Russian pharma companies halt drug marketing in EU — expert
Russian pharmaceutical companies have suspended the introduction of drugs on the markets of European Union member-states, General Director of the Association of the Russian Pharmaceutical Manufacturers Viktor Dmitriev told TASS on the sidelines of the Pharmtech & Ingredients Exhibition, News.az reports citing TASS.
"No sane manager will finance the introduction of the European market because there are a whole bunch of reasons why you won’t be allowed to go there. First of all, you will not get a visa to go to that country and start the process," Dmitriev said. "Cooperation remains as it is. The launch of new drugs on the European Market has been stopped because it is actually impossible to do this now," he noted.
The transfer of funds is highly challenging at present, Dmitriev noted. "They either freeze up in European banks or are refunded in thirty days. Therefore, it is actually impossible to work with Europe now as regards the financial aspect," he added.
Difficulties are also in place with procurement of European equipment and logistics along with regulatory barriers.