Business Opportunities in the Russian Pharmaceutical Market
Publication Date: October 2003
As a result of the shift from the state-dominated political and economic system of the USSR to the market-based economy in the new Russian Federation, new business opportunities have opened for foreign manufacturers of generic drugs. The structural changes in Russia, including the privatization of industry, have led to widespread change in how the country’s pharmaceutical industry conducts its business.
Details on the changes, and why there are opportunities for generics, are presented in the just-published report on Business Opportunities in the Russian Pharmaceutical Market. This report was prepared by INVENTIA s.r.o., Technology Catalysts International’s consulting affiliate in the Czech Republic.
The report identifies the numerous structural changes that create opportunities for foreign pharmaceutical companies seeking to do business in Russia. These include:
- The Russian government has directed that all new pharmaceutical plants must comply with GMP requirements
- All batches of imported and domestic drugs must now be tested and certified as to their content to combat counterfeiting
- Companies with new product patents are able to register their products and receive full Intellectual Property Protection
- Many of Russia’s Patent Law provisions are now similar to those in force in the majority of industrially-developed countries
- Russia’s extensive R&D facilities no longer have the financial support of the former Soviet Union and welcome the participation of foreign pharmaceutical companies in developing protocols for clinical trials