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Russia pulls fake drugmakers' licenses
(Big News Network.com-February 21, 2004)


Russia suspended the licenses of 321 pharmaceutical firms last year for making and dealing fake medicines, the Russian
Information Agency Novosti reports.

Vladimir Shipkov, chief pharmaceutical inspector of the federal Health Ministry, said Friday counterfeit medicines account for 6 percent to 8 percent of the global pharmaceutical market, citing statistics from the World Health Organization.

The Russian medicine market is evaluated at an annual $4.5 billion to $5 billion, so counterfeit medicines account for some $400 million yearly, Shipkov said.