EEU to launch common pharmaceutical market in 2016

The common market of pharmaceutical products and medical goods will become operational in the Eurasian Economic Union (EEU) on 1 January 2016, Russian President Vladimir Putin said following the session of the Supreme Eurasian Economic Council at the level of the heads of state on 23 December, BelTA has learned.

During the summit the presidents of the EEU member states signed the agreement on the single principles and rules of trading in pharmaceutical products and the agreement on the single principles and rules of trading in medical goods (healthcare products and medical equipment).

The agreement on the single principles and rules of trading in pharmaceutical products is designed to increase the availability of safe, efficient and high-quality medicines for people living in the EEU member states, a representative of the Eurasian Economic Commission told BelTA. “Besides, the agreement will allow raising the competitiveness of the pharmaceutical industry of our countries on the global market, improve business environment for pharmaceutical companies by eliminating or minimizing administrative barriers, give access to the common market of the EEU,” he said.

The second agreement is aimed to harmonize the laws regulating the trade in medical goods, establish the common standards of safety, quality and efficiency of medical products, introduce the single registration rules and the single efficiency and quality monitoring procedures. “The access to the EEU market of medical goods will be eased; the quality of medical goods is expected to improve. The monitoring of safety, quality and efficiency of medical goods using the single rules will allow the partners to promptly identify counterfeited, fake and low-quality products.