Boston, MA -- (SBWIRE) -- 06/03/2013 -- Russia's pharmaceutical market continues to be one of the most attractive in the Emerging Europe region, primarily due to its sheer market size, growing economy and increasing government investment in healthcare. The main transformation in the market over the last decade has been the growth of the state's role, both in establishing an industrial policy and investing in production for the first time since the end of the Soviet Union. Key drivers of growth for pharmaceuticals include programmes to fund medicines for specific segments and disease groups, as well as a pledged universal medicines insurance system due to be put into place later in the decade. Russia's recent World Trade Organization accession should drive improvements in the country's intellectual property (IP) environment, and enforcement in particular, which has been conspicuously lacking.

Headline Expenditure Projections:

- Pharmaceuticals: RUB756.97bn (US$24.81bn) in 2013 to RUR842.81bn (US$25.73bn) in 2014; +11.2% in local currency terms and 10.4% in US dollar terms. Our forecast is upgraded from Q112 due to recalculation of market value and upgraded macroeconomic forecasts.
- Healthcare: RUB2,907.89bn (US$89.47bn) in 2013 to RUB3,195.48n (US$97.57bn) in 2014; +9.9% in local currency terms and +9.1% in US dollar terms. Forecast is largely unchanged from Q412.

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Risk/Reward Ratings: Russia's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is the case for all other countries in BMI's proprietary system, which ranks pharmaceutical markets according to their attractiveness to multinational drugmakers. A minor re-weighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q312 updates of the Pharmaceuticals & Healthcare reports. Russia has a RRR score of 58.0 out of 100.0, making it the second-most attractive pharmaceutical market in Emerging Europe.

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