Ukraine’s market leader in pharmaceuticals manufacturing, PJSC Farmak, will take a big step forward in its development thanks to an EBRD loan of up to €15 million.
The financing will boost research and development (R&D), which will help promote innovation, best industry practices and stimulate competition among domestic pharmaceutical manufacturers.
Energy efficiency improvements including the introduction of an integrated automation and energy management system and the reconstruction of specialised equipment will make Farmak more competitive domestically and internationally.
The 5-year EBRD loan will be used to support the expansion of Farmak’s production of liquid dosage forms and the modernisation of its laboratories.
The increased R&D and manufacturing capacity will help Farmak develop and produce its own new drug formulations, meet relevant EU standards and thus to compete on international markets and boost its exports.
The Ukrainian pharmaceutical market grew by over 27 per cent in Ukrainian hryvnia terms in 2018 alone and significant potential for further expansion remains. Farmak is well-placed to benefit from this trend and offer affordable high-quality medicines to domestic consumers.
The loan was supported by the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme with a grant of €30,643, which covered the energy audit of Farmak’s production facilities. FINTECC is designed to transfer technology in the area of climate change mitigation and adaptation.