The materials of the article are of practical value for economists and managers in the development of a set of state support measures aimed at creating a favorable institutional environment for the development of the pharmaceutical industry. Methodological foundations: the study was carried out on the basis of statistical indicators of the pharmaceutical industry in Russia, analysis of the results of the implementation of the first strategic documents on the formation of an institutional framework for import substitution. Research methods: systemic, analytical, financial and economic analysis. Results: The Russian pharmaceutical industry has a number of problems in the political, demographic, economic, legal and socio-cultural spheres. However, Russia, thanks to significant growth potential based on the state support of "PHARMA 2020" and effective management tools, which primarily include clustering, control of public procurement and subsidizing research in key areas of drug production, can avoid import substitution failures.