Business news from Ukraine

UKRAINIAN FARMAK RAISES SHARE OF EXPORTS IN SALES TO 30%

Farmak pharmaceutical company (Kyiv) in 2020 increased the share of exports to 29.6% in total sales.
According to the company’s press release, export deliveries increased by 40% by the end of the year.
Farmak exports its products to the EU, Central and South America, the CIS, the Middle East, Asia, and others – a total of 35 countries around the world.
As the company notes, with the onset of the pandemic, the demand for drugs used in the complex therapy of patients with COVID-19 has grown sharply around the world. In particular, the matter concerns corticosteroids, relaxants, analgesics, antibiotics, as well as drugs for anesthesia and sedation, which are necessary when connecting patients to ventilators.
“A number of such drugs by Farmak have been exported to Israel, Great Britain, Sweden, France, Germany, Poland, Australia, New Zealand, Mexico and Singapore, as well as shipped for the WHO use,” the company said.
Farmak production lines, besides national ones, have European GMP (Good Manufacturing Practice) certificates. This allows products to be sold in countries with particularly stringent regulatory requirements.
“Now we are preparing to undergo FDA inspection to enter the U.S. market. Our strategic goal is to increase the share of exports in total sales to 40%,” Volodymyr Kostiuk, the executive director of the company, said.
Farmak is the leader of the Ukrainian pharmaceutical market, it produces medicines in all 14 therapeutic groups. Annually it introduces to the market about 20 new complex component modern drugs. Currently, there are about 100 drugs in development.
Farmak is a member of the Manufacturers of Medications of Ukraine association.

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FARMAK TO GRANT $500,000 FOR DEVELOPMENT OF KYIV SCHOOL OF ECONOMICS

Farmak pharmaceutical company, within the framework of a strategic partnership with the Kyiv School of Economics (KSE), will allocate $ 500,000 for the development of KSE.
According to a press release from the pharmaceutical company, in particular, the funds will be used to equip a new campus, as well as to strengthen existing and launch new educational areas, including training bachelors.
“By supporting such projects, we are contributing to the achievement of the Global Sustainable Development Goals, one of the tasks of which is to improve the quality of higher education and ensure its close connection with science,” Executive Director of Farmak Volodymyr Kostiuk said.
The press release notes that Farmak supports not only KSE, but also other educational initiatives, including the Minor Academy of Sciences, publishes books about Ukrainian scientists. The company’s own scientific potential (150 scientists, 42 candidates of sciences, five doctors of sciences and an innovative R&D complex) allows providing a high level of academic expertise.
“The decision of Farmak company testifies that Ukrainian business is entering a new level of corporate social responsibility, and this should become an example for others. Thanks to the support of companies such as Farmak, we are preparing the ground for a strong and innovative Ukrainian economy,” President of KSE Tymofiy Mylovanov said.
Farmak is the leader of the Ukrainian pharmaceutical market, produces medicines in all 14 therapeutic groups. Annually it introduces to the market about 20 new complex component modern drugs. Currently, there are about 100 drugs in development. It exports products to more than 25 countries around the world.

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FARMAK INCREASES CAPITAL INVESTMENTS BY 78% IN 2020

The pharmaceutical company Farmak increased capital investments by 78% in 2020 compared to 2019, to UAH 1.3 billion.
According to the company’s press release, the main investment projects last year are the launch of a new workshop for the production of sterile drugs and the start of construction of an R&D center, which will develop modern complex component drugs.
Farmak’s research and development expenditures in 2020 amounted to UAH 448 million.
In addition, the company’s funds were used to modernize and equip existing sites, bring production facilities in line with FDA (U.S. Food and Drug Administration) requirements, energy saving projects, develop a laboratory complex, and implement IT projects to automate business processes.
The company also said that in 2020 Farmak paid UAH 712.1 million in taxes, and the number of employees for the specified reporting period increased to 2,761 people.
Farmak is the leader of the Ukrainian pharmaceutical market, produces medicines in all 14 therapeutic groups. Annually, the company introduces to the market about 20 new complex component modern drugs. Currently, there are about 100 drugs in development. The company exports products to more than 25 countries around the world.
Over the past five years, Farmak’s investments in the scientific and technical complex, production equipment, and research activities amounted to UAH 3.4 billion.
JSC Farmak is a member of the Association of Manufacturers of Medications of Ukraine (AMMU).

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FARMAK RAISES CAPITAL INVESTMENTS BY 78% IN 2020

The pharmaceutical company Farmak increased capital investments by 78% in 2020 compared to 2019, to UAH 1.3 billion.
According to the company’s press release, the main investment projects last year are the launch of a new workshop for the production of sterile drugs and the start of construction of an R&D center, which will develop modern complex component drugs.
Farmak’s research and development expenditures in 2020 amounted to UAH 448 million.
In addition, the company’s funds were used to modernize and equip existing sites, bring production facilities in line with FDA (U.S. Food and Drug Administration) requirements, energy saving projects, develop a laboratory complex, and implement IT projects to automate business processes.
The company also said that in 2020 Farmak paid UAH 712.1 million in taxes, and the number of employees for the specified reporting period increased to 2,761 people.
Farmak is the leader of the Ukrainian pharmaceutical market, produces medicines in all 14 therapeutic groups. Annually, the company introduces to the market about 20 new complex component modern drugs. Currently, there are about 100 drugs in development. The company exports products to more than 25 countries around the world.
Over the past five years, Farmak’s investments in the scientific and technical complex, production equipment, and research activities amounted to UAH 3.4 billion.
JSC Farmak is a member of the Association of Manufacturers of Medications of Ukraine (AMMU).

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PHARMACEUTICAL COMPANY FARMAK INTENSIFYING DIGITALIZATION DEVELOPMENT

The pharmaceutical company Farmak (Kyiv) is intensifying the development of digitalization in order to scale up its business and build up its presence in world markets.
“Farmak is one of the largest exporters of domestic medicines. To scale up the business and build up its presence in the world, the company digitalizes all production and management processes. A transparent IT system for reporting, budgeting, production planning, sales, workflow, personnel assessment and training has been implemented at Farmak,” the company said in a press release.
According to Chief Information Officer at Farmak Denys Krestov, Farmak focuses on deep industrial digitalization processes.
“We are gradually switching to electronic quality certificates, electronic research protocols, electronic dossiers, e-serialization of products, and so on. Every day the system administration department maintains 30 physical platforms and more than 150 virtual ones that support the operation of business applications,” the company’s press service said, citing Krestov.
Farmak is the leader of the Ukrainian pharmaceutical market, produces medicines in all 14 therapeutic groups.
Over the past five years, Farmak’s investments in the scientific and technical complex, production equipment, and research activities amounted to UAH 3.4 billion.
JSC Farmak is a member of the Association of Manufacturers of Medications of Ukraine (AMMU).

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PHARMACEUTICAL COMPANY FARMAK STANDS FOR MUTUAL RECOGNITION OF RESULTS OF GMP INSPECTIONS WITHIN UKRAINE-EU DIALOGUE

The pharmaceutical company Farmak (Kyiv) stands for mutual recognition of the results of good manufacturing practice (GMP) checks in production of medicines within the framework of the Ukraine-EU industrial dialogue. “A key prerequisite for realizing cooperation opportunities between the Ukrainian and European pharmaceutical sectors is to update the scope of the future ACAA agreement (Agreement on Conformity Assessment and Acceptance of Industrial Goods) with the EU. First of all, to include provisions on the mutual recognition of the results of audits of good manufacturing practice in the pharmaceutical sector (GMP),” Yevhenia Piddubna, the director for corporate communications at Farmak, told Interfax-Ukraine.
She also noted the high potential for the participation of the Ukrainian pharmaceutical industry in the diversification of European supply chains for critical medicines in the face of the COVID-19 pandemic.
Farmak is one of the oldest pharmaceutical companies in Ukraine, specializing in the production of modern high-tech drugs. At the company’s production sites, a pharmaceutical quality system has been introduced and it is constantly being improved in accordance with the current regulatory requirements and in accordance with international standards: ISO, GMP (Good Manufacturing Practice). The company undergoes several international inspections and audits annually.
The company is included in the top 100 largest taxpayers in Ukraine. In 2020, Farmak paid taxes totaling more than UAH 712 million, including UAH 120 million to the Kyiv city budget.
Farmak is a member of the Manufacturers of Medications of Ukraine association.

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