In 2008, the Russian Government enacted a plan to reform the Russian pharmaceutical industry, heavily supporting efforts of domestic manufacturers. By 2012, a number of significant legislative acts had been been adopted and the government continues to offer initiatives, amendments, and adjustments to polish its broader strategy of modernizing the Russian pharmaceutical market.
According to research conducted by Ernst & Young (2012 survey), the volume of the Russian pharmaceutical market in 2011 grew by 12 percent vs. the year prior, outpacing global market growth of 5-7 percent. Other research forecasts that the Russian pharmaceutical market will be valued at $60 billion by 2020, representing annual growth of at least 15 percent.
Rafarma Pharmaceuticals has positioned itself to directly benefit from the government’s initiatives, recently constructing a sprawling, 270,000 square-foot manufacturing facility where the company produces generic antibiotics and specialty pharmaceutical products in addition to its own line of proprietary products that have been approved by the Ministry of Health of Russian Federation.
Rafarma anticipates being one of the leaders in the nation’s “big pharma,” leveraging its top-grade production facility and growing product portfolio to carve its path to become a major player in the international drug industry.
Julia Andryshokova, member of ZAO Rafarma’s board of directors, recently called the facility “one of the most ambitious projects in the Russian industry in recent years.”
“This facility permits us to introduce into our manufacturing practice modern scientific developments, and it permits us to improve the technology of our production constantly,” she said in a recent QualityStock interview. “Our strategy does permit us to see ourselves at the top of leaders of Russia’s pharmaceutical market.”
In line with its mission to work with the auspices of aggressive federal initiatives to fast-track the modernization of Russia’s pharmaceutical industry, Rafarma has planted itself in the right position to take advantage of broader industry growth supported by aggressive government initiative.
For more information, visit www.Rafarma.com
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