Emerging Market for Clinical Trials in Russia - Curbs on New Drug Approval Timelines and Registration Fees Encourage the Emergence of a Major Global Player Contract Research Organization (CRO) Market in Russia is set to Grow due to Implementation of New Drug law The CRO market in Russia is set to increase due to the implementation of a new federal law “On circulation of medicines” (September 2010). According to this law, the registration of a new drug can only be achieved in the country if the international multicenter clinical trial for the drug is also conducted in Russian sites. In addition, the registration of any generic drug in Russia can only be done if the bioequivalence study is also performed in Russia. The value of the CRO market in Russia is forecast to reach $309m by 2017, growing at a Compounded Annual Growth Rate (CAGR) of 9.5% from 2009 to 2017. The increase in the market from 2009 to 2010 was comparatively small because stagnation in the market was observed due to adaptation of the new law. This involved the transfer of responsibility of issuing licenses for conducting clinical trials from “Federal Services on Monitoring Health Care and Social Development" to the "Ministry of Health and Social Development". For Sample Pages, please click or add the below link to your browser: http://www.gbiresearch.com/RequestSamplePages.aspx?ID=Emerging-Market-for-Clinical-Trials-inRussia-Curbs-on-New-Drug-Approval-Timelines-and-Registration-Fees-Encourage-the-Emergence-of-aMajor-Global-Player&Title=Pharmaceuticals_and_Healthcare&ReportType=Industry_Report GBI Research, the leading business intelligence provider, has released its latest report, “Emerging Market for Clinical Trials in Russia - Curbs on New Drug Approval Timelines and Registration Fees Encourage the Emergence of a Major Global Player” that provides key data, information and analysis of the major trends and issues affecting the clinical trial market in Russia. The report provides a comprehensive insight of reasons for outsourcing clinical trials to Russia. The opinion of industry experts has been incorporated in various parts of the report to emphasis the importance of various factors which affects the clinical trial market scenario in Russia. The clinical trial market in Russia is one of the most important parts of the global clinical trial market. Russia has got the population and the prevalence of diseases which cater as a good pool of subjects in the clinical trials scenario. The high quality of the regulations followed in clinical trials in Russia leads to better optimization of clinical trials. The speed of clinical trials conducted in Russia is high mainly because of the high patient recruitment rate. The number of clinical trials conducted in Russia by foreign sponsors has tripled in the last decade. The quality of the clinical trials in Russia has been accepted by regulatory agencies such as the FDA and the EMA. The FDA approved 19 drugs in 2007with the data for six of these drugs coming from Russian sites. It was also observed by FDA inspection that Russia has good quality of investigators leading to low deficiency rate. Russia has caught the imagination
of Big Pharma and this has led to huge investment by major pharmaceutical companies. There is improvement in the infrastructure for the conduction of clinical trials in Russia. This report is built using data and information sourced from proprietary databases, primary and secondary research and in house analysis by GBI Research’s team of industry experts. For further details, please click or add the below link to your browser: http://www.gbiresearch.com/Report.aspx?ID=Emerging-Market-for-Clinical-Trials-in-Russia-Curbs-onNew-Drug-Approval-Timelines-and-Registration-Fees-Encourage-the-Emergence-of-a-Major-GlobalPlayer&Title=Pharmaceuticals_and_Healthcare&ReportType=Industry_Report Visit our report store: http://www.gbiresearch.com For more details contact: pressreleases@gbiresearch.com North America: +1 646 395 5477 Europe: +44 207 753 4299 +44 1204 543 533 Asia Pacific: +91 40 6616 6782