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EBRD extends €15 m loan to boost R&D of Ukraine’s leading pharmaceutical producer
The European Bank for Reconstruction and Development (EBRD) decided to extend a 15-million-euro loan to Ukraine’s leading pharmaceutical producer Farmak.
Ukraine’s market leader in pharmaceuticals manufacturing, PJSC Farmak, will take a big step forward in its development thanks to the EBRD loan.
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 specialized 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 modernization 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 percent 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 Center for Climate Change (FINTECC) program 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. This project was supported by funds from the European Union.
The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost €13.6 billion through 432 projects in the country.
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