In the first nine months of 2024, Arterium Pharmaceutical Corporation increased its share of exports to 20% in physical terms, while maintaining its share in monetary terms at 23%.
As Arterium told IF, in 2023, the share of export sales amounted to 17% in physical terms and 23% in monetary terms.
“In 2023, Arterium reached the pre-war level of profit from export operations. Compared to previous years, we see a gradual increase in exports,” the corporation said.
At the same time, Arterium notes that the main focus of the corporation’s export strategy is on expanding its operations in Europe, Asia and neighboring regions.
“Arterium has already formed a portfolio of about 20 products with which it plans to enter the European market. Among them, in particular, are products for the treatment of cardiology and endocrinology diseases,” the corporation said.
Arterium reminded that in 2023, the corporation registered its first product in the EU market, Chlorophyllipte Solution, in Latvia, which, thanks to Latvian partners, is now available in Poland.
“In the future, we plan to supply it to other Baltic countries,” the corporation said.
At the same time, Arterium notes that a GMP certificate from the country’s regulatory authority is always a pass to a new market, “but some countries create barriers to industry competitors, thus protecting local producers.”
“One such market is the European market. The Ukrainian pharmaceutical business has been waiting for the so-called “visa-free regime for medicines” for a long time. It is important for the Ukrainian pharmaceutical industry to achieve the recognition of Ukrainian GMP certification in the European Union as soon as possible, as this is the main barrier to exports today,” the corporation emphasized.
The corporation also noted that Arterium is actively considering the possibility of entering the African market in the near future, which is one of the fastest growing markets for pharmaceutical products, thanks, in particular, to population growth, improved economic conditions and active support from international humanitarian organizations that provide funding and resources for the provision of medicines.
At the same time, there are a number of risks in this market, including insufficient harmonization of regulatory systems across Africa, difficulties in drug delivery and internal logistics problems, financial instability, payment delays, and the presence of a significant number of counterfeit drugs on the market.
“The corporation is looking for opportunities to partner with local distributors and international organizations to overcome obstacles and meet the growing demand for pharmaceuticals in the region,” Arterium said.
As reported earlier, according to the Proxima Research analytical system, Arterium Pharmaceutical Corporation, which increased its retail sales by 22.5% in UAH equivalent in the first six months of 2024, rose from sixth position in the first half of 2023 to third place in the pharmaceutical market. In the first half of the year, Arterium’s share in the retail pharmaceutical market amounted to 3.23%.
