Since 2005, the Russian bio-pharmaceutical market has been growing at a rate of 17% annually. Although some expect growth to slow slightly, according to market analysts at the Business Monitor International, by 2015 the Russian pharmaceutical market will be valued at $31.25 billion, up from $17 billion in 2010. Russia’s economy is currently one of the world’s fastest growing – the seventh largest with the highest per capita income of the BRIC countries. With the Russian Federation’s official admittance into the WTO as of August 2012, the Russian government has been gearing up efforts to expand the country’s biotech sector.
Biotech Development and the Russian Pharmaceutical Market
In April of 2012, the Russian government adopted The Comprehensive Program for Development of Biotechnology in the Russian Federation through 2020. This plan outlines activities to increase R&D funding and redefines goals to create a biotech-oriented Russian economy by the year 2020. With this goal in mind, the government has designated $39 billion to be invested in the country’s biotech sector between 2012 and 2020.
While the primary aim of this program is to develop Russia’s domestic biotech sector, initial efforts by the government include increased international collaboration and funding of foreign innovator companies through large Russian government investment agencies. But Russia’s bio-partnering and investments abroad are somewhat contingent on bringing innovation and new technology back into the country. In this way, the Russian Federation is ensuring that eventually there will be investment in innovation in the country’s own biotech sector. Russia’s large pharmaceutical market is also a growing incentive for many companies interested in expanding their market.
We at Language Connections manage several ongoing translation and interpreting services projects involving Russian investors and executives biotech companies in the greater Boston area.
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