New telemedicine law enables new business opportunities in Russia
New telemedicine law came into effect in Russia since 01 January 2018. This legislation makes distance communication between doctors, as well as communications between doctors and patients now legal.
Russian telemedicine market was estimated as 18,5 BRUB (around 250 MEUR) in 2018, expected to grow 30% per year in the nearest few years and expected to reach 68 BRUB (around 900 MEUR) by 2023.
Russian telemedicine market is very young and underdeveloped. There are no standard or commonly used technical solutions or equipment on the market. Russian telemedicine market is open for new suppliers or service providers. It is expected that within the nearest 4-5 years market will become more structured and it will be more difficult to enter with new products or solutions.
Companies and sectors benefiting from this opportunity
New Russian telemedicine market is extremely interesting for Finnish companies in the following sectors:
- IT solutions for telemedicine business
- Products (equipment) involved in telemedicine business
Solutions and products needed
- IT solutions for telemedicine business
- Medical equipment for home use (to follow patients at home)
- AI (artificial intelligence) solutions for telemedicine business
- Telemedicine consultations with foreign high-class doctors (preferably from top clinics)
To grab this opportunity please contact:
Senior Advisor, Health, Finish-Russian Chamber of Commerce
+7 (812) 322 2121
+ 358 9 424 50 831
Read more about this opportunity
New telemedicine law came into effect in Russia since 01 January 2018. This legislation makes now legal distance communication between doctors, as well as communications between doctors and patients
Russian telemedicine market was estimated as 18,5 BRUB (around 250 MEUR) in 2018, expected to grow 30% in the nearest few years and expected to reach 68 BRUB (around 900 MEUR) by 2023.
By 2022 around 20% of Russian population is expected to be covered by telemedicine services.
Also in April 2018 new law came into effect (Russian Government Order #447 from 12.04.2018) which allows integration of private medical IT systems into Unified State Health Information System (EGISZ) which will intensify the development of telemedicine system in Russia.
Russian telemedicine market is very young and underdeveloped. It is open for new suppliers and service providers. There are no standard or commonly used technical solutions or equipment on the market. It is expected that within the nearest 4-5 years market will become more structured and more difficult to enter with new products or solutions.
This law will also allow doctors to issue online medical prescriptions since the beginning of 2019. Mail.Ru Group, the Russian Internet giant, has recently announced the launch of an online pharmacy.
From online consultation to medical service
Telemedicine emerged in Russia long before the legislation was approved. For example, Pediatrician 24/7, a very popular web site for distance medical consultations for parents, was launched already in 2013. But the new telemedicine law has changed the status of this activity from ”online consultation” to the status of ”medical service”.
Telemedicine market is new but active in Russia
Telemedicine market is new in Russia, but very active with big investments involved. Russian market is open for new companies, new technologies, new business approaches, etc. Finnish companies definitely should be actively entering such booming market in Russia.
Many local companies are entering telemedicine business and already did big investments, even before the new law was adopted. This process is expected to continues, cause the market is in the growing phase and far away from saturation.
For example, in summer 2017, Yandex, the local search giant, and Baring Vostok Capital Partners, big Russian investment fund, announced a 5.5 MUSD investment in telemedicine Doc+ platform
In 2018 additionally 9 MEUR was invested by ”Vostok New Ventures”(Sweden) into Doc+ system
In May 2017, Sberbank, one of the biggest bank in Russia, has acquired around 80% of telemedecine platform, Docdoc, and has announced ambitious plans to create ”a universal health service platform in Russia”. DocDoc was estimated around 1-1.5 BRUB (13-20 MEUR).