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Russia’s pharmaceutical market is predicted to reach $36.61 billion by 2021, according to business information and analytics company GlobalData.
The company’s latest report emphasizes that key market drivers are improving regulatory guidelines together with government initiatives to advance the domestic pharma market. Although limited access to healthcare facilities, price cuts, high Out-of-Pocket (OOP) payments, and low R&D expenditure may restrain market growth.
The Russian pharmaceutical market includes two business segments: the commercial market and the government procurement market. The commercial market dominates, accounting for 73% of overall value and 85% of volume. However, domestic products only accounted for $6.05 billion, or 28%, of the commercial market in 2015.
Prescription drugs dominate the pharmaceutical market, accounting for 59% of sales in 2015, worth $17.80 billion, OTC drugs accounted for 36%, worth $10.64 billion and food supplements 5%, worth $1.38 billion.
For more information, view the full report here.