Apr 27, 2021

Farmak participated in Sustainable Business Summit

Фармак Костюк

The Sustainable Business Summit was held in Ukraine on Earth Day (April 22) under the aegis of the UN Global Compact. The best cases of companies that have already implemented the principles of Sustainable Development in their business processes were presented at the event. The summit also served as a platform for dialogue on the prospects for Sustainable Development in Ukraine between government, business and the society.

The European Green Deal issue was one of the key topics raised at the event. It is a set of policy initiatives put forward by the European Commission with the overarching aim of making European continent climate-neutral by 2050. The discussion regarding the aspects of the European Green Deal implementation was held with the participation of the Minister of Environmental Protection and Natural Resources of Ukraine Roman Abramovskyi and big business leaders in Ukraine.

Volodymyr Kostiuk, Chief Executive Officer of JSC Farmak, noted that the government and business should have a constant dialogue in order to develop clear and predictable rules for cooperation in the “green” direction. It is equally important, according to Mr. Kostiuk, to set realistic goals, taking into account the current state of the economy and the financial capacity of the parties. After all, sustainable development covers both environmental and economic indicators of welfare.

In addition, Volodymyr Kostiuk told about the environmental and social initiatives that the Company has been already implementing.

Володимир Костюк

“In 2016, we invested about EUR 40 million in relocating the API manufacturing facilities from Kyiv to Shostka, to specially designated facilities within the industrial park. Approximately USD 500,000 were invested to equip the new plant with modern water and air treatment facilities. We have reduced our air emissions by 33% over the past year. Moreover, when we talk about Sustainable Development, we bear people in mind. Every responsible business must create a safe environment for workers during the pandemic. And we’re doing this!” said Volodymyr Kostiuk, Chief Executive Officer of Farmak.

The Minister of Environmental Protection and Natural Resources of Ukraine Roman Abramovskyi confirmed his readiness to cooperate with business.

“The Ministry of Environmental Protection now is an outpost of climate transformations in Ukraine. We are working to adopt the best foreign practices and implement them in Ukraine in order to help our businesses make green transformations and meet the European Green Deal. Now we must demonstrate the solidarity of the government and business in achieving environmental goals and show to Europe the mechanisms for attracting investment to Ukraine. Our country can become an investment paradise if several policies are implemented: rule of law, investment protection and incentives for investors. We are already on the right way,” Roman Abramovskyi emphasised.


About the European Green Deal

This is an action plan that aims to transform Europe into the climate-neutral continent by 2050. It provides for a number of innovations and changes that will affect all industries. In 2020, the Government of Ukraine declared the plan as a priority area for Ukrainian development.


Farmak is a leader of the pharmaceutical market with almost 6% share. The medicinal products manufactured by the Company are presented in fourteen therapeutic groups. The portfolios mainly consist of anti-cold, endocrinological, gastroenterological, cardiological and neurological medicinal products. Farmak launches about 20 new medicines annually; they are multicomponent, modern products needed by millions of people living both in our country and abroad. Currently, about 100 medicinal products are in pipeline.

* based on volume of sales of medicinal products in monetary terms, according to Proxima Research.

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