Russia viewed as one of the fastest growing pharma markets

Russia’s pharmaceutical market is one of the fastest growing in the world and is expected to reach $36.61 billion by 2021, says a leading business information and analytics provider.

According to GlobalData’s latest report titled CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Russia, the key market drivers are improving regulatory guidelines together with government initiatives to develop the domestic pharmaceutical market. However, limited access to healthcare facilities, price cuts, high out-of-pocket (OOP) payments and low R&D expenditure are likely to restrain market growth.

The Russian pharmaceutical market comprises two business segments: the commercial market and the government procurement market. The commercial market dominates, accounting for 73% of overall value and 85% of volume. However domestic products only accounted for $6.05 billion, or 28%, of the commercial market in 2015.