The two largest states of the former Soviet Union have undergone developments similar to Turkey’s, and they are currently ranked as the largest pharmaceutical markets in the CIS region. With annual growth rates ranging from 14–20%, Russia and Ukraine are moving in the right direction.
The Russian pharmaceutical market is the eighth largest in the world by total turnover, and it ranks third in terms of growth rate. Caused by a greatly increased demand for innovative and high-quality healthcare products, market growth is predicted to double in the CIS region in the next five to six years. To date, Russia has invested several hundred million euros in reforming its healthcare system. Within just a few years, the annual flow is estimated to increase by as much as 15% annually.
In 2010, Russia imported medicine and medical products with a total value of €6.2 billion. Despite the government’s desire to increase productivity within the domestic Pharma market, there is still the assumption that new and innovative products will continue to be imported in bulk quantities. Russia’s recent collaboration with the WTO has also opened up new possibilities for foreign companies. The new customs union between Russia, Kazakhstan and Belarus will increase trade, as well as remove bureaucratic hurdles for western companies.