Russian Biotech Resilient Despite Crimea
Sanctions imposed by the United States (U.S.) and the European Union (EU) are said to be pushing Russia toward a recession as economic penalties increase following the Russian government’s annexation of Crimea from the Ukraine. Despite changes in the political climate, the Russian biotech sector has proved to be one of the most resilient.
In March, only one of the four major biotech ETF’s declined as a result of political pressure, and one was actually reported to have increased. ETF’s or Exchange Traded Funds are a good indication of the status of a particular industry. April brought increased political pressure, but did not result in major changes to the industry. To date, the Russian biotech sector has not shown any indication of being significantly affected by rising political tensions between Russia and the West.
Over the past few years, the Russian biotech industry has shown great growth potential as a result of government investment. Backed by significant government funding, foreign-Russian collaboration has blossomed, with a growing number of partnerships between U.S. and Russian innovative biotech companies. But changing attitudes and the threat of increasing political and economic sanctions, there is serious concern over the effect this will have on the country’s emerging economy.
According to Sergei Guriev, a leading Russian economist, the Russian economy may already have been experiencing a slowdown even before the annexation of Crimea. Some analysts predict that the deterioration of relations with the West will eventually negatively effect the Russian economy along with growing industries such as biotech. At the same time, others feel that it is a passing political crisis.
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