In 2025, the average number of operating pharmacies in Russia decreased by 649 outlets compared with 2024. Overall, this was a relatively routine development: less than 0.8% of the total number of points of sale were closed. There are currently no clear signs of a systemic downturn in the industry, although there are also no significant prospects for quantitative expansion. For wholesale companies focused on retail supply, however, the situation represents a moment of truth. The market is shifting toward a new competitive model characterized by clearly defined geographic footprints, well-structured networks of retail partners, and intensifying competition — including in technological capabilities — from both local and multiregional players.

Certain changes in pharmaceutical retail may be initiated by Russian Post, which is preparing to launch the sale of medicines. The initiative concerns a very limited assortment of products intended for regions with relatively low purchasing power. Considering the operational specifics of post offices, it is evident that even under optimistic assumptions annual sales would likely amount to only several hundred million rubles. Nevertheless, this still represents meaningful turnover, and for certain manufacturers the channel may prove attractive. The proposed product list itself suggests that competition for inclusion was significant.

From the perspective of wholesale market development, this “non-traditional” retail channel is also noteworthy in terms of how it will be supplied. It is clear that specialized pharmaceutical wholesalers will be involved. However, it is equally clear that last-mile delivery is unlikely to be part of their role. More realistically, distributors will supply products to regional postal sorting centers, which will then distribute goods to individual post offices.

Another key trend for wholesalers over the past two years has been the near-complete halt in commissioning new warehouse infrastructure. Even major distributors have limited themselves to targeted upgrades. For example, Pulse installed a new conveyor system at its Krasnodar branch in summer 2025, while Katren opened a modernized warehouse in Krasnoyarsk in November 2025. On the one hand, large-scale investment projects in the wholesale segment were largely completed in 2022–2023. On the other, access to financing has become significantly more constrained.

The key interest rate, which reached 21% by the end of 2024, severely limited investment capacity. Even now, despite the Central Bank of Russia’s gradual monetary easing, attracting debt financing remains effectively inaccessible for most medium-sized and small companies. As competition in the wholesale market continues to intensify, the majority of third-tier distributors are losing market share. In 2025, this trend was observed among 11 out of 15 pharmaceutical distributors positioned outside the top ten.

TOP-25 Pharmaceutical Distributors by Share of the Direct Supply Market of Medicines (Including the Public Procurement Segment), Value Terms, 2025