Volodymyr Kostiuk

Executive Director

Jan 29, 2020

We develop complex-component, modern medicines necessary for millions of people living in Ukraine and beyond its borders

The World Economic Forum in Davos is currently engaging in discussion of global issues in various fields: economics, ecology, health care and others. All these topics are highly relevant for the contemporary society worldwide. People’s need for modern, efficient medicinal products is growing every year. The pharmaceutical market is one of the most dynamic in the world by reason of fast broadening of the range of medicinal products and big demand for them. According to IQVIA data, global expenses for medicinal products reached $1.2 trillion in 2018 and will exceed $1.5 trillion by 2023. Ukraine is yearly improving its positions in the global pharmaceutical arena. The data of IQVIA (MIDAS project) based on the results of 2018 show that the Ukrainian pharmaceutical market ranked 41st among all countries, having risen 5 spots over two years. In Europe, Ukraine is placed 21st. This indicates that, year by year, the Ukrainian pharma is becoming more known in the world as well – in 2019, Farmak medicines were bought in 28 countries.

Today, Farmak export exceeds 22% of sales. We want to expand our presence map in the near future. It is important that the internal trends are directed at increasing trust in Ukrainian pharmaceutical manufacturers. Whereas, in 2009, Ukrainians consumed 29% of medicines manufactured in Ukraine, the current percentage is about 40. Last year, we introduced 16 new products. Our mission is to make treatment with modern and efficient medicinal drugs available. We are presently developing roughly 150 medicinal products; they are complex-component, modern medicinal drugs necessary for millions of people living in our country, as well as beyond its borders. Accordingly, the company production capacities have increased too. Last year alone, we invested around UAH 900 mln in development of manufacture; this year, we are planning to put UAH 1.2 bln. Expansion of manufacture leads to an increase in the number of employees.

We annually create new workplaces. The staff issue currently remains acute for us. We create maximally comfortable working conditions for specialists and provide a competitive salary. At the moment, we compete with European companies on salary level in correlation with the average residence bill in a certain country. In 2019, salary at Farmak increased by 14%.

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