Analysts expect major drop in Russian pharma market

The Russian pharmaceutical market may face a sharp drop in sales already in December and at the beginning of 2023 due to a significant decline of purchasing power of local customers.

Currently, more and more Russians are switching to a savings model of behavior due to the crisis created by the war with Ukraine. In order to save money, Russians prefer to buy more locally produced drugs and refuse from vitamins.

According to official market statistics, the overall sales of pharmacies in Russia for the nine months of 2022 amounted to 1.253 trillion roubles, which is 18% more than a year ago, according to the Russian pharma analytics agency DSM Group. However, this result turned out to be lower than expected by analysts, who had previously predicted an increase in sales in the Russian pharmaceutical retail for January-September this year by 28%.