‘Vlast Deneg’ (Power of Money) magazine has published the list of the most successful Ukrainian investors. JSC Farmak was named one of the leading investors in Ukraine
Rating the companies, the periodical took into account the amount of income, the amount of taxes and charges paid over the past two years, the leading positions in the relevant industries, and the scale of impact on the socio-economic situation in Ukraine.
Farmak is the leader of the pharmaceutical industry in Ukraine*. Its product portfolio comprises more than 200 medicinal products in various therapeutic areas and presentations. In 2017, the company launched 21 new products to the market.
In 2017, JSC Farmak invested UAH 486 million in development and modernization; in 2018, the companyplans to invest UAH 638 million in production upgrades.
“Being a leader today takes ongoing improvements and introduction of innovative technologies. This is how Farmak works. For many years, we have reinvested a lion’s share of income in our company, and this amount grows from year to year. Over the past 7 years, we have invested UAH 2.8 billion (USD 184 million) in upgrade of production facilities. In 2018, we plan to increase our investments by more than one third vs. 2017. The ‘Solid Medicines-2’ Project will remain the primary in this year. The new production site is based on German and Italian technological equipment. After its commissioning, the overall production capacity of tablet medicines should double: up to 3 billion dosage units annually. The company will also continue to invest in upgrade and re-equipment of active production, IT, laboratories of the Quality Control Department and the biotechnology laboratory. Special attention is paid to the development of new medicinal products. This year, we plan to spend UAH 290 million on research and development”, Filya Zhebrovska, Head of the Supervisory Board, Farmak JSC, shared the company’s plans.
According to the results of 2017, Farmak increased proceeds from sale by 19% – to UAH 6.09 billion. Export volume grew by 23%, and its share in total sales amounted to 25.1%. Net income increased by 22% and reached UAH 839 million. The amount of Farmak’s tax deductions in 2017 totaled UAH 526.5 million.
In Q1 2018, Farmak increased sales by 18.35% vs. Q1 2017 – to UAH 1.1 billion. “For eight years now, Farmak has led the pharmaceutical market of Ukraine”, comments Volodymyr Kostiuk, acting Executive Director, Farmak JSC. “The company achieved these results due to quality and innovation. Today, all of the company’s equipment is high-tech and state-of-the-art. The company focuses on production of innovative biotech products, such as Flenox, insulin and its analogs, X-ray contrast agents. At the same time, we continue to manufacture basic medicines available on the market for decades for now”.
* based on pharmacy sales in monetary terms according to Proxima Research
In November, the Supreme Court of Ukraine is to adjudicate on the dispute between Ukraine’s two largest pharmaceutical manufacturers in respect of the “Corvalol” brand, popular since the Soviet era. The Ukrainian News discussed the merits and prospects of this dispute with Dmytro Taranchuk, Head of the Legal Department of Farmak JSC, which has been […...