Farmak is a manufacturer of generics (copies of brand). During its operation in Ukraine, the Company has invested approximately $250 million in manufacturing.
The “movement” around generics originated in the 1980s. It turns out that after the expiration of a patent for medicines (usually 20-25 years), they may be manufactured and sold not only by their developers. Generic companies may manufacture the same medicine in terms of action and quality but sell it much cheaper.
In manufacturing, the cost of the brand and generics is about the same. The difference in the price is due to the fact that the first, the developers, invested huge sums of money in research and clinical trials to launch the medicine. This is exactly why a patent for 20 years was invented – to give the opportunity to “reimburse and earn”. Then free competition arises.
We have the largest exports among Ukrainian companies. That’s about a quarter of the Company’s sales. Farmak supplies medicines to 28 countries of the world. They include the UK, Sweden, Israel, Mexico, many CIS countries.
Why are our medicines popular abroad? We offer competitive goods: high quality, stable supply and good price.
In order to supply goods to Europe, companies need to be inspected by a regulatory body of the EU member state for GMP (Good Manufacturing Practice), as well as register the product in one of the EU member countries.
Now we plan to enter the largest and perhaps most difficult market in the world – the United States. We have already signed a contract with the American company that will certify our drugs in the United States.