Pharmaceuticals industry requires development of legislation for localizing production similar to car manufacturing - Russian Direct Investment Fund

ITAR-TASS, 11.03.2015

Pharmaceuticals industry requires development of legislation for localizing production similar to car manufacturing - Russian Direct Investment Fund

MOSCOW, March 12. /TASS/. Russian pharmaceuticals industry and a number of other fields of the economy require development of legislation for localizing production, similar to what was done in car manufacturing, CEO of Russian Direct Investment Fund Kirill Dmitriev said Thursday.

He said that a stable regulatory framework focused on supporting localized production will help improve Russia’s investment attractiveness.

"The car industry is a successful example of localization. It would be great to follow this example in Russia’s pharmacy and other sectors of the economy," Dmitriev said.

Since 2009 a special Pharma-2020 program has been in force in Russia. It implies an increase of the share of locally produced output in the whole volume consumed on the domestic market from 20% at the moment of the program start to 50% in value terms by 2020. According to data provided by Russia’s Ministry of Industry and Trade, since the start of the program foreign companies have invested more than $1.5 bln in Russia’s pharmaceutical industry. Among them are Takeda, Sanofi, Novo Nordisk and more. Roche, Merck, Eli Lilly use local producers’ facilities.