Business programme

Replacing Imports with Domestic Alternatives in Healthcare: New Areas of Growth

16 Jun , 15:00–16:15
The Russian Economy: New Objectives and Horizons

Work on import substitution in Russian healthcare has intensified as a result of the new political situation. More than 10,000 sanctions adopted against Russia have brought unprecedented foreign economic pressure to bear, while also fostering unique opportunities for the development of strategic areas in the country’s economy. The Russian healthcare system has demonstrated a high level of resilience during the pandemic: job numbers have increased, and there has been new production of medical products and equipment. Pharmaceutical market volume has surpassed previous forecasts to reach RUB 2.04 trillion in 2021, and sales profits have doubled. By 2023–2024, the product portfolios of Russian manufacturers are expected to contain 10–15% of innovative domestic drugs, which will allow them to maintain generic production and launch the export of innovative domestic drugs to friendly countries. Following the implementation of the National Healthcare Project and state support measures, the share of domestic manufacturers is expected to grow to 32% by 2024. What growth points in Russia’s healthcare and medical industry promise to be the most active? What administrative barriers have a negative impact on the development of import substitution in healthcare? How will the landscape change for domestic healthcare manufacturers in the new environment? Do foreign companies – healthcare’s main suppliers of equipment and medicines – have a chance to regain their positions? How will foreign and domestic logistics corridors change for Russia?