Russian pharmaceutical market may grow by 8% in 2016

Prices for drugs in Russia will increase by 10%-15% this year, which, however will be significantly lower than in 2015, when the price hikes was equivalent to 22.8%, compared to the previous year, according to data of the Russian Federal State Statistics Service, reports The Pharma Letter’s local correspondent.

According to preliminary data of DSM Group, one of Russia’s leading analyst agencies in the field of pharmaceutical sector, in 2015 the Russian pharmaceutical market grew by almost 12%, compared to 2014 - to 1.28 trillion roubles ($16.5 billion), in value terms. According to the analysts, the market increase was mainly due to inflation and the ever growing drug prices.

According to spokesmen of some Russian leading pharmacies, the purchasing power of Russian consumers is steadily declining, which is mainly due to the crisis, while customers are forced to cheaper drugs, and in particular generics of Indian and Russian origin.