The total share of pharmaceutical distributors in the TOP 25 reached 74.5%, while over the year it grew by only 0.5 percentage points (p.p.), previously, the total market share of large companies increased by approximately 0.8-1 p.p. per year, but it is not only this fact that is noteworthy, also the fact that the maximum growth in market share is now being shown by companies in the top ten leaders. Second- and third-tier companies are stagnating at best, and most of them are experiencing quite pronounced negative dynamics.

In a sense, the wholesale market has been undergoing a complete overhaul for about a year now, with the largest players finding themselves in a winning position. However, it is not so much size that plays a role as the level of technical equipment and the degree of business diversification, so even among the top three players, the pace of development is far from uniform. The situation is influenced not only by recent changes in relations with suppliers and high interest rates on loans, which we discussed in previous reviews, but also by the rapid development of marketplaces, which is leading not only to an outflow of consumers to the online channel, but also to a worsening situation in the labor market and a general increase in the cost of logistics services.

The revenue of RWB alone (the combined company of Wildberries and Russ) reached 4.1 trillion rubles in 2024, which is approximately twice the total sales of all Russian pharmacies for both medicinal and non-medicinal products, and the total investment in logistics and IT infrastructure for this marketplace alone (more than 150 billion rubles) is comparable to the annual revenue of wholesale companies such as BSS or Irvin - 2. In addition, the online channel employs a large number of self-employed workers, which allows it to receive significant benefits in terms of insurance contributions for line personnel. The scale and dynamics of the development of Russian marketplaces also require a huge number of qualified personnel, which makes it necessary to increase payroll expenses, including for pharmaceutical distributors, and it is only possible to optimize them with a developed warehouse infrastructure and a high level of automation.

Currently, those players who managed to complete their main investments in infrastructure before the sharp rise in the cost of borrowed money are coming out on top. Given the current bank interest rates, investment opportunities are now limited mainly to own funds, and the general direction of development for distributors is increasingly gravitating toward related sectors where profitability is higher. For wholesalers focused on retail, this primarily means various retail formats. One of the most active players here is Protek, which for the second year in a row is implementing a strategy of extensive development of the Rigla pharmacy chain. The process is characterized by tremendous momentum, and the geography covers literally the entire country from the Far East to Kaliningrad. Many in the market attribute the chain's growth rate to an unspoken competition with the April chain, but the dramatic thing is that it is unlikely that market participants will be able to completely stay out of the consolidation trend that these players are driving. Although this does not mean that there is a direct need to join the informal race.

Table. Top 25 pharmaceutical distributors by market share of direct deliveries of medicines (including the budget segment of the pharmaceutical market), in monetary terms, based on the results of Q1 2025