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Dec 19, 2011

Poll Majority Confident Russia Can Grow Biopharma to 5% Global Share by 2020

  • Russia will achieve the goal declared earlier this year by Prime Minister Vladimir Putin of increasing its biopharma industry to a 5% share of the worldwide market by 2020, a 2-to-1 majority of GEN pollers believe. Of respondents 62.1% respondents expressed confidence that Russia will be able to expand its biopharma sector while 31% said the country wouldn't be able to achieve its goal and 6.9% were undecided. Russia plans on marrying domestic companies with global corporate giants through programs like Pharma 2020, for which officials approved RUB 120 billion (about $3.9 billion) in March. Putin has included biotechnology among five business sectors on which his nation and its economy are counting to deliver fast growth over the next several years, going so far as to say that “4% is not good enough.”

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