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Mon - Fri, 9am - 6pm (EST)
Key regions: United States, China, Germany, Japan, Europe
The demand for Pharmaceuticals in Russia has been steadily increasing over the past few years.
Customer preferences: Customers in Russia have shown a preference for high-quality, imported pharmaceuticals. This is due to the perception that foreign products are more effective and safer than locally produced ones. In addition, there is a growing demand for natural and organic products in the pharmaceutical market.
Trends in the market: The Russian pharmaceutical market has been experiencing a shift towards a more patient-centric approach. This trend is driven by the increasing availability of information and the desire for personalized treatment options. Additionally, there has been a rise in the use of e-commerce platforms for the purchase of pharmaceuticals, which has led to increased competition among suppliers.
Local special circumstances: The Russian pharmaceutical market is heavily regulated by the government, which has led to a slow approval process for new products. This has created a barrier for foreign companies looking to enter the market. Additionally, there is a high level of corruption within the industry, which has led to a lack of trust among consumers.
Underlying macroeconomic factors: The Russian economy has been struggling in recent years due to a combination of factors, including economic sanctions and low oil prices. This has led to a decrease in consumer spending, which has had an impact on the pharmaceutical market. However, the government has been investing heavily in healthcare infrastructure, which has helped to offset some of the negative effects. In addition, the aging population in Russia has led to an increased demand for pharmaceutical products.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)