Addressing investors recently at the “Russia Calling! Investment Forum,” Russian Prime Minister Vladimir Putin included biotechnology among five business sectors on which his nation and its economy are counting to deliver fast growth over the next several years. “4% is not good enough,” Putin declared in October. “We shall aim higher on the back of domestic demand, an improving investment climate, and greater investment efficiency. The ultimate goal is to diversify the economy and create high-tech jobs.” Putin spoke six months after committing Russia to growing its biopharma industry to a 5% share of the global market by the year 2020, up from just 0.2% this year. In March, Russian officials announced approval of RUB 120 billion (about $3.9 billion) toward Pharma-2020. Will Russia make it?
Do you think Russia will achieve its goal of increasing its biopharma industry to a 5% share of the worldwide market by 2020?