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• Title: Ukraine: Big Potential, Risky Environment: Sarah Carey, Senior Partner at International Law Firm Squire, Sanders & Dempsey LLP, and Co-Ordinator of the Firm's CIS Practice, Discusses the Positive and Negative Aspects of the Pharmaceutical Business in Ukraine (Country Survey) (Report)
• Author : Pharma
• Release Date : January 01, 2008
• Genre: Chemistry,Books,Science & Nature,
• Pages : * pages
• Size : 82 KB

Description

As the second largest of the former Soviet states, with a population of around 50 million and with an underserved demand for pharmaceutical products, the Ukrainian pharmaceutical market holds great potential for both trade and investment. Market growth is restrained by the lack of a national medical insurance system and the low purchasing power of consumers, but both of these conditions are likely to be addressed, the former by proposed legislation and the latter by the overall growth of the economy. Ukraine's recent accession to the WTO will strengthen the position of importers, and compulsory implementation of the European Union's GMP (Good Manufacturing Practice) standards, starting in January 2009, will encourage foreign investors. These developments should compensate for the fact that the general level of investment risk in Ukraine remains among the highest in the CEE region (Ukraine ranks last among the 15 countries in Emerging Europe, despite its robust growth). Ukraine's pharmaceutical market is estimated to be worth $1.9 billion, 70% of which comprises the retail market. By 2010, the market is expected to triple, to $3.8-3.9 billion, with an average growth of 25% annually. Locally produced generic drugs account for around two thirds of spending but account for only 30% of retail sales, reflecting the lower price of these products (which on average cost just one sixth of the price of foreign imports). Pharma imports accounted for $1.4 billion in 2006 (a one third increase compared with the previous year) and were up by 37% year-on-year in the January--October 2007 period. Medicine consumption reached $47.6 per person in 2007 (compared with $33.79 in 2006 and $26.4 in 2005), at an average retail price of $1.77. The major supplier countries are Germany and India; Hungary, Austria, France and Slovenia also sell product into Ukraine. Imports are expected to increase further when and if the procurement practices of state hospitals and agencies are reformed.

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