pharmaceutical market in ukraine

Ukraine has a population of almost 46.6 million. In Europe it is considered to be one of the larger countries on the continent. This reason alone makes Ukraine stand out as a potentially large and lucrative pharmaceutical market. According to figures obtained from the US Department of Commerce’s BISNIS service, the pharmaceutical market in Ukraine is expanding extremely fast. It is believed that this growth in the industry is not just due to the development of the local pharmaceutical enterprises but also due to the drugs imported into Ukraine.

Despite the development of local pharmaceutical manufacturing units, the development in locally manufactured drugs is below par to those imported into the country. This is because the domestic manufacturing units are extremely small and focus only on the production of older drugs. Also, despite having obtained GMP certificates, these pharmaceutical manufacturers can compete with the drugs imported only in terms of price. Thus, it can be seen that it is necessary for Ukraine to import drugs from foreign manufacturers to make up for the shortfall of the medicines in the local market. Latest statistics have confirmed that the annual supply of medical products imported into the country is much below its actual requirement. Hence, exporting and marketing of foreign medical products to Ukraine would be an extremely feasible and paying proposition.

It is however important to remember that, before importing any foreign pharmaceutical product into the country, it is essential to register said product with the State Health Ministry. An amendment to the Law of Medicines in 2006, has been set up to provide protection of pharmaceutical data (which is submitted for marketing approval) from unfair commercial use. However, one needs to keep in mind that despite this there are grave concerns that intellectual property rights are not being enforced

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