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Russian OTC market to double in value by 2012

According to the latest PMR report, “The OTC market in Russia 2007”, the Russian OTC market will double in value by 2012, to $7bn. Its robust growth will be fuelled by rising domestic demand for OTC products, the growing purchasing power of Russian consumers, and upbeat forecasts for the Russian economy in the near future.

Last year this market was worth $3.35bn in 2006 at retail prices, an expansion by 153% on its 2002 value. By comparison, the Polish OTC retail market was worth approx. $2bn last year, which means it expanded by slightly more than a fifth in the last five years. Between 2002 and 2006 the Russian market expanded at a CAGR of 26%, while its Polish counterpart saw an increment of less than 5% – the comparison speaks volumes about the scale of the OTC boom in Russia.

In recent years Russians have come to care more about their health and appearance, and prefer more expensive OTC preparations. The percentage share of more expensive drugs, with prices ranging from $5-10 and $10-20 per package, in the total OTC market has close to tripled in the last five years. At the same time, the market share of the cheapest preparations, those which cost less than $2 per package and are manufactured by domestic firms, has fallen by a half.

In 2006 only one Russian firm, Pharmstandart, was listed among the top 20 OTC makers in Russia, while Novartis moved into first place from among the top 20 players with an 8% market share, thus moving ahead of Sanofi-Aventis, which had occupied the top spot for the previous four years.



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