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25.12.2017

Russian government aims to increase drug exports in coming years

The Russian government plans to create conditions to increase exports of domestic drugs, which will be effected through the provision of support, both direct and indirect, to local drugmakers and other benefits, including tax and customs, reports The Pharma Letter’s local correspondent.

Since 2012, exports of Russian drugs have increased more than threefold, however they still remain low, which has sparked concerns for the Russian government.

For the first nine months of 2017 Russian drug exports out grew by 17% on year-on-year basis to $350.7 million in value terms, a figure significantly lower than initially predicted by the state.

The majority of pharma exports are still accounted for by Ukraine, whose government this year announced its intention to ban drug imports from Russia. At the same time the volume of exports to Western Europe remains small.

At the end of 2016 Russian Deputy Minister of Industry and Trade Sergei Tsyb stated that the government is working on the design of additional instruments for the support of Russian drug exports. In July of the current year pharmaceuticals were added to the list of industries whose product exports will remain a matter of priority for the Russian government for the coming years.

It is reported the support will also be provided with the use of Russian trade missions of which are located abroad.

At the same time Russian analysts in the field of pharmaceutical business observe that, in order to expand into foreign markets, Russian drugmakers need established sales channels. To register the original drugs, it is necessary to conduct clinical studies for other countries, the cost of which can amount to hundreds of millions of dollars, they note.


Source:  www.thepharmaletter.com

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