Bayer to continue expansion in Russian pharma market

German pharma major Bayer (BAYN: DE) plans to continue expansion in the Russian pharmaceutical market this year, despite the current crisis in the country and has no plans to cut its local workers, according to Vera Khan, general director of Bayer Russia and CIS, reports The Pharma Letter’s local correspondent.

In 2014, Bayer’s sales in Russia amounted to 742 million euros ($780 million), which is 17% higher than in 2013. Of these revenues, about 70% were accounted for by pharmaceutical products. The company said that Western sanctions imposed on Russia have not had a negative effect on its Russian business.

According to Ms Khan, the demand for innovative drugs in Russia currently remains stable, despite the difficult situation in the country’s economy.

Plans to boost drug sales in Russia to 1 billion euros by 2017

By 2017 Bayer plans to increase its drug sales in Russia up to 1 billion euros, with the annual growth rates up to 12%. At the same time, according to the company’s predictions, this year the Russian market is expected to grow by 6%-7%, compared to 12% in previous years.

Bayer plans to continue localization of its production in Russia. According to Ms Khan, this year the company plans to establish production of Avelox (moxifloxacin), which is an anti-infective drug, at the facilities of Russian drugmaker Medsintez in Novouralsk.