Bnews.kz - Single Economic Space pharmaceutical market developing rapidly

The pharmaceutical market of Belarus, Kazakhstan, and Russia is one of the most rapidly developing markets in the world. As of late 2012 the capacity of the three countries’ market stood at $32.4 million. The growth in 2011 and 2012 was 15.6% and 7% respectively, reads a survey published by the Eurasian Development Bank to highlight prospects of the development of the Single Economic Space pharmaceutical market.

The survey analyzes the development of the pharmaceutical industry, integration processes, makes conclusions about prospects of the industry’s development, BelTA has learned.

In the last few years the pharmaceutical industry of the Single Economic Space member states has been developing fast due to the high demand on the domestic markets, which was ahead of the production development pace, the survey indicates.

Integration processes in the region represent one of the most important and feasible opportunities for developing the pharmaceutical industry and raising its export orientation in modern conditions, the authors of the survey believe.

The harmonization of the legal base within the framework of the Customs Union and the Single Economic Space will contribute to the free transportation of medications made in Russia, Belarus, and Kazakhstan. It will also reduce prices for medications and will raise their quality in the long term, BelTA has learned.

The pharmaceutical industry survey is part of a series of analytical documents published by the Eurasian Development Bank to study integration processes in industries and branches of the national economies of the region. The surveys are freely available on the Bank’s website.

The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assisting the development of market economies of the participating states while facilitating their sustainable economic growth and expanding their mutual trade and economic ties. The EDB’s authorized capital exceeds $1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.