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Russian pharmaceutical market grows tentative 43% in 2005

MOSCOW (Interfax) - The Russian pharmaceutical market, according to preliminary estimates, may have grown 43% to $6.5 billion in 2005, the Remedium group of companies said in data presented at an Interfax press conference on Wednesday. The market may grow to $7 billion in 2006, Remedium said.
Aidar Ishmukhametov, chairman of the Remedium board of directors, told the press conference that the pharmaceutical markets of CIS countries are growing by about 10%-12% per year. In comparison, the U.S. pharmaceutical market sees 7%-8% annual growth, while the Eastern European market has 5%-7% growth.

Ishmukhametov said post-Soviet markets were characterized by low medicinal costs, low packaging costs, rapidly developing pharmacy chains and a large share of medicines that are still well-known from Soviet times.

One of the reasons behind the growth in the CIS pharmaceutical markets is that the Eastern European market has been developing productively, he said. As a result, the CIS market has become "a strategic resource" for its development, Ishmukhametov said.

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