Russian government predicts bright prospects to national pharma industry

Print 26 November 2014
ThePharmaLetter

The Russian pharmaceutical industry is booming, despite the economic recession in the country and devaluation of national currency, caused by sanctions, according to Sergey Tsyb, Russia’s Deputy Minister of Industry and Trade.

According to Mr Tsyb, despite the sanctions, no Russian and Western companies have abandoned their investment plans for Russia for the coming years, reports The Pharma Letter’s Russia correspondent.

Mr Tsyb has explained that the current boom is mainly due to successful implementation of the existing state strategy “Of the development of Russian pharmaceutical industry until 2020,” which resulted in the establishment of production of up to 60% of drugs from the list of vital within the country.

In addition, the current boom has already become a result of new methods of state regulation in the domestic pharmaceutical market, which are used by the Russian government. Among these are the reduction of administrative barriers, the provision of financial support for investors and the provision of assistance in the rapid access of new drugs to the Russian market,

At the same time, according to Mr Tsyb, the government is currently considering designing of a new state policy in the field of pricing in the domestic pharmaceutical market. According to Mr Tsyb, the Ministry of Health must approve the new list of vital drugs in Russia before December 10.

He has also promised investors all the needed support during the implementation of their projects and during their talks with the regional authorities.

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