New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/22/2013 -- 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. 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. However, in the short term, a deteriorating macroeconomic picture will serve to moderate growth as consumer spending is expected to cool. Over the longer term, the country's ageing population and significant disease burden will accelerate pharmaceutical expenditure.
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Headline Expenditure Projections
- Pharmaceuticals: RUB689.95bn (US$22.22bn) in 2012 to RUB765.80bn (US$24.29bn) in 2013; +11.0% in local currency terms and 9.3% in US dollar terms.
- Healthcare: RUB3669.26bn (US$118.16bn) in 2012 to RUB4,111.5bn (US$130.40bn) in 2013; +12.1% in local currency terms and +10.4% in US dollar terms.
Risk/Reward Ratings: Russia has an RRR score of 60.4 out of 100, making it the second-most attractive pharmaceutical market in Emerging Europe. Although Russia scores the highest in our ratings for industry rewards, its overall score is moderated by its lower risk score. This highlights the challenging operating environment in the country at present and the impact of the move towards protectionist measures. On the other hand, the upcoming rollout of national drug insurance promises to sustain the rapid growth seen in Russia's pharmaceutical market.
Key Trends And Developments
- Currency selloffs across emerging markets threaten to impact revenues and earnings of subsidiaries of foreign companies operating in Russia. Although pharmaceutical sales remain strong, we note that there is downside risk to growth over the short term as private consumption cools.
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