Sep 16, 2020

Volodymyr Kostiuk: Abilities to invest, adapt and be ready for partnership are main components of successful business

CEO of Farmak took part in a panel discussion during Kyiv Investment Forum “Local Business Development: from manufacturer to end consumer” and presented the components of successful business

Paolo Di Croce, Secretary General of Slow Food International, Olha Mahaletska, Head of the Office of the National Investment Council, Iryna Danylevska, UFW Founder & Head of the Organizing Committee, Maryna Bulatska, Lavka Tradytsii Project Manager, Fozzy Group, Deborah Fairlamb, Venture Funding and Development Finance Strategy Adviser, USAID Competitive Economy Program, also joined the discussion.


Volodymyr Kostiuk indicated the main components of successful business such as the willingness to invest in development (not only own development, but also that of environment); the willingness to cooperate with other businesses, authorities, communities and international partners; the willingness to quickly adapt to trends. “Farmak is no longer a chemical and pharmaceutical plant named after Lomonosov that was founded 95 years ago. It comprises two plants in Ukraine, own company in Poland and several representative offices in the world, manufacturing processes certified by the EU regulators, export of products to 25 countries, which is a quarter of our business. We have been players in the markets of the EU member states, Asia and Australia for over 20 years. The Company annually reinvests approximately 95% of its profits in development. Farmak’s investments in its scientific and technological complex, manufacturing equipment and R&D reached UAH 3.4 billion over the past 5 years. In total, USD 250 million has been invested in the modernization of manufacture since 1995. Farmak cooperates with the international scientific and pharmaceutical community. The Company actively cooperates with the Ukrainian scientists and researchers, in particular, with the Junior Academy of Sciences and 6 leading higher educational institutions of Ukraine. We maintain a transparent dialogue with the authorities and are ready to provide assistance when needed. This is illustrated by the fact that during the coronavirus pandemic, Farmak, together with the Zhebrivski Family Charitable Foundation, allocated UAH 10 million for hospitals to purchase the necessary equipment and medicines. Farmak analyses the situation and adapts to new challenges. For instance, we have supplied a significant number of complex, high-tech medicines, which are needed to treat COVID-19, to Israel, Singapore, the EU and the CIS, etc. since the beginning of the year,” said Volodymyr Kostiuk, Executive Director of Farmak.


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