7 May 2021 16:02

Russian govt to allocate over 7 bln rubles in subsidies to exporters of medicine, medical products in 2021-2023

MOSCOW. May 7 (Interfax) - The Russian government has adopted support measures in the framework of the International Cooperation and Exports national project for companies that export medicine and medical products.

Prime Minister Mikhail Mishustin signed the corresponding decree, the government press service said in a statement on Friday.

In line with the decree, companies that export medicine and medical products will receive access to subsidies for certification of products for external markets.

"The compensation will amount to up to 80% of expenses on registration abroad. The maximum amount of compensation for producers of medicine is 500 million rubles for certification of one product. For other producers, it is 50 million rubles," the statement said.

According to the document, a recipient of subsidies undertakes to export the registered product for an amount at least 10 times the size of state support. In the case of medications, this must be done within five years after obtaining all required permission, and in the case of medical products within three years.

In 2021, 540 million rubles from the budget is envisaged for this support measure. For 2022 and 2023, the amounts are 2.47 billion and 4.32 billion, respectively, it said.

The government expects these measures to reduce the cost of Russia pharmaceuticals producers on entering new foreign markets, increase demand for highly competitive Russian products, and stimulate growth of non-raw materials exports.