Demand for drugs in Russia may decline significantly in 2016
The demand for drugs in Russia may decline significantly in 2016, mainly due to the ongoing financial crisis in the country, caused by Western sanctions and the reduction of purchasing power of local population, according to recent predictions of Veronika Skvortsova, Russia’s Minister of Health, reports The Pharma Letter’s local correspondent.
It is predicted that the drop in demand will be observed in all segments of the market, and mainly low- and middle-priced drugs. The unfavorable economic situation in Russia will prevent implementation of state plans for the replacement of imports in the domestic pharmaceutical market by 2020.
At present, the share of local drugs is estimated at 27% of the Russian market in value terms, while the remainder is accounted for by imports and there is a possibility that this will continue to grow during the next several years.
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