To the President of Ukraine, Mr. Volodymyr Zelensky
To the Prime Minister of Ukraine, Mr. Denys Shmyhal
To the Minister of Health of Ukraine, Mr. Viktor Lyashko
Head of the Verkhovna Rada Committee on Health, Medical Assistance and Medical Insurance
Mr. Mykhailo RADUTSKY
Head of the State Regulatory Service of Ukraine Mr. Oleksiy KUCHER
Chairman of the Antimonopoly Committee of Ukraine Mr. Pavlo KYRYLENKO
Support for the state initiative and commitments of manufacturers
Association of Pharmaceutical Manufacturers of Ukraine (hereinafter referred to as “AVLU”) and the Association of Employers’ Organizations of the Medical and Microbiological Industry of Ukraine (hereinafter referred to as “OORMMP of Ukraine”), which unite more than 100 domestic pharmaceutical companies for the development of the market, improvement of the regulatory environment, and ensuring access to quality medicines for Ukrainians, express their respect and appeal with the following.
Leading domestic pharmaceutical manufacturers signed on February 7, 2025, the “Declaration on Cooperation of Leading Domestic Pharmaceutical Manufacturers to Reduce and Stabilize Prices for Medicines” (hereinafter referred to as the “Declaration”), in which they expressed solidarity with the state’s position on the need for systemic reform of the pharmaceutical industry and support the initiative to reduce prices for medicines for end consumers.
In support of the initiative of the President of Ukraine and the Government to ensure the availability of medicines for Ukrainian citizens, 32 (thirty-two) leading domestic manufacturers of medicines reduced the selling prices of 303 (three hundred and three) of the most commonly used medicines sold and available in pharmacies in Ukraine by 30 (thirty) percent compared to the selling (list) prices of January 2025, and appealed to the Verkhovna Rada of Ukraine, the Cabinet of Ministers of Ukraine, and the Ministry of Health of Ukraine with a request to regulate the following issues at the regulatory level as soon as possible:
Essence of the problem: regulatory uncertainty and market risks
Decree of the President of Ukraine No. 82/2025 of February 12, 2025, enacted the decision of the National Security and Defense Council of Ukraine of February 12, 2025, “On additional measures to ensure the availability of medicines for Ukrainians” (hereinafter referred to as the “NSDC Decision”). In accordance with subparagraph 5 of paragraph 2 of the NSDC Decision, the Cabinet of Ministers of Ukraine was instructed to “take measures to ban, from March 1, 2025, the provision of marketing services, services for the promotion of medicines, information and other services related to the sale of medicines to end consumers, in relation to medicinal products used by legal entities regardless of their organizational and legal form and form of ownership, individuals – entrepreneurs engaged in economic activities related to the production of medicinal products, wholesale and retail trade in medicinal products, import of medicinal products (except for active pharmaceutical ingredients), until the introduction by the Cabinet of Ministers of Ukraine of separate referencing of wholesale prices for all medicinal products.
In accordance with the Decision of the National Security and Defense Council, the Cabinet of Ministers of Ukraine adopted Resolution No. 168 of February 14, 2025, which stipulates that until the introduction by the Cabinet of Ministers of Ukraine of separate referencing of wholesale prices for all medicinal products, it is prohibited to provide marketing services, services related to the promotion of medicinal products, and services related to the distribution of medicinal productsNo. 168, which stipulates that until the Cabinet of Ministers of Ukraine introduces separate reference pricing for wholesale prices for all medicinal products, it is prohibited to provide marketing services, services for the promotion of medicinal products, information and other services related to the sale of medicinal products to the end consumer.
On April 17, 2025, Resolution No. 439 of the Cabinet of Ministers of Ukraine dated April 4, 2025, “Certain Issues of State Regulation of Prices for Medicines,” came into force, which, in particular, approved the Procedure for Referencing Prices for Medicines.
On April 28, 2025, Law of Ukraine No. 4239-IX dated February 12, 2025, “On Amendments to Certain Laws of Ukraine Regarding the Specifics of State Registration of Medicines That May Be Purchased by a Person Authorized to Make Purchases in the Field of Health Care,” came into force. and the regulation of certain issues related to the sale of medicinal products,” which stipulates that the conclusion of commercial contracts whose subject matter is directly or indirectly the provision of marketing services, medicinal product promotion services, or other services related to the sale of medicinal products to the end consumer at points of retail sale of medicinal products is permitted exclusively between business entities that manufacture or import medicinal products with a pharmacy and/or pharmacy chain. The procedure and conditions for the provision of such services are approved by the Cabinet of Ministers of Ukraine.
On March 28, 2025, the Ministry of Health published on the website of the Ministry of Health of Ukraine a draft resolution of the Cabinet of Ministers of Ukraine “Certain issues of providing marketing and other services related to the sale of medicinal products to end consumers, and the use of tools for the actual reduction of purchase prices after the transfer of ownership of goods” (hereinafter referred to as the “CMU Resolution on Marketing of February 28, 2025”) for public discussion.
On May 14, 2025, the Ministry of Health published on the website of the Ministry of Health of Ukraine an updated draft CMU on marketing (hereinafter referred to as the “CMU on marketing dated May 14, 2025”).
Comments on the draft CMU on marketing dated May 14, 2025
Based on the analysis of the updated draft CMU on marketing dated May 14, 2025, we would like to draw your attention to the following:
The real increase in the price of an over-the-counter drug at the pharmacy level for the consumer will be 75% of the distributor’s price.
Such a payment, without a fixed list of clear and transparent services based on the European model defined at the legislative level, has nothing to do with the manufacturer’s marketing activities and is in fact a form of systematic racketeering.
Consumers and patients are forced to buy unnecessary drugs from manufacturers who have agreed to pay marketing fees, while other manufacturers are simply removed from the shelves.
In the information field, pharmacy monopolists are trying to distort reality and refer to the approval of the draft CMU resolution on marketing dated May 14, 2025, by all market participants. We would like to inform you that this is not true – the draft CMU resolution on marketing dated May 14, 2025, has not been agreed upon by manufacturers who are marketing entities and whose activities are intended to be regulated by the marketing procedure. Moreover, this order does not take into account the interests of consumers or manufacturers, their proposals and comments.
Today, a dirty information campaign has been launched against those manufacturers who advocated transparent pricing and supported the President’s initiative by reducing the prices of their main medicines by 30%. The medicines of these manufacturers have been effectively removed from the shelves of pharmacies belonging to a monopoly cartel, which are the top five pharmacy chains in the Ukrainian pharmaceutical market.
Disregard for the interests of patients and society
Patients are not market objects, but the market’s goal. All reforms must be evaluated according to a single criterion: does it improve patients’ access to safe, high-quality, and fair treatment?
If the price of an over-the-counter drug increases by 75%, who benefits from the reform?
Today, vulnerable groups of citizens—the elderly, patients with chronic diseases, and residents of remote regions—are the first to feel the effects of opaque pharmacy policy. Manufacturers who reduced prices by 30% on more than 300 drugs were effectively “kicked out” of pharmacies. Their drugs disappeared from the shelves, leaving consumers with more expensive alternatives. This is not a market. This is discrimination against patients as the weakest link.
If the president initiates a reform in the interests of citizens, but it is implemented for the benefit of the pharmacy cartel, then a change of course is needed, not superficial loyalty to pharmacy chains.
According to researchers, 37% of the Ukrainian pharmacy market consists of over-the-counter medicines, most of which are purchased monthly by the same people. If the cost of such medicines increases by 75%, this is not an abstract price increase—it is 3 million vulnerable Ukrainians who are forced to choose between food and medicine.
When the Ministry of Health of Ukraine approves a model of a 12% marketing payment without specifying the services, the result is not reform, but a 40% increase in the price of over-the-counter drugs. This is not a market mechanism, but a regressive tax on the poor: those who buy drugs without compensation pay the most.
We urge the government to keep the focus of the reform on guaranteeing fair access to treatment for citizens, not on preserving business profits. Without this, any reform is just a sham.
Alternative proposal from manufacturers: a transparent and controllable model
Despite all the attacks, national manufacturers have proposed clear mechanisms for introducing transparent marketing services with understandable calculations, namely 10% of the sales volume of a specific over-the-counter drug for which marketing services were provided. The calculation and control of the limit on marketing services is carried out by the manufacturer on the basis of primary accounting documents, which can be verified by the State Tax Service during scheduled and unscheduled inspections. Marketing services in cash and percentages are reflected in each fiscal receipt as a transparent, controllable payment. Under this model, consumers understand how much they pay for the marketing of a particular medicinal product.
Following discussions with manufacturers and other market players, the Ministry of Health removed the CMU publication on marketing dated May 14, 2025, along with accompanying documents, from its official website. As of today, the first edition of the CMU resolution on marketing dated February 28, 2025, has been published on the official website of the Ministry of Health of Ukraine.
Subsequently, the Ministry of Health, taking into account the proposals of market players and comments from state authorities on the need to verify the calculations of the impact of the proposed regulation on consumers, an updated draft CMU resolution on marketing was prepared, which was publicly discussed by market participants on May 26, 2025, at a meeting chaired by the Deputy Head of the Office of the President.
The updated draft CMU resolution on marketing, prepared and presented by the Ministry of Health of Ukraine on May 26, 2025, although it does not take into account some of the manufacturers’ proposals regarding the regulation of the provision of marketing services, is balanced and aimed exclusively at protecting the interests of consumers, not pharmacies and manufacturers. Based on the results of its analysis, it appears that the regulatory impact will indeed be aimed at reducing the price of medicines for the end consumer.
Final position: a compromise model
In view of the above, we insist on the adoption of the draft resolution of the Cabinet of Ministers of Ukraine “Certain issues of providing marketing and other services related to the sale of medicines to end consumers, and the use of tools to effectively reduce purchase prices after the transfer of ownership of goods,” published by the Ministry of Health on May 26, 2025, which aims to meet consumer needs and takes into account the interests of all market players by limiting the marketing entity – the manufacturer – in its marketing service costs depending on whether the drug is available over the counter or by prescription.
The adoption of this draft will return the logic of the reform to its original meaning – protecting patients, rather than balancing the business interests of pharmacies and manufacturers. The focus is not on profits, but on health.
Sincerely
President of the Association
of Pharmaceutical Manufacturers of Ukraine
Petro Bagriy
President of the Association
of Employers in the Medical
and Microbiological Industry
of Ukraine Valery Pechaev
Source https://interfax.com.ua/news/press-release/1076110.html
130 cases of bullying were recorded in Ukraine in the first four months of 2025, according to the National Police of Ukraine (NPU). On average, 32 reports of bullying are filed every month this year. This is 1.5 times more than in the same period last year. More than half of the reports involve young schoolchildren and teenagers aged 14 to 16. Only 48% of bullying cases have been resolved.
The police detected 130 administrative offenses for bullying (Article 173-4 of the Code of Administrative Offenses) in the first four months of 2025. This is an average of 32 reports per month, which is 15% more than in the “pre-war” 2021.
The number of reports of bullying fell sharply after the start of the full-scale war in 2022, to 10 cases per month. However, the number of cases detected gradually increased: in 2024, the police were already filing 22 reports per month, and in 2025, almost 1.5 times more.
There has been a noticeable increase in bullying committed by teenagers. While in 2021 such cases accounted for 44% of the total, this year they already account for 58%.
This year, educational institutions are also being punished more often for failing to report cases of bullying. In 2025, there were already 11 such cases (9% of the total). By comparison, there were 14 such reports in 2024 (5%) and only 13 in 2021 (4%).
On the other hand, there has been a decrease in so-called “group” bullying or repeated bullying by teenagers. In 2025, there were only 5 such reports (4%), compared to 30 (11%) in 2024 and 35 (10%) in 2021.
Overall, out of 130 administrative reports filed this year, only 48% resulted in a court decision.
https://opendatabot.ua/analytics/bulling-in-schools-2025
The end of May 2025 is characterized by moderate stability on the Ukrainian currency market in the absence of shock changes despite external turbulence and a complex geopolitical background.
The national currency maintains a controlled exchange rate against the US dollar, while the euro/hryvnia pair continues to show increased volatility, which is associated with both global trends and internal structural shifts in the currency preferences of businesses and the population.
In May, the dollar exchange rate remained within the expected range, showing no significant fluctuations. This was due to stable demand for currency in Ukraine, moderate activity on the interbank market, and the restraining effect of the NBU’s significant reserves. There were no acute shortages or surges in current or speculative demand on the market.
The situation with the euro was somewhat contrasting: in the second half of May, the EU currency showed a correction after reaching its peak at the end of April. At the same time, the spread between buying and selling remained higher than for the dollar, indicating that market operators’ expectations of potential fluctuations remain unchanged.
Global context
The key external drivers remain the monetary policy of the world’s leading economies and the overall level of investor sentiment.
The US Federal Reserve has kept interest rates unchanged, citing the need for more macroeconomic data. This not only signals a cautious approach, but also demonstrates the Fed’s independence from political pressure from the new administration. These two factors are holding back the dollar’s recovery, but are not contributing to its further decline.
Europe has clearly stated its ambition to make the euro an alternative to the dollar: European Central Bank President Christine Lagarde said that the euro could become a viable alternative to the US dollar as the global standard currency for international trade. She noted that the unpredictable economic policy of the US has forced global investors to limit their appetite for the dollar in recent months, but to achieve the ambitious goal of the EU and its members, they must strengthen their financial and security architecture.
Overall, the temporary fragile balance and the absence of significant changes within the previously established trends led to a decline in the euro’s “exchange rate premium” against the hryvnia, which the euro had gained in the first quarter.
Domestic context
The National Bank continues its policy of cautious currency liberalization: in May, it allowed and increased limits on a number of new transactions for banks and businesses. This not only demonstrates the stability of the currency market, but may also serve as an additional signal to foreign investors about the gradual easing of restrictions on cross-border capital movements.
At the same time, the effectiveness of such steps will be measured not only by the volume of repatriated profits, but also by whether investors perceive this as Ukraine’s readiness to return to a model of long-term capital investment even in the face of military risk.
The likely inflow of investment could offset the next risk, which remains the biggest source of uncertainty: the amount of external support in 2026. This year, Ukraine is expected to receive the equivalent of about $60 billion in international aid, an amount that ensures the stability of the economy, the currency market, and the budget. At the same time, only $15 billion in external financing has been secured for next year, which poses a serious challenge to exchange rate stability starting in late 2025. If international partners and allies do not take on broader commitments, this could put additional pressure on the hryvnia in forecasts and the formation of devaluation expectations and, as a result, in the actual behavior of currency market participants.
Overall, May confirms that there is no panic on the currency market, but a regime of heightened caution remains in place.
US dollar exchange rate: dynamics and analysis
In the second half of May, the dollar exchange rate against the hryvnia showed a steady downward trend with a gradual decline in all three key indicators: the buying rate, the selling rate, and the official NBU rate.
After reaching a local peak at the end of April (average selling rate in banks — 41.96 UAH/USD, buying rate — 41.32 UAH/USD), the dollar began to lose ground. From mid-May to the end of May, the cash selling rate fell to 41.74 UAH/USD, the buying rate to 41.17 UAH/USD, and the official NBU rate to 41.5 UAH/USD. All these movements took place without sharp fluctuations, within controlled volatility and in line with global trends.
Key factors behind the decline in the exchange rate:
Forecast:
Euro exchange rate: dynamics and analysis
Throughout May 2025, the euro-hryvnia exchange rate showed noticeable wave-like dynamics. From the end of April to the third decade of the month, there was a gradual decline from over 47.90 UAH (sale) to a local minimum of around 46.20 UAH (purchase) and 46.90 UAH (sale) on May 20–21. In the last working week of the month, the euro returned to growth, confirming the volatile nature of the EUR/UAH pair.
Main factors:
Forecast:
Recommendations for businesses and investors
In the second half of May, Ukraine’s currency market has been stable in the dollar segment and the euro/hryvnia pair has returned to calm after a period of peak volatility. At the same time, fundamental devaluation risks remain relevant. In these conditions, currency asset management requires maximum adaptability.
1. Liquidity is an absolute priority.
All currency assets must be readily available: term deposits, long bonds, or currency in instruments without early withdrawal rights are sources of risk. Preference should be given to instruments with flexible management.
2. Dollar/euro shares should be reviewed, but not aggressively increased.
Ø The euro has emerged from its peak growth phase and is stabilizing in a higher range. Now is not the time for active entry, but there is an opportunity to selectively reformat shares in the currency portfolio. New purchases should be made when spreads narrow.
Ø The dollar exchange rate is in a downward trend, and a decline to 41.00 UAH/USD is not an exception but a scenario. However, the risks for the hryvnia are growing. If there is no urgent need for hryvnia, hold on to your dollars. It will show growth in the fall or closer to the end of the year if the fundamental factors of devaluation pressure on the hryvnia are not eliminated, which is highly unlikely.
3. Spreads are the main indicator on the euro market.
Unlike the dollar, where the market is already balanced, in the EUR/UAH pair, it is the dynamics of the spread (buying and selling and deviation from the NBU exchange rate) that demonstrate a change in expectations and signal the likelihood of further movement. A narrowing is a signal to act, while a widening is a signal to pause.
4. A flexible, multi-scenario strategy instead of fixed benchmarks.
Uncertainty about the amount of international aid in 2026 is the main long-term risk.
Follow the news with a cool head — ignore emotions and focus on facts, while developing strategies based on several different exchange rate scenarios (pessimistic, baseline, optimistic) and testing the asset structure in each of them.
5. Short-term speculation — only with precise timing.
In the EUR/UAH pair, the potential margin is still limited and the risk is high. If you do not have quick tools and access to “entry” positions with a minimal market premium, it is better to hold off.
6. Do not weaken control over the hryvnia’s share.
The hryvnia remains stable, but the accumulation of excessive hryvnia mass is undesirable. Keep only operational liquidity, and hold the rest in hedged or conservative currency instruments.
7. Currency liberalization is a signal, not an invitation to act.
The easing of currency restrictions is positive news for investors, but its effect will only be felt in the middle or at the end of the year. Consider this factor as a prospect, not as a justification for immediate action.
This material has been prepared by the company’s analysts and reflects their expert, analytical, and professional judgment. The information presented in this review is for informational purposes only and should not be construed as a recommendation for action.
The company and its analysts make no representations and assume no responsibility for any consequences arising from the use of this information.
All information is provided “as is,” without any additional guarantees of completeness, timeliness, or updates or additions. Users of this material should independently assess the risks and make informed decisions based on their own assessment and analysis of the situation from various available sources that they themselves consider sufficiently qualified.
Before making any investment decisions, we recommend consulting with an independent financial advisor.
REFERENCE
KYT Group is an international multi-service FinTech company that has been successfully operating in the non-bank financial services market for 16 years. One of the company’s flagship activities is currency exchange. KYT Group is one of the largest operators in this segment of the Ukrainian financial market, is included in the list of the largest taxpayers, and is one of the industry leaders in terms of asset growth and equity capital.
More than 90 branches in 16 major cities of Ukraine are located in convenient locations for customers and are equipped with modern equipment for the convenience, security, and confidentiality of each transaction.
The company’s activities comply with the regulatory requirements of the National Bank of Ukraine. KYТ Group adheres to EU standards of operation, with branches in Poland and plans for cross-border expansion into other European countries.
2025 is a special year for ProAgro Group — the company is celebrating its 20th anniversary in the field of business event organization. Under the ProAgro Events brand, the company has been creating events for two decades that not only reflect the current state of the agricultural market, but also shape its future.
ProAgro Events — a platform that transforms the industry
Over the past twenty years, ProAgro Events has established itself as one of the key communication platforms for agribusiness — a space where ideas are born, partnerships are forged, and strategic decisions are made.
Key achievements:
· 200 events — forums, summits, and business clubs that have facilitated thousands of successful deals.
· Over 50,000 participants — company executives, investors, agrarians, and innovators who are shaping a new quality of the market.
· Premium formats — from large-scale public forums to closed high-level strategic sessions.
Since 2005 — more than just events
ProAgro Events is not just an event organizer. It is a complete ecosystem for the development of the agricultural sector, the dissemination of innovative solutions, and effective interaction between the professional community.
The company implements multi-format approaches to organizing premium, results-oriented events.
Looking to the future: a new stage of development
Twenty years of experience is just the foundation for further growth. The company is already working on events that will influence the development of the agricultural sector in the near future.
The goal is to remain a leading platform for transformation, partnerships, and achievements in the industry.
ProAgro Grand Celebration — celebrating 20 years of ProAgro Events
We invite you to join us for a gala evening dedicated to the 20th anniversary of ProAgro Events.
This is a unique opportunity to celebrate this important event together with like-minded people and leading market representatives.
The program of the event includes:
· Performance by the outstanding Ukrainian singer JAMALA – a unique combination of vocal mastery and emotion;
· Musical accompaniment by the Eclectic Sound Orchestra – from classical pieces to jazz, blues, and contemporary compositions;
· Gift raffles and pleasant surprises for guests;
· An exquisite gastronomic program complemented by signature cocktails;
Opportunity for informal communication with leading industry representatives in an elegant atmosphere.
ProAgro Grand Celebration is not only a celebration, but also a thank you to all partners, customers, and participants who made this journey possible.
Join the event on the website: https://agro-ukraine-summit.com
See you at ProAgro Group events — where the future of agribusiness is being created.
IA Interfax-Ukraine — information partner of the event
According to OpenDataBot’s ranking of Ukraine’s largest employers by region, based on companies’ financial reports for 2023, DTEK Odessa Power Grids has become the largest employer in the Odessa region, providing jobs for more than 3,000 employees. The company specializes in the transmission and distribution of electricity and is part of the DTEK energy group owned by businessman Rinat Akhmetov (SKM group).
According to State Statistics Service and open sources:
Number of employees: about 3,200 (as of the end of 2023)
Revenue: UAH 6.9 billion (2023)
According to public statements, the company is investing in the modernization of power grids and the digitization of services. In 2023 alone, more than UAH 700 million was allocated to infrastructure upgrades and improving the reliability of power supply.
The average rate on long-term mortgage loans in the US rose by 6 basis points last week, hitting a high since late January amid rising US government bond yields. According to the Mortgage Bankers Association (MBA), the average interest rate on 30-year loans for home purchases of up to $806,500 for the week ending May 23 was 6.98% per annum, compared to 6.92% a week earlier.
A year earlier, mortgage rates stood at 7.05%. The number of mortgage applications in the United States fell 1.2% last week after a 5.1% decline the week before. Applications for new home purchases rose 2.7%, while applications for refinancing existing mortgages fell 7.1%.
