Business news from Ukraine

UKRAINIAN PHARMACEUTICAL COMPANY FARMAK INCREASES SALES, KEEPS POSITION OF INDUSTRY LEADER

PJSC Farmak (Kyiv), one of the three leaders of the Ukrainian pharmaceutical industry, in the first half of 2018 increased pharmacy sales by 17.4%, to UAH 2.232 billion. According to a press release of the pharmaceutical company, with reference to a study by Proxima Research, thus, Farmak for the eighth consecutive year has been leading the rating of marketing organizations in the pharmaceutical market of the country in January-June 2018.
As reported, Farmak in January-March 2018 increased sales of medicines by 18.35% compared to the same period in 2017, to UAH 1.1 billion.
In 2017 Farmak raised sales in the retail pharmaceutical market of the country by 21% in monetary terms. Its net profit increased by 29.9%, to UAH 839.09 million.
Over the past seven years, the company has allocated UAH 2.8 billion for the development and modernization of production.
PJSC Farmak exports its products to 20 countries. The company’s portfolio includes 220 product dossiers. Annually, it brings to the market up to 20 new medicines.

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PHARMACEUTICAL COMPANY FARMAK MULLING ACQUISITION OF COMPANY IN EUROPE

Public joint-stock company Farmak, the pharmaceutical company of Ukraine of the top three largest companies in the country, is mulling the possibility of acquiring a pharmaceutical company in Europe, acting CEO Volodymyr Kostiuk has said. “Now we are looking for a company which could be bought,” he told reporters.
Kostiuk said that this is the acquisition of an industrial company or a company with a product portfolio in Europe.
“Poland was the first step. Now we are looking at Hungary and Croatia. There is a concrete targeted profile. We are trying to meet it and select companies-candidates,” he said.
Kostiuk said that Farmak does not set the terms for acquiring the company and behaves thoughtfully regarding the cost of the asset.
“We are not in a hurry. We want to find the company that meets our plans as fully as possible,” he said.
In turn, Farmak Technical Director Andriy Hoi did not rule out that production of cancer treating medicines will be organized at the facilities of Farmak.
“These are very expensive medicines. They have a high production cost. These are highly active medications. Having several cancer treating medicines in our portfolio, including from post-Soviet solutions, we are working with leading Western companies regarding the localization of production of these medicines. We are thinking on starting a separate production line in the medium term outlook and a separate line of highly active medications,” he said.

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PHARM COMPANIES TO INCREASE INVESTMENT IN INNOVATION AND QUALITY

Pharmaceutical companies at the global level will increase investment in innovation and support for a high level of quality of medicines, international expert in GMP Wolfgang Schumacher has said. “In the early 1990s there was rather a broad understanding of what quality is. Over the years, this understanding has become more formulated and detailed, supported by more stringent rules and regulatory government policies,” he told Interfax-Ukraine as part of a master class “Integrity of Data for Laboratories and Production” for employees of Farmak Pharmaceutical Company (Kyiv) involved in the pharmaceutical quality system.
According to the expert, now, due to the presence of an increasing number of regulatory requirements, the concept of “quality of medicines” is also becoming increasingly regulated. “Back in the 1990s, we could produce a quality product without having a large number of regulatory requirements, but in recent years the requirements have become more detailed. New regulatory documents are issued. New regulatory documents are about ten times larger than the previous ones,” he said.
At the same time, Schumacher stressed that increasing the number of regulatory requirements obliges pharmaceutical companies that comply with GMP standards to strengthen the training of new personnel in GMP, including those related to legislative requirements that are not specified in the documents. According to him, European pharmaceutical companies pay more attention to quality than, in particular, American companies, despite the fact that the U.S. market has more regulatory requirements.
“European pharmaceutical companies are most focused on quality products. The American market is more documented, with lower quality in its products. In the U.S. market the documentation and the process of documenting are better than in Europe, but in practice there is not everything as good as in Europe,” he said.
At the same time, the expert noted Farmak’s responsible approach to the issues of quality and innovation. “It is very noticeable that the Farmak team is dedicated to its work and very motivated, which is very good. The life of each company lies in its team,” the expert said. The expert also noted that small and medium-sized pharmaceutical companies are “more pragmatic in their approach to quality, while large companies very often follow the rules.”
According to the expert, priority investments in quality are “investments that help develop people, and “it is necessary to invest in the motivation of the team.” “I think that Ukraine will face the same problems that other countries faced as well. Attracting personnel will be more expensive than buying equipment,” he said. At the same time, the expert noted the high expenses for innovation that pharmaceutical companies have to bear.

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FARMAK PHARMACEUTICAL PRODUCER SEES NET PROFIT RISE BY ALMOST 30% IN 2017

PJSC Farmak, the Ukrainian pharmaceutical producer, saw its net profit rise by 29.91%, to UAH 839.09 million in 2017 against UAH 677.202 million in 2016, the company reported in the information disclosure system of the National Commission on Securities and the Stock Market. The company shareholders plan to discuss the results of the company’s work at a general meeting scheduled for April 19. The company’s assets for the period increased by 11%, to UAH 4.86 billion.
According to the state register, the ultimate beneficiary owner of PJSC Farmak is head of its supervisory board Filia Zhebrovska. As reported, in 2017 Farmak increased sales in the retail pharmaceutical market by 21% in monetary terms.
PJSC Farmak is a Ukrainian manufacturer of medicines at the European level, the leader of the pharmaceutical market of Ukraine in terms of sales. Farmak exports products to 20 countries. The company’s portfolio includes 220 product dossiers. Annually the company brings up to 20 new products to the market.