The Ministry of Industry and Trade is developing support measures for exporters of pharmaceutical products. At the Russian-Chinese Pharmaceutical Forum in Shanghai, Ekaterina Priezzheva, the Deputy Minister of Industry and Trade, announced that the department is gearing up to expand into untapped markets, notably in Asian countries, the Middle East, and Latin America.
“We see great prospects for our traditional markets and partners in this area. <…> A number of support measures for exporters will be used to ensure that these exports develop,” she said.
In addition, the official recalled extensive support measures for organizations that localize the production of medicines in Russia. “Of course, we are interested in technology transfer to the Russian Federation, and we are interested in full-cycle production of medicines. <…> One can claim very serious measures of state support, because now the state is investing a lot of money in these priorities,” Priezzheva emphasized.
For the last 10 years, according to the deputy minister, the Russian pharmaceutical market has been moving towards sovereignty, self-sufficiency and independence. Only last year and the first quarter of 2023, 12 production sites were opened in the country, she noted.
A recent report from the Federal Customs Service reveals that in 2022, Russia’s pharmaceutical exports experienced a significant decline of more than half (52%) which totals $1.28 billion. Conversely, imports have risen by 16.3% amounting to $16 billion.
