In 2019, Farmak hit the market with 16 new medicinal products. Anti-cold, endocrinological, gastroenterological, cardiological, and neurological portfolios remain the priorities.
“These days in Davos, the World Economic Forum discusses global issues in various areas: economy, ecology, healthcare etc. All the topics are of great interest for modern world society. The human need in modern effective medicinal products is growing year by year. The pharmaceutical market is one of the most dynamic in the world due to the rapid expansion of the range of medicinal products and high demand for them. The IQVIA data suggest that global spending on medicinal products in 2018 reached USD 1.2 trillion, and by 2023 it will exceed USD 1.5 trillion. Every year Ukraine improves its position in the global pharmaceutical market. According to IQVIA (MIDAS project), the results of 2018 showed that the Ukrainian pharmaceutical market was ranked 41st among all countries, rising 5 positions within two years. In Europe, Ukraine occupies 21st place. That is, the Ukrainian pharmaceutical products are becoming more and more recognizable in the world with each year passed – in 2019, the medicinal products of Farmak were bought in 28 countries. Farmak export today exceeds 22% of sales. In the near future, we plan to expand our presence in the world. It is important that the internal trends aim at increasing the confidence for Ukrainian pharmaceutical manufacturers. In 2009, 29% of medicinal products that Ukrainians consumed were of Ukrainian manufacture, now the rate is approximately 40%. Last year, we launched 16 new products. Our mission is to make the treatment with modern and effective medicinal products possible. Currently, about 150 medicinal products are under development, and these are multicomponent modern products which are needed by millions of people both in our country and abroad. The manufacturing capacities of the Company increased accordingly. Last year alone, we invested approximately UAH 900 million in the development of manufacture, we plan to invest UAH 1.2 billion this year. The expansion of manufacture leads to the increase in the number of employees. Every year we create new jobs. And today the personnel issue is urgent for us. We create the most favourable working conditions for specialists and pay competitive salary. Today, we compete with European companies in terms of salaries in relation to the average spend check in a particular country. In 2019, Farmak salary increased by 14%,” said Volodymyr Kostiuk, Executive Director of Farmak.
In order to reduce the financial burden on patients and to increase the affordability of medicinal products, Farmak is actively involved in the Affordable Medicines programme. In 2019, Farmak’s share in the reimbursement programme was 13.7%.
Today, Farmak employs over 2,700 employees. In 2019, the Company employed 387 people. Farmak employees are paid competitive and reported salaries, which are reviewed annually based on international salary reviews. In 2019, the salary at Farmak increased by 14%.
Developing and improving the skills of the employees is one of the main goals of the Company. The Company has introduced several training programmes, including those abroad. In 2019, 1,100 Farmak employees were trained, and 81 of them were trained overseas.
Farmak increases its presence in the EU countries by acquiring pharmaceutical marketing companies in the Czech Republic and Slovakia, together with the relevant IP rights and trademarks. The seller in the transaction is a portfolio company of the British PE investor Novator. The decision to expand Farmak’s business into the EU markets is a part [&helli...
The leader of the Ukrainian pharmaceutical market, the Farmak company, has started selling a drug of its own production to Malaysia. This is the 7th country in the Asia-Pacific region and the 58th in the world where the Ukrainian company exports medicines. A spray for the treatment of irritation and inflammation of the oropharynx from […]
The Farmak company has implemented a social project for the safety of young pedestrians on the road. As part of the “Farmak. Light for Life” project, the company provided all the students of the Shostka City Territorial Municipality with reflective elements, giving more than 7,000 bracelets to schoolchildren. Also, as part of the initiative, stud...