Import substitution strategy as the key to improving competitiveness of pharmaceutical companies

Abstract

Import substitution ideas in Russia’s industrial sectors have become upper urgent due to economic sanctions imposed on Russia. The Government of RF adopted some measures to increase competitiveness of domestic products from key branches of industry and pharmacy is certainly one of them. The article considers the basic mechanisms of import substitution strategy implementation in the pharmaceutical industry and their effects on other Russia’s industries and provides a review of legislative framework ruling the branch development up to 2020. Crucial problems of the pharmaceutical industry, its features and disadvantages of its reforming are analyzed.