Govt initiatives will unlock enormous potential for Russian pharmaceutical market, says F&S

With total revenues of $15.3 billion in 2009, the Russian pharmaceutical market is one of the largest in the world. The market is anticipated to remain on a path of dynamic growth from 2010 to 2016 mainly due to multiple initiatives of the Russian government. However, in the short term, the process of implementing legislative changes could slightly restrain the market's development.

A new analysis from Frost & Sullivan, titled Strategic Analysis of Russian Pharmaceutical Market, finds that the market earned revenues of $15.31 billion in 2009 and estimates this to reach $37.15 billion in 2016.

"The Russian state's policy of improving the demographic situation in the country and providing adequate healthcare services to its population is projected to be one of the main pillars for the expansion of the pharmaceutical market," notes Frost & Sullivan Research analyst Dominika Grzywinska, adding: "Multiple initiatives undertaken by the government, aim at enhancing pharmaceutical provision in Russia. Through amending the law and declaring its support for the domestic industry, the Russian government appears to be a guarantor of pharmaceutical market growth."