Boston, MA -- (SBWire) -- 03/12/2013 --BMI View: The Russian pharmaceutical market remains a powerhouse in the Emerging Europe region. The country has by far the largest population in the region. Its resources-driven economic growth is funding both private and public spending on medicines and healthcare services. The country's World Trade Organisation (WTO) accession has eliminated tariff barriers and should, in the long run, drive major improvements in a problematic intellectual property environment. Both domestic and cross-border mergers and acquisitions (M&A) activity has picked up since the 2009 economic crisis, a result of increased incentives for local production under the government's industrial policy for the sector and the need for scale to compete, especially in the generic medicines market. We believe a critical forward step for the market will be the successful implementation of a broad-based medicines insurance programme in the next few years, following current pilot projects. If this proves successful, we would expect growth to outstrip our current five-year projection for a compound annual growth rate of 8.3% in US dollar terms during the period 2012-2017.
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Headline Expenditure Projections:
- 2013; +9.5% in local currency terms and 6.9% in US dollar terms. Forecast is virtually unchanged from Q412.
- Healthcare: RUB2,709.62 (US$85.42bn) in 2012 to RUB2928.54bn (US$90.11bn) in 2013; +8.1% in local currency terms and +5.5% in US dollar terms. Forecast is virtually unchanged from Q412.
- Medical devices: RUB209.26bn (US$6.60bn) in 2012 to RUB230.58bn (US$7.09bn) in 2013; +10.2% in local currency terms and +7.5% in US dollar terms. Forecast is virtually unchanged from Q412.
Risk/Reward Ratings: Russia's Risk/Reward Rating (RRR) stands at 58.0, with the country ranking second out of the 20 countries in the Emerging Europe region covered by BMI. The country's primary advantages are its population size, sustained economic growth over the past decade and rapid expansion of state healthcare coverage. The market continues to be held back by corruption, mismanagement and, to a certain extent, the threat of political and social instability.
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"Russia Pharmaceuticals & Healthcare Report Q1 2013" Is Now Available at Fast Market Research
Recently published research from Business Monitor International, "Russia Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research