CPhI Russia highlights growth in domestic manufacturing and international partnering

Presentations at the CPhI Russia event which took place in April reflected growth in the Russian pharma market and brought together senior Russian pharma professionals and international pharmaceutical suppliers and buyers.

Following the event, the next few years are predicted to be a very exciting time for investing in the region as the Russian pharmaceutical market is now considered to be one of the most dynamic in the world, and continues to grow at an average of 10%-12% per year. The country is already the eleventh largest pharmaceutical market and is projected to reach a value of $26.7 billion by the end of this year.

Furthermore, this tremendous growth is being achieved thanks to the government support through its ambitious "Pharma 2020 Plan," introduced in October 2009. The program is aimed at achieving a complex structural upgrade of the national pharmaceutical industry by means of a substantial improvement in production capacity - increasing both domestic and export production and calls for 90% of medicines to be locally produced by 2020. The Plan, outlined alongside other pharmaceutical innovations at the event, is currently in its second stage and on course to achieve the following goals by 2017: