New Market Research Report: Ukraine Pharmaceuticals & Healthcare Report Q3 2016

Wide-scale changes to the regulatory environment of Ukraine's pharmaceutical sector will increase its attractiveness to multinational pharmaceutical manufactures. The introduction of reference pricing will aid in improving medicine affordability and accessibility, driving increased demand, while changes to medicine registration will reduce market access barriers.

Headline Expenditure Projections

Pharmaceuticals: UAH46.8bn (USD2.14bn) in 2015 to UAH52.1bn (USD2.11bn) in 2016; +11.2% in local currency terms and -1.1% in US dollar terms. Forecast revised downwards compared to the previous quarter .

Healthcare: UAH103.1bn (USD4.70bn) in 2015 to UAH101.9bn (USD4.13bn) in 2016; -1.2% in local currency terms and -12.1% in US dollar terms. Forecast revised downwards compared to the previous quarter .

Full Report Details at
- http://www.fastmr.com/prod/1197569_ukraine_pharmaceuticals.aspx?afid=301

Risk/Reward Index

In Q316, Ukraine is ranked as the 14th most attractive market in the Central and Eastern Europe region, scoring 48.8 out of 100 and moving up by two positions. Ukraine's score is still under pressure due to the perilous condition of the country's economy, the depreciation of the local currency against the dollar and the bleak short-term outlook.

Key Trends & Developments

The introduction of a reference pricing mechanism and a simplified medicine registration system bodes well for the outlook of Ukraine's pharmaceutical market. In accordance with a draft bill by the Ministry of Health (MoH), which gained approval from Ukrainian parliament on May 31, the process of registration for medicines already approved abroad has been simplified.

Medicines that have been registered by the competent authorities of the US, Switzerland, Japan, Australia, Canada and the EU will have a streamlined registration process, eliminating the need for a full assessment of the drug by Ukrainian authorities. BMI views the move as a step forward to an improved working environment in the country, which should increase market access to multinational pharmaceutical firms.

Recently the Ministry of Health also announced the draft resolution 'On The Reference Pricing Of Medicines' with the change coming into effect on October 2016 if passed by the parliament. This proposal outlines changes to wholesale medicines prices based on a basket of CEE countries: Bulgaria, Moldova, Poland, Czech Republic, Latvia, Hungary and Serbia. The wholesale price of pharmaceutical products must be 20% less than the reference price calculated from the basket.

BMI Economic View

The resolution of Ukraine's political crisis paves the way for a return to moderate economic growth in the next two years, as political stability and structural reform progress bodes well for a recovery in private investment. Additionally, a return to positive real wage growth and higher disposable income resulting from tax cuts will lead to an upswing in private consumption.

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