Farmak, the Ukrainian pharmaceutical market leader* and one of the largest Ukrainian exporters of medicinal products, has established its Representative Office in Vietnam.
The Company’s products are currently exported to more than 45 countries in the EU, Central and South America, the CIS, the Middle East and Asia. The medicinal products manufactured by Farmak have been available in the Vietnamese market since 2007. They were sold through local distributors.
In total, about 25 of the Company’s medicinal products are marketed in Vietnam. A significant proportion of them are medicines for treatment cardiovascular and respiratory diseases. Now, Farmak’s medicinal products are available in pharmacies, as well as are purchased by healthcare institutions through local bidding procedures. Approximately 30 more medicinal products are pending registration that takes from 2 to 3 years in Vietnam.
“Vietnam has implemented a reasonably effective healthcare reform and enhanced control over the circulation of medicinal products. Although some pharmaceutical companies have got out of the market, legislative transparency has encouraged Farmak to further expand its business in the region. We have been studying the market potential for a long time and decided to improve our positions here,” comments Volodymyr Kostiuk, Chief Executive Officer of Farmak.
This year, Farmak also launched an office in the UAE, increased supplies to Mexico, and is currently making arrangements for FDA compliance inspection to enter the U.S. market. The Company increased export supplies by 40% in 2020. The new development strategy involving the transformation of the Ukrainian company into an international one has been approved by Filya Zhebrovska, Chairman of Farmak’s Supervisory Board.
