Noida, India -- (ReleaseWire) -- 06/17/2014 -- Increasing healthcare expenditure across Russia, support from government and rising investment from private players are key factors fuelling the growth in this industry. Based on such key factors the pharmaceutical market is expected to foresee a double digit growth by the end of 2017. Similar to earlier years, commercial drug segment has occupied maximum share in 2012. Moreover, state segment is continuously losing its share to commercial drug segment. Even the prescription drugs in this segment have experienced faster growth than OTC drugs thus clutching the market share.
The growth in commercial segment is attributed to the rising consumer preferences for expensive drugs and strengthening of Russian currency. Besides, increasing old age population and healthcare spending have been driving the sales in this segment. Moreover, giant pharmaceutical players cover approximately 25% of the commercial market in sales value through introduction of new policies and to restrict the entry of imported medicines. Even the country’s government has been meliorating its healthcare standards by upgrading their technologies.
On the holistic basis, the “Russian Pharmaceutical Market Outlook to 2017”, report thoroughly discusses the demographic profile of Russia and the pharmaceutical infrastructure; the overall pharmaceutical market of Russia in terms of branded & generics; state, commercial, and hospital segments; parapharmaceuticals; and distributors. Also, the market drivers; the laws and bylaws associated with the industry; and a detailed competitive scenario of the market along with the profiles of key players are also included in the report.
With the implementation of new supportive laws, government strategic inclination towards industrial development, better investment aspects, emergence of certain regions as R&D hubs, and the shift in consumer buying behavior among others, the Russian pharmaceutical market is poised to record a spurt in growth in the near future.
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