Russia’s pharmaceutical market will almost double to $39 billion by 2021, says GlobalData

New research published by research and consulting firm GlobalData has shown that Russia’s pharmaceutical market is set to grow by 13% by 2021.

The company’s latest report states that the market is set to rise from $20.91 billion in 2016 to $38.56 billion by 2021.

The growth will be driven by improving regulatory guidelines and government initiatives to develop the domestic pharmaceutical industry.

The Federal Drug Reimbursement Program, which provides uniform, free access to over 350 drugs for the most vulnerable social of the country is a good example of domestic access to healthcare.

The Russian Ministry of Industry and Trade has also implemented a state programme in an attempt to improve the healthcare industry. The programme aims to develop domestic medicine production and medical devices and improve state regulations for the circulation of medicines and medical devices.

By 2020 the government aims to increase the domestic market share of medicine to 50%. By comparison, in 2015 the market share was 27.2%.

The report states that pharmaceutical sales will be driven by a competitive generics market. Companies wishing to profit from the Russian market will see an increased focus on biotechnology which may provide opportunities. 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 also planning to construct 10 factories for the manufacturing of biosimilars by 2020, with an additional investment of $265.3 million.