Russia to tighten control for global drugmakers operating in local market

Pharmaceutical companies from so-called “unfriendly” countries for Russia will be required to coordinate transactions for the sale of brands and means of individualization in the country’s pharmaceutical market to local legal entities with the specially established state regulator in order to tighten a control for them and prevent the illegal withdrawal funds from the local market.

The latest initiative became part of the recently adopted amendments to Presidential Decree No 322, which were prepared by the Russian Ministry of Industry and Trade, reports The Pharma Letter’s local correspondent.

Currently global drugmakers, operating in Russia are already forced to receive payments for the use of their intellectual property in the Russian Federation in special “O” type accounts with the Bank of Russia.