Russia’s pharmaceutical market value set to triple by 2020
Global interest in the Russian healthcare market is rapidly increasing, which most likely comes down to the fact that its market value is expected to triple by the year 2020.
However, companies wishing to capitalize on Russia’s skyrocketing growth projections must first expertly navigate the new rules and regulations, as outlined in a new report by Cegedim Relationship Management.
On January 1st 2012, a new law, titled On Fundamentals of Protection of Public Health in the Russian Federation, was introduced, fundamentally altering Russia’s legal structure concerning the life sciences. The new legislation now bans physicians and pharmacists from accepting gifts from pharmaceutical representatives or receiving visits unless linked to clinical trials or educational events. The legislation has also increased the enforcement autonomy of each region in Russia, by enabling control of drug provision and reimbursement systems.
“Companies must fully reconfigure both market access and physician engagement strategies in Russia to capture new value in a market set to grow exponentially. The 2012 report defines trends that symbolise a call to action for organisations operating in Russia. The new imperative for companies consists of developing initiatives that regionalise market access campaigns, increase understanding of existing KOLs, and develop a more educational approach to HCP interaction. Most importantly, a defining advantage for companies will be to select next generation solutions that leverage globally complete HCP databases and cross-system flexibility in order to better target regional stakeholders and empower adaptability to consistently changing models.”
Stefan Janssens, President EMEA of Cegedim Relationship Management.
The report, Russia 2012: The Pharmaceutical Market &, New Legislation – Building for Growth in a Fast Changing Marketplace, provides guidance on how companies can best adapt their market access strategies to maximize the opportunity in Russia, which is set to become one of the largest global pharmaceutical markets.
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