Farmak as a leader of the Ukrainian pharmaceutical market* has been included in the rating of TOP 200 largest Ukrainian companies in terms of tax payments for 2020 and has become the only representative of the pharmaceutical industry in this rating.
At year-end 2020, the Company transferred UAH 712.1 million of taxes and fees to the budgets of various levels.
The rating has been published by the periodical RATING. Business in Official Figures founded in 2016. Tax statistics and detailed analysis broken down into economy sectors contain no value judgements, and the ratings are based on the official information from the State Tax Service of Ukraine.
Previously, Farmak was recognized as the largest taxpayer according to the magazine TOP-100. Rating of the Largest, the Association of Taxpayers of Ukraine within the Ukrainian rating “Bona Fide Taxpayers”, etc.
“The publication of such statistics is important both for both the state, which makes decisions on tax regulation, and the market players. The latter can assess their contribution to the country’s economy, compare themselves with others and review internal business processes,” commented Maria Daniuk, founder of RATING. Business in Official Figures.
“Farmak celebrated its 95th anniversary last year. From the moment of our foundation till today, we have been conducting business transparently and with full responsibility before employees, consumers, partners, the state. Due to this approach we have been a leader of the Ukrainian pharmaceutical market for over 10 years and have been expanding our global presence. Today, we export products to 28 countries, including the EU, South America, CIS, Middle East, Asia, etc.,” said Volodymyr Kostiuk, Chief Executive Officer of JSC Farmak.
Except for paying taxes, the Company annually reinvests approximately 95% of its profits in development. Last year, the investments amounted to UAH 1.3 billion. The main projects were the launch of a new workshop for manufacturing of sterile medicinal products and construction commencement of an innovative R&D center which will develop advanced complex medicinal products.
Background information
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.
