Russian pharmaceutical market expected to resume growth this year

The Russian pharmaceutical market is expected resume its growth this year, both in volume and value terms, amid the ongoing recovery of the Russian economy from the financial crisis and its consequences, according to recent statements of analysts at the Russian Ministry of Health, reports The Pharma Letter’s local correspondent.

According to their forecast, this year the Russian market will increase by 6%-7% in value terms to 1.3 trillion roubles (~$23 billion), compared to 2016, while in 2018 it will rise a further 9%. In volume terms, the market should grow by 10%-12% during the period of 2017-2018.

It is expected that this year the growth of the market will be mainly driven by public procurement, that should significantly increase this year, due to the planned increase of drug purchases for state needs by the end of the current year.