With over half of the global pharmaceutical market share being controlled by the top 20 companies, primarily American or European, together with the astronomical cost of many critical drugs, it would seem to many that Big Pharma runs the world. It’s easy to understand why the Russian government, working to transition their economy to a more competitive capitalist model, would recognize the need for a Russian-based pharmaceutical industry strong enough to be more independent of the West. This is exactly what President Medvedev has called for, offering tax relief and other economic support to encourage rapid development. The goal is the creation of a base of modern and efficient production operations that comply with GMP standards, to reduce the need of Russia to purchase certain pharmaceutical products outside of the country.
Rafarma Pharmaceutical is a new and impressive result of this initiative, established to become a key component in Russia’s burgeoning pharmaceutical industry. The company has already constructed and equipped a 270,000 square foot state-of-the-art pharmaceutical production and distribution facility in Terbuny, roughly 250 miles south of Moscow, with much room to expand. The company is now producing generic antibiotics and specialty pharmaceuticals in addition to their own line of proprietary products.
The Russian pharmaceutical market is projected to reach $60 billion by 2020, representing annual growth of at least 15%. RAFA’s target is to be one of the country’s top pharmaceutical companies, obtaining a 5% overall share of the Russian market by 2016, and to have a 20% market share of key pharmaceuticals planned for the Russian market by 2018. In conjunction with this, the goal is to reduce prices on certain pharmaceuticals by 30%-40%, with revenues approaching $317 million by 2015. The company is also building an R&D base, with the goal of introducing new pharmaceutical developments on a regular basis.
For more information, visit www.rafarma.com
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