Strong growth forecast for Russian pharma sector

Backed by government support and private sector investment, the Russian pharmaceutical market is likely to expand at a compound annual growth rate (CAGR) of 13% during 2011-2013,to reach a value of $25,68 billion at the end of the period, according to a new report from market analysts RNCOS.

According to the report, titled Russian Pharma Sector Forecast to 2013, the Russian pharmaceutical industry has been witnessing stupendous growth during the last few years. Government support and other key factors have led to create an $18.09 billion worth Russian pharmaceutical market in 2010.

In the coming future, it is also foreseen that there will be a noteworthy growth in the private sector investments with the tremendous effort of the government towards promoting the local manufacture of drugs.