Russian Ministry of Trade predicts drug price increase

Production of many drugs as well as their supply from abroad became economically not feasible in Russia. In fact, Russian imports of medicines decreased by 32.7% in 2015 compared to previous year
Russian Ministry of Trade predicts drug price increase
05 February 18:00 2016 Print This Article

The Ministry of Industry and Trade of the Russian Federation predicts overall increase of drug prices in the country. The Ministry refers that for some positions drug manufacturers can’t keep prices in line with the rate of inflation, reports Izvestia.

Earlier, it was heard that pharmacies were experiencing shortage of antibiotics, painkillers, and a number of cardiac and allergy medications both foreign and domestic production.

Pharmaceutical companies argue that due to collapse of the ruble, the production of many drugs became economically not feasible in Russia. It also disadvantaged their supply from abroad.

According to the Federal Customs Service of Russia (FCS), in 2015, Russian imports of medicines decreased by 32.7% compared to 2014 to $ 6.871 billion; where imports from non-CIS countries decreased by 32.9% to $ 6.751 billion, and from CIS countries – by 21% to $ 119.4 million.

The import volume of antibiotics decreased by 2.6% over the last year to $ 84.2 million. In particular, imports from non-CIS countries decreased by 2% to $ 77.7 million; while from CIS countries – by 9.7% to $ 6.5 million.

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