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Economic 360 for Russia: Growth Prospects and Emerging Opportunities in the Russian Healthcare Industry
Frost & Sullivan, April 2011, Pages: 110
Russia is commonly accepted as the one of the most promising markets in the region. The Russian economy has overcame the latest global crisis and currently is facing revival. The various reforms launched by the Government aim at improving economic performance, business climate, law regulations and tighten cooperation with the developed countries. In terms of the healthcare policy, the Government is supporting modernisation and increase in domestic production of pharmaceuticals and medical devices. As of 2010, Russia possessed large number of hospitals and numerous high-qualified medical personnel, but the quality of public services remained quite low. Hence, it has created wide opportunities for the development of private medical services.
Despite having numerous hospitals, clinics and highly qualified medical personnel, the quality of public services and their accessibility has remained low in Russia. This is due to a continued lack of funds, medical and technical equipment and supplies as well as ineffective organisation. The incompetence of the public sector healthcare service providers has led to people opting for private healthcare. During 2004-2010, paid medical services increased by 81.0 per cent and public services only by 16.0 per cent. These statistics indicate that while market demand is escalating, the public sector has been unable to meet the needs of the patients. Russia has a high incidence of diseases and fatal accidents; therefore, life expectancy in the country is lower than in western European countries. This low health index creates a vast and favourable market for private medical clinics and hospitals, and could lead to a 14.0 per cent annual growth of paid medical services in 2011-2014.
The rising demand for healthcare has given a huge boost to the pharmaceuticals sector, and has revived the sectors of clinical trials, biotechnology and medical devices. The pharmaceuticals sector was worth $16.40 billion in 2010 and its compound annual growth rate (CAGR) during 2004-2014 is likely to be 13.9 per cent. Although it is not as advanced as the ones in Western Europe, it is expected to grow on the back of the Government’s strong support of domestic production through the Pharma 2020 programme. An improved chain of distribution of medicines and better regulations will aid Russia’s battle against counterfeiters. Meanwhile, the biotechnology sector was valued at $1.60 billion in 2010 and is poised to perform even better. In 2004-2009, Russia’s share in the world biotechnology market was 0.2-0.8 per cent and showed no increase, defying the global trend. Participants should focus on the potential growth areas of bio-safety, bio-diversity, renewable and bio-catalysis, bio-nanotechnology and genetic engineering.
In 2009, 577 clinical trials were conducted in Russia. By 2010, the clinical trials sector had reached 624 trials, an increase of 7.5 per cent. The sector will benefit from the growth in the pharmaceuticals sector. The demand for medical equipment and devices is expected to grow at a CAGR of 4.6 per cent from 2004 to 2014. The medical devices and equipment sector has generated $3.27 billion from sales in 2010 and grown by 25.0 per cent from 2009. It is estimated to grow at an impressive rate of 19.0 per cent annually until 2014. Almost half of the total market revenues in 2010 were derived from diagnostic equipment such as roentgen devices, angiographs, computer tomographs, magnetic tomographs and ultrasounds. Most of the modern medical equipment is imported, but the Government is looking to increase domestic production in co-operation with foreign investors. In 2009, only 20.0 per cent of the Russian hospitals possessed modern IT systems. The majority of clinics had IT systems supporting accounting and HR departments as well as collecting statistical data; however, this is just a base for implementing complex IT systems. The Government’s e-health project is likely to catalyse higher demand for healthcare IT, which reached $240.0 million in 2010 and continues to grow.
Economic 360 for Russia: Growth Prospects and Emerging Opportunities in the Russian Healthcare Industry is Frost & Sullivan’s Country Industry Forecast service, which provides vital inputs for evaluating the attractiveness of a country and its healthcare industry. Apart from enabling decision makers to assess the impact of non-market forces, it also helps in identifying new market opportunities. This service provides a strong base for preparing contingency plans. In addition, investors can assess industry-specific risk factors as well as conduct a more in-depth micro research.
Benefits:
The following benefits are offered by this research:
Identifying New Market Opportunities
The future trends and developments in the Russian Healthcare industry have been identified by taking into consideration the economic environment of the country. The analysis will prove significantly useful to industry participants and other stakeholders in the healthcare industry in Russia.
Understand Future Industry Trends
This research service gives considerable insights into economic developments and the trends in the healthcare industry of Russia. The economic climate, industry and infrastructure developments will affect the dynamics of the market in the forecast period.
Comprehend Policy and Economic Environment
An analysis of the economic growth in Russia lists the economic parameters that will influence the healthcare industry. Industry performance is closely related to the level of economic growth and the structural dynamics of the economy are revealed to provide invaluable information to industry participants.
Evaluate Industry Segment Potential
This research service focuses on providing an analysis of country and industry trends and is an ideal tool for companies seeking to enter new geographic markets. The market and economic insights will also prove invaluable to corporate planners in the development of accurate business plans or to allocate resources.
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