15 January 2014
The Russian pharmaceutical industry has continued to evolve through government funding and international cooperation. The domestic industry will develop further in order to decrease the country’s dependency on foreign medicines. Economic reforms in the country are still underway along with legal, tax and regulatory developments with the market requirements. The future potential of the Russian economy is largely subject to such reforms and can alter the efficiency of the government’s economic, financial and monetary policy. The vigorous development of the Russian OTC drugs market has gained attraction among the western companies as well as for investors. The Russian OTC drugs market has experienced an average annual growth rate of 10.3% over the period 2006-2012.
The issue related to expansion of distribution network of OTC drugs in Russia has been widely discussed in the last few years. It was believed that the expanding nonprescription drug sales in Russia from pharmacies to grocery stores would certainly open doors to new sales and would further enhance the country’s status in the emerging markets of pharmaceuticals across the world.
Earlier, the country's Ministry of Industry and Trade (MIT) considered permitting the sales of OTC products by retailers other than pharmacies, the only current source for either Rx or nonprescription pharmaceuticals. It was concluded that the opening up of non-pharmacy channels in the country such as grocery stores will not increase the market vigor; this will only alter the distribution channels of such products and will not influence the demand for OTC drugs much since there are several cultural and geographic factors involved.
As announced in 2012, the decision concerning the sales of over-the-counter drugs in supermarkets was postponed. The move was backed by the Ministry of Health, which decided that the sales of over-the-counter drugs in retail stores may lead to a proliferation of poor-quality, counterfeit medicines and result in uncontrolled price growth.
However, in April 2013, the Ministry of Healthcare of the Russian Federation approved the sales of over the counter drugs (OTC) through supermarkets and retail stores and mandated that the list OTC drugs that can be sold in retail networks must contain only safe and high quality products, causing no adverse effects for humans.
“It is expected that the move concerning the expansion of distribution network of over the counter drugs through retail stores apart from pharmacies in Russia will increase competition in the pharmaceutical market and consequently result in reducing the prices”, according to the Research Analyst, Ken Research.
The report titled “Russia OTC Drugs Industry Outlook to 2017- Driven by Rising Ageing Population” provides detailed overview on the Russia OTC Drugs Market and aids readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years.
The report will help industry consultants, OTC drug manufacturers to align their market centric strategies according to ongoing and expected trends in the future.Print
07 August 2020
07 August 2020
06 August 2020
06 August 2020