Research and Markets Adds Report: Overview of Pharmaceutical and Medical Devices Industry in Russia and Other CIS Countries

Research and Markets has announced the addition of Frost & Sullivan's new report "Overview of Pharmaceutical and Medical Devices Industry in Russia and Other CIS Countries" to its offerings.

In a release, Research and Markets noted that report highlights include:

Government Support to Encourage Strong Growth Potential in the Russian Healthcare Markets

Despite the economic turbulence experienced by Russia, it still represents a promising healthcare market with strong potential for further growth. The growth will be driven by strong governmental support, which will aim to battle the gloomy state of the Russian healthcare system and a deteriorating demographic situation. The positive market outlook is also based on the expectation that the incomes of an increasingly health-conscious Russian population will resume an upward trend.

"Governmental initiatives aimed at modernising medical equipment in Russian hospitals is sending positive signals to foreign investors - 60 to 70 percent of the medical inventory in hospitals is outdated and needs to be replaced," notes the analyst of this research. "Also, the pharmaceutical state segment, covering the Federal Reimbursement Programme, coupled with hospitals' rising demand for expensive, specialised drugs will continue to contribute to market growth." Russia is facing severe demographic challenges with the population's health deteriorating rapidly due to an inefficient healthcare system and harmful lifestyles. On the other hand, GDP has grown steadily over the past few years and state coffers are relatively crisis-proof. "This situation has prompted the Russian government to gradually augment public expenditure on healthcare and pronounce it an area of strategic priority for development," explains the analyst. "Thus, financial support from the government has been the principal growth engine for the mainly public Russian healthcare system."

Co-operation among All Stakeholders Critical to Managing and Advancing the Healthcare Market

The slow pace and incoherency of healthcare reforms will hamper market prospects. An ambiguous legislative framework will further intensify efforts at revamping the market. Bureaucracy and cronyism are commonplace in the Russian healthcare industry, inhibiting market growth. For instance, all the healthcare products to be marketed in Russia are subject to obligatory registration, resulting in lengthy and costly procedures. FDA-approved or CE-marked medical equipment is not recognised either, which implies delayed market entry for foreign products.

"The healthcare industry in Russia will benefit from the close cooperation of all stakeholders active in the market: governmental authorities, manufacturers/distributors, medical establishments, insurers and consumers," advises the analyst of this research. "The importance of such cooperation particularly increases against the need to formulate an effective policy to manage healthcare system amidst a challenging economic situation."

Market Sectors

Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:

- Pharmaceuticals

- Medical devices

By Country:

- Russian Federation

- Ukraine

- Kazakhstan

- Belarus

This Frost & Sullivan research service titled Overview of Pharmaceutical and Medical Devices Industry in Russia and CIS provides an economic profile of the Russian Federation and its healthcare system, pharmaceutical and medical devices market revenues and trends, as well as an overview of the economy, healthcare, pharmaceutical and medical devices markets in Ukraine, Kazakhstan and Belarus. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: pharmaceuticals and medical devices.

Report information:

http://www.researchandmarkets.com/research/a142f4/overview_of_pharma

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