RF Ministry of economic development and EXIAR to draft proposals on support of exporters of pharmaceuticals

Print 18 May 2014
RIA Novosti

STRELNA (Saint Petersburg), May 16 – RIA Novosti. Russian Prime Minister Dmitry Medvedev entrusted Russian Ministry of Economic Development and Export Insurance Agency of Russia (EXIAR) to draft proposals on the support of exporters of domestic pharmaceutical and medical products.

"I entrust the Ministry of Economic Development and Trade to formulate proposals on the support of Russian exporters of medical and pharmaceutical products jointly with other governmental agencies", - Medveded said, while assessing a session of the presidential Commission for Modernisation and Technological Development of Russia’s Economy.

According to Medvedev’s early forecasts, in several years’ time the Russian market of pharmaceutical products will exceed a trillion rubles. At present, the market of medical devices amounts to RUR200 B and has a serious potential towards the growth. According to him, the volume of the pharmaceutical market has increased by 8% and in value it totals to RUR820 B.

EXIAR, a VEB subsidiary, was established in 2011 to provide insurance services for exporters on commercial and political risks. For exporters political risks are considered unfavorable legislative and regulatory changes. Commercial risks are associated with long past due contractual payments or a party to contract recognized as a bankrupt.

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