Russian pharma market to grow at a CAGR of 13% during 2011-13
The pharmaceutical industry will prosper amid the growing concerns of health conditions and the high dependence of the country on imported drugs. Additionally, new reforms being introduced by the Russian Government will not only streamline the industry, it will also help in the upliftment of the domestic manufacturers.
According to the research firm, besides dynamic government support, the industry will witness stupendous growth due to the influx of foreign investments as many global leaders are planning to establish their production units in Russia.
Further, various factors, such as growing healthcare spending and enforcement of obligatory and voluntary insurance schemes will improve the purchasing power of the population, resulting in the increase of sales of high-priced drugs.
Moreover, rise in the prevalence of infectious diseases, like HIV/AIDS and other lifestyle related chronic diseases would provide a more conducive environment for the growth of the pharmaceutical industry in the country.
The in-depth analysis of the market drivers suggests that the Russian market shows immense growth potential and is at the initial stages of development. Additionally, increasing investments from private players will boost the commercial drugs segment to occupy the largest market share by 2013.
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