Sergey Kasparyants: Russian veterinary medicine market grows by 20% in 2023

On 25 January, Sergey Kasparyants, Executive Director of VIC Group, took part in a roundtable on “Regulatory practice in the circulation of medicines for veterinary use”. The event was held as part of the AGROS 2024 EXPO.

Sergey Kasparyants stated that, last year, the Russian market for veterinary use medicines grew by 20% over 2022 to reach RUB 76.5 billion.
“This growth was not due to an increase in the number of units but to global inflation. Rising raw material prices, higher production costs, exchange rate volatility – all this contributed directly to the increase in market volumes”, said Sergey Kasparyants.

Previously, the Russian market for veterinary medicines was expected to reach RUB 82.5 billion excluding VAT by 2030, the speaker added. Now the point of reaching this indicator has decreased but there is a positive tendency for Russian manufacturers to prevail in various segments of the veterinary medicine market. In general, the share of domestic producers is rising, that of foreign producers is falling, though dependence on imports remains in some categories. 

VIC Group, the biggest manufacturer of veterinary medicines in Russia and the CIS, plans to quadruple its production capacity in four years.

The roundtable was also attended by Maria Novikova, Director of the Veterinary Department of the Ministry of Agriculture of the Russian Federation; Tatyana Sevostyanova, Advisor to the State Secretary – Deputy Minister of Agriculture of the Russian Federation; Maria Osyanina, Deputy Head of the Department for Organization of State Supervision over the Circulation of Medicines for Veterinary Use, and leading industry experts.