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Priming Russia’s Pharma Industry For Innovation

The Russian government’s aggressive plan to modernize the country’s pharmaceutical industry is stimulating entrepreneurial activities, as well as a flurry of deal activity between local and foreign companies. Many uncertainties remain about the potential opportunities, however, as foreign companies try to sort out changing regulatory and business dynamics.

Russia’s half-day track at BIO 2013 in April attracted more than its fair share of attention, at an industry conference known for its size and range of activities. (See[A#14130422007].) A packed room listened for several hours as government officials, local biotech entrepreneurs, and executives of multinational corporations spoke about their enthusiasm for the government’s three-year-old program to modernize the domestic pharmaceutical industry and build a “culture of innovation” that encourages local discovery and development of novel mechanisms of action, an expertise the Russians currently lack.

To some extent, the meeting offered the expected grandstanding, as politicians and business leaders sought to embrace each other’s priorities....

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