In Focus (#03 March 2017)

Forward-thinking Industry

Given the sharp depreciation in the Ukrainian national currency, the medicines market  has been set back in nominal US-dollar terms by 5 years. However, the market is demonstrating significant growth in Ukrainian hryvnya terms. Basically, domestic pharmaceutical producers increased their share of the retail medicines market. As a result, we now observe a stepping up in promotion and advertising to facilitate growth in sales. At the same time, public demand for lower-cost treatment is obviously not a fundamental advantage for sustainable growth. Foreign market players appear to react and compete with a new range,  innovation capacities and a socially responsible approach towards business.

As we may assume, changes resulting from reforms are not expected to appear very soon. However, small victories can already be seen on the ground. At least, the procurement of medicines via international organizations has reduced corruption in the field.

Nevertheless, the pharmaceutical industry will be heavily influenced by upcoming healthcare reform and regulation of competition on the market, cost control efforts, ongoing industry consolidation.

There is room for considering by stakeholders. Our current issue can make a useful contribution with a portion of analysis and views, and to enable sector participants seeking intelligence to predict and manage business risks and, at the same time, develop a certain forward-thinking vision.



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