Apr 02, 2020

Farmak considers the possibility of launching the manufacture of products to combat coronavirus spread

The pharmaceutical company JSC “Farmak” considers the possibility of launching the manufacture of products, in particular, diagnostic test kits, to combat coronavirus spread.

“Now we analyse the possibility of arranging the release of supportive care products, disinfectants and antiseptics, diagnostic test kits, protective medical products, including masks, within a minimum period. But we have no conclusion yet,” the press center of the Company with reference to Chairman of the Supervisory Board of Farmak Filya Zhebrovska informed the Interfax-Ukraine News Agency.

At the same time, she noted that the economic problems caused by coronavirus in China, in particular, resulted in the increase in the cost of raw materials for manufacture of medicinal products.

“We import up to 20% of active substances from China. Many companies there have suspended production. The price of raw materials has immediately increased by 40%. We have the resources, and the situation is not critical yet. We have analysed our warehouses: what we are provided with for at least nine months, and what we have to order from other suppliers to cover the shortage and prevent manufacture stoppages. But it is evident now that we will need to revise the budget of the company. The European pharmaceutical manufacturers are in the same situation,” said Mrs. Zhebrovska.

Besides, she reminded that the Company’s portfolio contains one brand-name drug “Amizon”. Farmak spent $20 million on its research in the US and the EU until 2014, reaching the first (of four) stages of clinical trials.

As previously reported, Farmak declared its plans to expand the focus to develop products, which may be represented in the global markets, and its intention to continue implementing the strategy for the market launch of at least 20 new product names per year. For the foreseeable future, in particular, as the Company plans, these will be the drugs based on 118 molecules that are no longer under patent protection.

JSC “Farmak” is one of three leaders of the pharmaceutical industry of Ukraine, a member of the Association of “Manufacturers of Drugs of Ukraine” (the AMDU). Chairman of the Supervisory Board Filya Zhebrovska is the beneficiary of the Company.

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