The sanctions against Russia have snowballed since the end of February. How strongly will they affect the pharmaceutical market?
First, according to the Ministry of Industry and Trade, Russia has sufficient stocks of medicines from the vital and essential drugs list, as well as ingredients for making such drugs, to last for a year. For most drugs, stocks exceed 25% of 2021 sales.
Secondly, leading foreign pharmaceutical manufacturers and suppliers have publicly said that they were not leaving the Russian market.
The Association of International Pharmaceutical Manufacturers (AIPM) has reaffirmed that its member companies will continue to supply medicines for patients in the Russian Federation.
Indian pharmaceutical major Dr. Reddy’s Laboratories Ltd, which supplies painkillers and other medicines to Russia, made a commented last Wednesday.
“We have had a presence in the region for over three decades. Ensuring the well-being of our staff is our first and foremost priority, along with measures to meet patient needs and business continuity,” a company spokesperson told Reuters.
The world’s leading insulin manufacturers have also said they would continue supplies to Russia. The supply of the most popular imported insulin products such as NovoRapid, Fiasp, and Humalog in Russian pharmacy chains is practically the same as last year’s, the Russian Health Ministry’s press service said.
“Our foreign suppliers are talking about continuing the supply of medicines to the Russian Federation and guaranteeing the continuity of their production for patient needs,” says Anton Zybin, General Director of Lancet, a Russia-based drug distributor.
Moreover, most of their Russian warehouses have been stocked for many months ahead, he added.
The recent Presidential Executive Orders, signed by the State Duma on March 4, include measures to ensure socioeconomic stability and protection of the population, which have largely simplified pharmaceutical procurement procedures to minimize the risk of disruption of supplies, the expert said.
“This new round of sanctions and government support measures will definitely give a huge impetus to the national pharmaceutical industry, and in the next two or three years, the market will probably be redistributed in favor of Russian companies,” Anton Zybin projected.