The main challenge for pharmaceutical retail at the beginning of 2026 was a sharp slowdown in demand. Sales of the drug assortment in packages decreased by a record -5.9% compared to Q1 2025 — Russian pharmaceutical retail has not encountered anything like this in the past 4 years. However, it is worth noting the factor of larger consumer packages, and the results of April 2026 were already more optimistic: ruble dynamics returned to double-digit territory for the first time in three months (+12.4%), while sales in packages recorded a decline of only 1.4%. Nevertheless, for a number of product categories, especially drugs for the treatment of colds, the market is going through a quite difficult period. Moreover, not all issues are related to epidemiology. The dynamics of real disposable income of the population in Q1 2026, although in positive territory (+1.5% according to Rosstat), are not comparable to the results of the previous three years, when they ranged from 6.1% to 8.2%.

The market and its participants have come close to a point where a serious revision of the development model will be required, implying increased price competition, the need to develop unique competencies and product range. In terms of high-margin and unique assortment, private labels (STMs) have traditionally played an important role for retail. It is now difficult to find a large pharmacy chain that is not engaged in their development, but the vast majority of stakeholders work with different categories of parapharmaceuticals. Overall, this direction has proven its effectiveness, but we are talking about an assortment where the interests of pharmaceutical retail intersect with the growing pressure from marketplaces, which sharply limits the room for maneuver, including in pricing and thus profitability. In this regard, the experience of the Rigla chain is quite interesting, as it announced the launch of its own brands of drugs — a category that is not yet available to non-core players.

It cannot be said that market participants have not made such attempts before. The product line Rankof can partly be called a private label — back in 2023, ASNA acquired a 50% stake in the marketing authorization holder for this brand, and other chains have been testing this tool since the late 2000s. Currently, the market is at a fundamentally different stage of development, and the resources of large retail have grown many times over, so the result could also be fundamentally different. According to the "Retail Audit of Drug Sales in Russia" from the analytical company RNC Pharma, sales of just the drug assortment under the Rankof brand exceeded RUB 1 billion in 2025 (at retail prices, including VAT). By the way, interesting changes may also occur in the fate of ASNA in the near future. Gazprombank plans to sell its stake in the association. On the one hand, this is quite normal practice for a portfolio investor; on the other hand, such a transaction clearly marks a certain stage in the development of associative formats in the retail market and their ability to operate as independent players.

Table. Ranking of Pharmacy Chains and Associations by Share in the Retail-Commercial Drug Market of Russia in Q1 2026

*DLO – Additional Drug Provision (public reimbursement segment)