BOSNALIJEK: Exceptional sales results in the Russian market

The largest Bosnian-Herzegovinian pharmaceutical company Bosnalijek is successfully continuing to record business growth in the Russian market, it was highlighted at a press conference in Moscow where pharmaceutical authorities of the Russian market spoke, reports Patria.

On this occasion, it was emphasized that Bosnalijek has shown exceptional sales results during the stagnation of the entire Russian market. Experts attribute such growth indicators to changes in consumer behavior during the crisis – "Russians prefer more affordable generics, without sacrificing quality".

Data from IMS Health was also highlighted, according to which the sales growth rate in the Russian pharmaceutical market in 2016 did not exceed 2.8 percent, while Bosnalijek showed a sales growth of 24 percent in the mentioned period. Sales of Bronchobos, one of Bosnalijek's products, doubled in 2016. In terms of value, the company's sales in Russia increased by 29 percent.

Market experts believe that Bosnalijek's success is not accidental.

- The pharmaceutical market was one of the first to show signs of recovery, but the balance of power has changed, generic products have become growth drivers. This is completely in line with the projected trend - said Nikolay Demidov, General Director of Quintiles IMS.

This change in consumer behavior has been observed not only in Russia.

- The pattern of consumer behavior is the same in most global markets; people want safe and quality, but not expensive medicines - confirmed Oleg Feldman, General Director of IPSOS Healthcare.

Director of Bosnalijek's Eurasian Business Unit, Valentina Buchneva, informed journalists that in March 2017, Bosnalijek received a GMP (Good Manufacturing Practice) compliance certificate based on an order from the Ministry of Industry and Trade of the Russian Federation, thus becoming one of the first companies with European product localization to pass the Russian GMP inspection.

- The GMP certificate issued by the Russian inspection, in addition to the current European ones, is a definitive confirmation of the high quality of our products. The Russian market is of strategic importance to us. In the next five years, we plan to expand our product range in Russia and become a leader in the market categories of cough and cold products and anti-diarrhea products - stated Buchneva.

According to analyst predictions, this trend will continue in the coming years, with consumers paying more attention to the price of medicines and preferring high-quality generics over original drugs. This explains the interest of major manufacturers in acquiring popular brands.

- We regularly receive offers from the world's largest pharmaceutical companies to sell our most successful brands. However, our long-term strategy is to develop our own brands - concluded Buchneva.