A clinical case: Pharmstandard may enter the medical services market
The medical services market may change. The beneficiary of one of the largest manufacturers of medicines in Russia, Pharmstandard, Viktor Kharitonin, became interested in buying a stake in the Medscan network of medical centers owned by entrepreneur Evgeny Tugolukov and Rosatom. The offer was received by Tugolukov, who owns 50% of the company's authorized capital, Izvestia learned. Currently, the Russian pharmaceutical manufacturer does not have its own multidisciplinary clinics, but the company is actively investing in technological and knowledge-intensive projects. If sold, Kharitonin's medical asset could become the largest operator of private medical services in Russia, displacing Medsi, the market leader.
The medical services market may be waiting for a new deal
The beneficiary of one of the largest manufacturers of medicines in Russia, Pharmstandard— Viktor Kharitonin, became interested in buying a stake in the Medscan group of companies owned by Evgeny Tugolukov and Rosatom Technologies of Health (a subsidiary of the state corporation). This was reported to Izvestia by two sources — one close to the pharmaceutical company and the co-owner of one of the major pharmaceutical companies. Kharitonin made a corresponding proposal to Tugolukov, one of the interlocutors added.
A representative of the network of medical centers confirmed to Izvestia that Tugolukov had received an offer from a potential investor, but did not specify his name.
"It was decided to postpone consideration of the proposal and return to this issue after the company becomes public," he said.
At the same time, there was "no question of selling the share owned by Rosatom, and in general this issue is not being discussed," the Medscan representative said. The Izvestia source added that no negotiations are underway at the moment.
Pharmstandard did not respond to the request. Kharitonin could not be contacted.
"Rosatom is considering various options for the development of our assets," a representative of the state corporation told Izvestia, declining to comment further.
Medscan is one of the largest private medical groups in Russia, founded by Evgeny Tugolukov in 2013. At the beginning of 2025, it includes 65 medical centers, 452 laboratory offices and 15 laboratories in 31 regions of the Russian Federation operating under the KDL brand (it was purchased from the UFG Private Equity fund at the end of 2022, the company's shareholder is also the Sbera structure). In February 2022, the structure of the Rosatom state Corporation acquired 25,001% of Medscan. A year later, she increased her share to 50%. The remaining 50% is controlled by Evgeny Tugolukov. In the ranking of the largest medical companies in 2024, she took the fourth place, according to the Russian Forbes.
By the end of 2024, the group's revenue amounted to 28 billion rubles, which is a quarter more than a year earlier, according to the company's IFRS statements. Medscan Hadassah's revenue increased by 40% to 5 billion rubles over the same period, while KDL laboratories increased by 22% to 15.6 billion rubles.
In August 2025, Ilya Rebrov, Deputy CEO of Rosatom, announced that the network of medical centers and nine other companies had been selected by the state corporation to prepare for an IPO (initial public offering) "in 2026 and beyond." The placement may take place in the form of an additional issue of shares "at the level of 10-15%," Evgeny Tugolukov said earlier in the media.
Pharmstandard is one of the largest Russian manufacturers of medicines. The company was founded in 2003 by Viktor Kharitonin. It specializes in the production of both original drugs and generics. She has more than 250 titles in her portfolio. By the end of 2024, the company's revenue amounted to 152 billion rubles, which is 6% more than a year earlier, according to the company's RAS reports. Net profit for the same period decreased by 18%, to 22.7 billion rubles.
Why did Kharitonin need Medscan?
It is likely that this is the investment interest of Viktor Kharitonin and those business lines related to medical services (Medinvestgroup), says Nikolay Bespalov, Executive Director of RNC Pharma.
Medinvestgroup (MIG) is an investment holding company of Viktor Kharitonin and his business partner Egor Kulkov, working in the field of medical services and technology. It includes three hospitals "K+31" and the multidisciplinary center "Lyadov Clinic" in Moscow, as well as 39 centers of nuclear medicine "PET Technology". By the end of 2024, MIG ranked sixth in the ranking of the largest medical companies, according to Forbes.
Victor Kharitonin
The holding is part of a single group of companies with Pharmstandard, which belongs to Ogment Investment Limited. In 2021, the company carried out deoffshorization from Cyprus to Oktyabrsky Island in Kaliningrad. In 2024, Ogment Investment Limited's revenue amounted to 30.7 billion rubles, which is 72% less than in 2023, according to RAS reports. At the same time, net profit for the same period decreased by 42%, to 60.8 billion rubles.
—For this area, Medscan is a core asset that fits perfectly into the overall structure both in terms of scalability and complementarity to existing areas,— said Nikolai Bespalov.
Mikhail Burmistrov, CEO of Infoline Analytics, estimates the value of Tugolukov's share in Medscan at 6-7 billion rubles. According to the expert, the pharmaceutical company's interest in the asset may be related to access to the customer base and the possibility of implementing patient support programs.
Ivan Peshkov, head of the M&A department at BGP Capital, estimates the company in the range of 31-36 billion rubles, taking into account net debt (this figure amounted to 18 billion rubles at the end of 2024). The cost of 100% of the share capital is 13-19 billion rubles, of which Tugolukov's share is 9.4—9.5 billion rubles, he believes.
"Considering that the co—owner of Medscan is Rosatom Technologies of Health, which develops the production of radiopharmaceuticals and medical infrastructure, such integration will provide powerful synergies for a pharmaceutical manufacturer working in oncology," Mikhail Burmistrov noted.
Medscan has already had the practice of interacting with pharmaceutical manufacturers: in 2024, the group launched a joint venture between Himscan and HimRar for research and promotion of medicines, he recalled.
A possible merger of Medinvestgroup and a network of medical centers would create the largest operator of private medical services in Russia, said an interlocutor of Izvestia in a large investment bank. The synergy of these two companies would make it possible to bypass the market leader in terms of capitalization, the Medsi network (owned by AFK Sistema Vladimir Yevtushenkov), he added.
Izvestia sent a request to Medsi.
According to Izvestia's calculations, since 2022, a series of transactions worth about 34 billion rubles have been conducted in the medical business market. In May of this year, Mother and Child Group bought the Expert medical center network for 8.5 billion rubles, the largest deal in this market since 2022. Another major event is a series of acquisitions of 436 pharmacies in 2024 by the Rigla group (part of Vadim Yakunin's Protek Group) with revenue of approximately 18 billion rubles. In addition, Protek Group acquired Bion Group (a manufacturer of pharmaceutical substances) in February 2023. The transaction amount was not officially disclosed, but the media estimated it at about 4.2 billion rubles.
What are the prospects of the deal
The private medical services market is one of the most promising and stable areas for business development in times of economic turmoil, Nikolai Bespalov noted.
The demand for such services is steadily growing and it is "still quite far from saturation," he stressed. This fact, according to him, guarantees a return on investment.
— Now is a historical period when the future contour of private medicine in our country is being formed, so it is important not to miss the moment and provide the necessary set of infrastructure and competencies, — the expert drew attention.
In 2024, the growth rate of the private medical services market was 15-20%, and in 2025 it is expected to be at least 15%, predicts Damir Sukhov, Kept partner and head of healthcare and Pharmacy practice. According to the expert, this is due to two key factors — an increase in the average check and an increase in the number of patients. The latest trend is associated with an increase in life expectancy, an increase in the value of health among the population, as well as difficulties in obtaining quality care in the compulsory health insurance system.
According to Businessstat, the turnover of the private medical services market increased by 92% from 2020 to 2024, to 828 billion rubles.
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