Ukraine drug imports declined by almost 30% in 2014

Drug imports to Ukraine in 2014 decreased by almost 30%, compared to 2013, according to the Ukrainian State Service on Drugs.

This is mainly due to the increase of prices caused by the devaluation of the Ukrainian currency – hryvnia.

The same position is endorsed by Vladimir Ignatov, executive director of the Association of International Pharmaceutical Manufacturers in Ukraine, who comments: “There are several reasons of the current situation in the Ukrainian pharmaceutical market. On the one hand, we lost the Crimea and we have a military conflict in the eastern part of the country. On the other hand, everyone understands that the value of both imported finished products and components for the production of drugs in Ukraine has increased due to devaluation of the local currency, which declined by more than 100%. Also the government introduced a value-added tax on drugs as well as drug imports, which also contributed to the increase of drug prices.”