AstraZeneca puts big hopes on Russia, planning to return to growth in 2014

The Russian market currently remains one of the most promising for further development of AstraZeneca (LSE: AZN), David Brennan, chief executive of the Anglo-Swedish drug major, said in a recent interview with the local Vedomosti business newspaper.

At present, the company continues to build its previously announced $150 million manufacturing facility in the country's central Kaluga region, and expects that by the time of its completion it will be able cover about 80% of the local needs for the company’s drugs. The remaining 20% is expected to be imported, since it cannot be technically produced in Russia.

According to Mr Brennan, the idea of setting up a factory in Russia was originally suggested back in 2009, thanks to the attempts of the Russian government to create attractive conditions for investments in the pharmaceutical market of the country, as well as huge needs for high-quality drugs in the local health system.