Russian drug prices continue to demonstrate sharp increases this year

Russia is facing a sharp growth of drug price these days due to a record inflation and the ever-deteriorating business environment, reports The Pharma Letter’s local correspondent.

According to official data of Russian statistics services, this year prices for drugs in the Russian market grew by about 15%, compared to the same period of last year, however, in reality the growth of price is significantly higher.

Amid the ever rising prices, local consumers are starting to save on drug purchases by switching to drugs in larger packages and searching for the cheapest deals through online pharmacy services. In fact, according to analysts, the increase in consumer prices is driven by rising operating costs for all participants in the industry: pharmacies, pharmaceutical manufacturers, and distributors.