City’s government proposes subsidies and other incentives to new and existing pharmaceutical firms
© Getty Images / PhotoAlto/Sigrid Olsson
Moscow’s Mayor Sergei Sobyanin on Thursday unveiled a package of measures aimed at bolstering Russia’s pharmaceutical industry in order to secure domestic supplies of medicines, amid Ukraine-related Western sanctions.
Sanctions have not yet targeted the pharmaceutical industry directly and, although many foreign drug manufacturers specifically said they would continue deliveries to Russia, there are still fears that shipping and economic constraints may impact the country’s medicine supply.
According to Sobyanin, the Moscow region’s pharmaceutical industry is one of the largest in Russia. At a meeting with representatives of Russia’s ‘Big Pharma,’ the official announced a number of actions aimed at further boosting the development of the industry.
“Measures are in place to subsidize the purchase of equipment, technologies, preferential loans… a program of offset transactions has been implemented, when we guarantee purchases to businesses… we negotiate with suppliers so that they… deploy import-substitution production in Moscow,” the mayor said.