as we’re very happy to help.

Emailpr@globaldata.com
PhoneEMEA: +44 207 832 4399
PhoneAPAC: +91 40 6616 6809
Onlinecontact online

56% of #consumers are concerned about the impact of diet. Join us for more insight @incosmetics #cosmetics #trends… https://t.co/wJOJOqYIJF