Farmak implementing seven projects thanks to participation in intl exhibitions
Public joint-stock company Farmak, a pharmaceutical company, is implementing seven projects thanks to participation in international exhibitions, Director for Development Oleh Siarkevych has said.
"We can conventionally say that thanks to participation in international exhibitions we are now implementing seven projects. Investment in one of the projects is averagely up to $7 million," he told Interfax-Ukraine.
In particular, commenting on the company's participation in the 28th pharmaceutical forum CPhI Worldwide 2017, which was held in Frankfurt (Germany) at the end of October, Siarkevych said that "at these exhibitions the company keeps an eye on the development of the global pharmaceutical market."
"At this exhibition our specialists held more than 450 meetings related to various areas of development of our company: business development in terms of licensing, strategic projects, logistics: deliveries of active substances and search for active substances for new projects. R & D specialists held meetings on development of synthesis of substances for a new plant in Shostka, meetings with companies involved in conducting clinical trials for our international projects. The production service experts held meetings on contract manufacturing," he said.
Siarkevych said that at present Farmak is looking for the possibility of contract production at production sites abroad.
"We are studying sites that specialize in contract manufacturing and can ensure the economic efficiency of ordered manufactured products. In Ukraine, there are currently no so-called "clean" and efficient contract manufacturers," the Farmak's development director said.
Asked about Farmak's interest in international markets, Siarkevych said that currently the company has several vectors on the global market.
"Of course, we are moving to the markets of the European Union and other markets. We brought a medicine to the Australian market in 2017. Now, together with the Australian partner, we are considering the possibility of registration of the drug in the markets of Southeast Asia - in South Korea, Taiwan, New Zealand and Indonesia," he said.
He said that localization of Farmak's production in some cases is the condition for entering the market.
"Everything depends on the country and the level of development of the pharmaceutical industry. In many countries this is a prerequisite for entering the market, for example, Algeria, Egypt. If there are no state requirements for localization, then one must take a region or country in the region where through the localization of drugs production the expansion into nearby markets is possible. For example, localizing production in Vietnam, one can enter the ASEAN markets [Association of Southeast Asian Nations]," he said.