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Issue: 12 2015 UPharma Consulting is a consulting company, operating in the healthcare and pharma sectors. Our clients - pharmaceutical companies, pharmacy chains, distributors, investment funds, banks, and other stakeholders in the healthcare sector.

UPharma Consulting, Kiev

www.upharma-c.com / mailbox@upharma-c.com


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MACROECONOMIC ENVIRONMENT Table: Key macroeconomic indicators in Ukraine (Jan-Nov 2015)

Jan

Feb

Mar

Apr

May

2015 Jun

Jul

Aug

Sep

Oct

Nov

3.35

3.23

3.13

MACROECONOMIC INDICATORS GDP (bn USD) GDP growth, % y-o-y

Export of goods (bn USD) Export growth, % y-o-y

Import of goods (bn USD) Import growth, % y-o-y

Industrial production sales (bn USD) Industrial production growth, % y-o-y

Retail turnover of enterprises (bn USD) Retail turnover growth, % y-o-y

Unemployment rate Average salary (USD)

Q1

Q2

Q3

17.353

20.795

25.552

-51%

2.98 -32%

3.01 -34%

6.01 -41%

1.97 -50%

-35%

2.99

3.45

-37%

-32%

2.86

3.17

-41%

-35%

4.56

5.51

-54%

-45%

1.44

1.61

-61%

3.07 -39%

2.86 -38%

5.91 -33%

1.66

2.94 -41%

2.63 -46%

5.65 -38%

1.94

-26%

3.09 -30%

2.76 -37%

5.79 -35%

1.83

3.15 -34%

2.98 -34%

5.71 -33%

1.94 -41%

3.09 -22%

3.88 -2%

5.42 -23%

1.88

-22%

3.24 -30%

5.72 -20%

1.86

-23%

3.22 -27%

6.29 -21%

2.04 -31%

-21%

3.07 -27%

5.92 -19%

1.80

-56%

-40%

-35%

-38%

-32%

-38%

2.0

2.0

1.9

1.8

1.8

1.7

1.6

1.6

1.5

1.5

1.6

-33%

218

148

166

176

193

202

202

194

199

207

193

24.5 27.8

23.3 25.3

22.7 24.5

20.9 23.3

21.2 23.8

21.8 23.9

21.6 24.0

21.8 24.5

21.8 24.6

23.31 25.07

13.37

9.01

13.79

12.2

11.7

OFFICIAL CURRENCY EXCHANGE RATE UAH/USD UAH/EUR

15.8 18.5

PHARMACEUTI CAL INDUSTRY INDICATORS Export of pharma products (mio USD) Pharma Export growth, % y-o-y

Import of pharma products (mio USD)

11.79 -1%

90.2

12.05 114.5

Pharma Import growth, % y-o-y

-49%

Pharma retail sales, values (mio USD)

239.8

Retail sales in values growth, % y-o-y

-41%

-54%

Pharma retail trade, volumes (mio units)

132.4

143.9

Retail sales in volumes growth, % y-o-y

WACP, USD

-21%

1.95

13.46

13.00

15.36

13.85

-50%

-44%

-39%

-39%

-6%

103.3

103.7

-42% -47%

177.0

-67%

-36%

-60%

197.6

180.0

193.0

-47%

141.5

-15%

1.81

84.2

-21%

1.24

-40%

122.6 -20%

1.41

-28%

124.5 -11%

1.47

115.0 -44%

177.7 -29%

118.4 -9%

1.52 -21%

106.5 -47%

172.6 -32%

119.5 -10%

1.48

-54%

93.3 -47%

177.1 -24%

122.5 -8%

1.45

-47%

121.1

-37%

-52%

147.14

141.25

-31%

-28%

-24%

193.2

206.3

196.6

-28%

126.7 -11%

1.52

-26%

130.2 -5%

1.58

-20%

129.0 -4%

1.52

WACP growth, % y-o-y

-21%

-22%

-40%

-27%

-23%

-23%

-18%

CPI of Ukraine Pharma products CPI

128.5

134.5

145.8

160.9

158.4

157.5

155.3

152.8

151.9

146.4

138.1

149.2

155.5

170.3

164.7

159.5

153.5

151.8

149.4

145.8

142.1

146.6

Local companies share, values, %

38.7

38.5

39.6

40.7

41.5

41.7

41.8

41.4

41.4

41.4

41.7

Local companies share, volumes, %

74.9

75.2

77.1

77.6

77.6

77.9

78.4

78.2

76.5

75.7

75.8

-19%

-22%

-18%

Description of the indicators:

Pharmaceutical Industry Indicators

Macroeconomic Indicators

Export of pharma products is an export of goods related to the group “Pharmaceutical products” under the Ukrainian Classification of Goods for Foreign Economic Activities. Initially calculated in USD. Source: State Statistics Service of Ukraine.

GDP (Gross Domestic Product) is an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs) calculated in current prices. Converted from UAH to USD in accordance with an average official NBU exchange rate in the corresponding period. Hereinafter: excluding the temporarily occupied territory of the Autonomous Republic of Crimea and City of Sevastopol, as well as the part of zone of the antiterrorist operation. Source: State Statistics Service of Ukraine. Export of goods is a sale of goods by Ukrainian subjects of foreign economic activities to foreign subjects of foreign economic activities (including non-cash payment) with or without exportation of these goods through the customs border of Ukraine, including the re-export of goods. Initially calculated in USD. Source: State Statistics Service of Ukraine. Import of goods is a purchase (including non-cash payment) of goods by Ukrainian subjects of foreign economic activities in foreign subjects of economic activities with or without the importation of these goods into the territory of Ukraine, including the purchase of goods for domestic consumption by establishments and organizations of Ukraine located abroad. Initially calculated in USD. Source: State Statistics Service of Ukraine. Industrial production sales is the value of industrial goods, which are actually shipped in the period, as indicated in documents decorated as the basis for calculating with the buyer (customer), regardless of income payments for them. Converted from UAH to USD in accordance with an average official NBU exchange rate in the corresponding period. Source: State Statistics Service of Ukraine.

Import of pharma products is an import of goods related to the group “Pharmaceutical products” under the Ukrainian Classification of Goods for Foreign Economic Activities. Initially calculated in USD. Source: State Statistics Service of Ukraine. Pharma retail sales are retail sales of different product categories of “pharmacy basket” (drugs, medical devices, cosmetics and food supplements) in values and volumes. Converted from UAH to USD in accordance with an average official NBU exchange rate in the corresponding period. Source: Morion. WACP (Weighted average cost of a pack) is a ratio of pharma retail sales in values to pharma retail sales in volumes. CPI (Consumer price index) is an indicator of changes at the time of prices and tariffs for commodities and services being purchased by the population for unproductive consumption calculated to corresponding month of previous year. Source: State Statistics Service of Ukraine. Pharma products CPI is a Consumer price index of “Pharmaceutical products, medical products, appliances and equipment” group calculated to corresponding month of previous year. Source: State Statistics Service of Ukraine. Local companies share is the share (percent) of sales related to Ukrainian companies in overall pharma retail sales in values and volumes. Source: Morion

Retail turnover of enterprises is the value of consumer goods sold via retail trade and restaurants to the population by all operating enterprises. It also includes direct retail sales by industrial, transport and other non-trade enterprises. In addition, retail turnover includes retail sales of food products to departments, organizations and enterprises to provide meals to the people they serve (at sanatoria, children’s care institutions, hospitals, etc.). Reflected in current prices. Converted from UAH to USD in accordance with an average official NBU exchange rate in the corresponding period. Source: State Statistics Service of Ukraine. Unemployment rate is a ratio (percent) of the unemployed registered at the State Employment Service to the average annual population of working age. Source: State Statistics Service of Ukraine. Average salary is an average value of remuneration in cash and in kind paid to employees for time worked or work done. Converted from UAH to USD in accordance with an average official NBU exchange rate in the corresponding period. Source: State Statistics Service of Ukraine. Official currency exchange rate is the rate established by the National Bank of Ukraine under which Ukrainian national currency – UAH (Ukrainian hryvnia) will be exchanged for foreign currency (USD or EUR). Calculated as average value in the corresponding period. Source: National Bank of Ukraine.

Ukrainian Pharmaceutical Market Monthly: December 2015


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260 240

160

239.8

220 200

mio USD 143.9

132.4

180

180.0 122.6

160 140 120 100

177.7 124.5 118.4

172.6 119.5

177.1 122.5

126.7

130.2

196.6 129.0

Feb

Mar

Apr

May

5.51

6

5.91

5.65

5.80

Jul

Aug

Sep

Oct

Retail turnover of enterprises 6.29 5.71

5.43

1.94 1.61

5.72

5.92

1

1.66

1.83

1.94

1.88

1.86

1.80

3.0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

11.79

4 2 0

1.5

1.0

103.4 90.2

20 15 10 5

0.0

0

13.75

106.6

103.7 84.3

147.1

Export & Import, mio USD

128.5

19.26

Mar

28.95

29.52

24.48

11.70

120 100 80

Export

60 40

Import

20

Feb

134.5

160 140

93.3

Ukrainian Internation trade in pharma production Jan-Nov 2015

141.25

122.2 12.20

9.01

115.0

35

0.5

Nov

12.05

13.85

13.46 13.00

114.5

30

Jan-Nov 2015, bn USD

Feb

13.37

Jan

2.0

2.04

0

Jan

6

2.5

Industrial production sales & Retail turnover of enterprises surplus

2

8

25

1.97 1.44

12

Nov

4.56

5

130

100

Jun

14

10

110

Industrial production sales 6.01

140

120

Values (mio USD) & Volumes (mio units) Jan-Nov 2015

7

3

193.2

193.0

Pharma retail sales Jan

4

150

206.3

197.6 177.0

15.36

16

mio units

141.5

18

145.8

Apr

May

Jul

Aug

Sep

Oct

Nov

180

160.9

26.92

Jun

158.4

157.5

25.48

24.91

20.92

21.23

155.3

152.8

151.9

26.09

25.91

26.14

21.76

21.63

21.78

146.4

24.56

146.6

160

25.07

140 120

23.26

22.71

21.84

23.31

100 80

15.81

UAH/USD

UAH/EUR

CPI of Ukraine

60

OFFICIAL CURRENCY EXCHANGE RATE

40

+Consumer Price Index

20

Jan-Nov 2015 Jan

Feb

0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

KEY ECONOMIC EVENTS »» »» »» »» »» »» »» »»

On Dec 25, the 2016 Draft Budget and the Tax Code were approved by the Ukrainian parliament. The compromise version of the Tax Code foresees the cut of payroll tax from 37% to 20%, decrease of personal income tax from 18% to 15%, enterprise profit tax and VAT are to remain unchanged, 17% and 20% respectively. Preference VAT rate for drugs is also to maintain its reduced rate of over 7%. The 2016 Budget deficit is projected at 3.7% of GDP, with UAH 601.4 bn revenues. Spending cuts targeted education and healthcare, while increases were earmarked for the army, police and housing. Ukraine PM indicated seven main tasks for Ukraine in 2016, which are: reforming secondary school education, reforming health care, conducting privatization of state enterprises, implementing tax reform, extending decentralization, fulfilling the EU free trade area and implementing the EU visa-free regime. These goals were agreed with the American Chamber of Commerce in Ukraine, Mr. Yatsenyuk said. The IMF mission made a decision to change its landing policy in Ukraine’s favor, meaning it will continue provision of tranches to Ukraine, despite its Russian USD 3 bn Eurobond debt. The Russian officials did not approved the decision, saying Russia is willing to defend its interests in court. The date of the next IMF tranche arrival is still uncertain as its officials still need to study Ukraine’s Budget, the Minister of Finance said. Despite the Budget submitted to the parliament met all IMF requirements, it is still unclear how the IMF will evaluate the amendments made to it, Mrs. Jaresko stated. Industrial production fell 4.9% y-o-y in Nov, with slight improvement in machinery production (4% y-o-y). Lugansk region showed 61% y-o-y surplus in production growing. Sales of industrial production fell 19% y-o-y in Nov. Agreement between Ukraine and the EU on the deep and comprehensive free trade zone is to enter into force since Jan 1, 2016. The agreement will eliminate 97% tariffs on Ukrainian goods and reduce the average tariff on Ukrainian exports from 7.6% to 0.5%. Subsequently, since Jan 2, 2016, Ukraine exits the free trade zone with Russia and reduces duties on all Russian products. Ukraine’s Economy Ministry introduced the embargo of some Russian goods to be in force since Jan 10, 2016, as a response to Russia’s cancelation of its free trade area with Ukraine and imposition of embargo on Ukrainian agriculture and food products. Ukraine’s embargo will relate to Russian food and beverages, some detergents, fertilizers and plant protectors, railway equipment and diesel locomotives.

Ukrainian Pharmaceutical Market Monthly: December 2015


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MARKET & COMPANIES NEWS Pharmaceuticals and medicine are among the most perspective fields in Ukraine for foreign investors In the nearest future, the pharmaceutical industry and medicine are to be among TOP-5 industries, foreign investors will consider as the most attractive ones, “Economic truth” publication states. Last year the capital investments in pharmaceutical companies increased by 19.7% y-o-y. Foreign investors note the presence of good staff potential, relatively free market and government programs to support businesses in the pharmaceutical field, “Concorde capital” investment company director Igor Mazepa said. They also deem Ukrainian production capacities have considerable potential for the extension being able to produce a wide range of products according to the latest world standards. “Arterium” is developing drugs for military and emergency medicine “Arterium corp.” started development of drugs, which could be used is military and emergency medicine considered as perspective. As the development stage could take 3-4 years, the company does not forecast an approximate date of the drugs launching. After the company’s hemostatic drug Tramix (tranexamic acid) had been launched in late 2014, its sales were estimated at 9 ths units, in volumes. “Arterium’s” drugs are actively used in the antiterrorist operation zone, as the company gratuitously supplies preparation to the needs of military hospitals, “Arterium’s” officials stated.

“Arterium corp.” is the 4th company on Ukrainian pharmaceutical market, a portfolio of which consists of 148 generic and several novel drugs in 11 of 14 ATC groups. GlaxoSmithKline is creating the CIS cluster GlaxoSmithKline announced that since January 1, 2016, the company’s representatives in Azerbaijan, Georgia, Kazakhstan and Middle Asia (Uzbekistan and Kirgizstan) are subordinated to Regional General Director of GSK in Ukraine and BMA (Belarus, Moldova, Armenia) Serkan Yagcioglu. Therefore, the new CIS cluster will be created in MENA/CIS (Middle East, North Africa and CIS) region; which gives the opportunities for mutual support between the offices in the countries included. As the markets of Azerbaijan, Georgia, Kazakhstan and Middle Asia have similar dynamics, including them into the new cluster with Ukraine and BMA will make the operating model more simple and clear, Senior Vice President of GSK and Director of MENA/CIS region Fabio Landazabal commented. General Director in Turkey, Azerbaijan and Georgia Emin Fadillioglu will be responsible for Turley only since 2016.

“BCPP” is the 16th company in the Ukrainian pharmaceutical market as of 9M2015. It has improved its position form 19th place PPG. The company is specialized in cardio drugs while preparations for respiratory system take about 7% in its portfolio. “Darnitsa” is allowed to buy a share of “Borshchahivskiy CPP” Antimonopoly Committee of Ukraine has allowed “Darnitsa” pharmaceutical company to acquire more than 25% of shares of “Borshchahivskiy CPP”. Previously, on March 20, 2015, Financial Company “Kub”, representing “Darnitsa’s” interests, acquired 29.95% of shares of “BCPP” on the auction for UAH 171.8 mio. After the auction “Darnitsa” announced that it intends to promote the goals and policies of the “BCPP”. Experts expect that “Darnitsa” associates with “BCPP” in the medium term, which could lead to the increase of competition in the Ukrainian pharmaceutical market. “Darnitsa” was the third company on the market as of 2014 and is expected to improve its position in 2015 rating. In 2015, the company’s officials confirmed they want to integrate “BCPP” and “Kiev Vitamin Factory” into the “Darnitsa’s” structure, as it used to be until 1994.

“Borshchahivskiy CPP” has launched new antiallergic drug Ukrainian 7th biggest company “Borschagovsky CPP” launched antiallergic drug Alerdez (desloratadine) to cure nasal allergy and urticaria such as itching and rashes.

Ukrainian Pharmaceutical Market Monthly: December 2015


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REGULATORY UPDATES On Dec 10, the Draft Law of Ukraine “On Amendments to certain legislative acts of Ukraine on legislation improvement on healthcare” regarding the autonomization of healthcare establishments was registered in the Ukrainian parliament. The Draft Law is an alternative to the projects submitted by the Cabinet of Ministers of Ukraine dated 07.07.2015 and by the Deputy Oleg Musiy dated 17.07.2015. After on Sept 16 the Parliament Healthcare Committee sent the alternative Draft Law back for revision, the new improved one was approved by Deputies. The Draft Law defines the legal forms of healthcare establishments, sources of financing of medical care provision, requirements to constituent documents, as well as simplifies the order of reorganizing of healthcare establishments, etc. Unlike the previous versions, the Draft Law foresees state, municipal and private forms of ownership healthcare establishments could have. Private establishments are not limited in the choice of legal and organizational form. The Draft Law also indicates that all healthcare establishments could use funds raised from entities and individuals and to set fees for medical services based on the method of calculation of the cost of medical services. Therefore, under the Draft Law the funds are now be managed by healthcare establishments themselves. -On Dec 31, the Order #764 of the MOH “On Amendments to the list of goods, which pharmacies and their structural units have a right to purchase and sell” dated Nov 23, 2015 has entered into force.

The assortment of goods pharmacies can purchase and sell included following positions: »» instruments, devices for oral, skin, nails and hair care; »» items and means for aromatherapy (aroma lamps, oil sticks, candles); »» products of cotton wool (cotton swabs, discs, plates) feminine care means, adhesives, paper handkerchiefs, paper and wet wipes, toilet paper, paper towels, hosiery knitwear, packaging materials, which are not registered as medical products; »» tools, devices and other products to combat addictions; »» laboratory glassware, pharmacy scales; »» capacities of thermal insulation material to maintain the temperature during transport (cold boxes, thermo bag, thermo boxes), ice packs, card-indicators, termo testers freeze indicators; It is expected that the amendments approved will contribute to the sale of actual goods, including for people living in rural areas; and also improve the efficiency of the pharmacies’ activity through increased sales volumes. -On Dec 9, the European Business Association sent an open letter to the members of the Parliament Healthcare Committee regarding the combined version of the Draft Law of Ukraine “On Drugs” being announced for propositions on Nov 26. According to the Ukrainian business community, the new combined version of two Draft Laws (#2162 dated Feb 15, 2015 and #2162-1 dated Mar 2, 2015) needs a thorough

processing regarding following issues: »» formulation of terms “State control over the quality of drugs” and “Regulation of clinical trials” to not give the opportunities for corruption abuses; »» compliance of certain provisions with Directive 2001/83/EU of the European Parliament and of the European Council dated November 6, 2001; »» use of unspecified references to some International regulations; »» the lack of consideration of the current conditions the market is working in and no provision of appropriate transitional periods, which is a standard practice for the EU; »» absence of the provisions aimed at deregulation of the pharmaceutical market to have a positive impact regarding the accessibility quality, effective and safe medicines in Ukraine. -On Dec 23, the Resolution of the Cabinet of Ministers of Ukraine (the CMU) #1144 “On Amendments to the Resolution of the CMU #73 dated Mar 5, 2015” regarding pilot-project of state regulation of insulin prices was issued. According to the Resolution, since Apr 1, 2016, insulin preparations turnover and their reimbursement at the expense of local budgets, is carried out at the reference prices (reimbursement prices) after such preparations are enlisted in the register of reference prices in due course. Additionally, the MOH is assigned to approve the Regulation on registry of patients requiring insulin and until Feb 1, 2016, and bring it into force until Apr

Ukrainian Pharmaceutical Market Monthly: December 2015


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1, 2016. The MOH also has to compile and promulgate the register of reference prices on insulin preparations until Apr 1, 2016 and by Mar 1, to submit the Draft Act on insulin preparations reimbursement since Apr 1, 2016. -Under the Resolution #1024 “On Approval of provision standard of

inpatient hospital beds per 10 ths of population” dated Nov 25, the Cabinet of Ministers of Ukraine has decreased the standard number of hospital beds per 10 ths of population from 80 to 60. The MOH will need to develop the methodology of provision of hospital beds to population, under which the Regional State administrations shrink the

number of hospital beds. Since 1999, the standard number of hospital beds in Ukraine was 80 per 10 ths of population.

HEALTHCARE NEWS The compromise Tax Code is to maintain 7% VAT on the pharmaceuticals The Draft Code registered by the Ministry of Finance provides a preference 7% VAT rate on pharmaceutical production. Thereby, the Ministry heeded the pharmaceutical community stating expected 20% VAT rate on drug products, will lead to significant cuts in revenues and make foreign companies leave Ukrainian market. It is also proposed to increase the VAT registration threshold to UAH 2 mio. The Government cut healthcare expenditures in 2016 The Budget of 2016 provides UAH 44 bn expenditures on healthcare, which is UAH 2 bn less than the year before. About 99% of the funds are to be allocated to local budgets. UAH 13.2 bn are to be spent on the MOH system funding. Additionally, the PM of Ukraine recognized the failure in health care reform and considered the stabilization of prices as the primary task for the government

in 2016. Mr. Yatsenyuk deems the stabilization of prices, and the increase of social standards are to compensate difficulties caused by the increase of tariffs. The Minister of Healthcare of Ukraine made conclusions on the work made in 2015 At the special conference on Dec 21, Alexander Kvitashvili stated that the MOH achieved significant changes in reforming the pharmaceutical market in 2015 regarding the provision of the population with quality medicines and vaccines. According to him, the Ministry established legislative foundations for a new state policy aimed at changing the functioning of medical institutions and fair financing system, improvement of health services and started a formation of a new system of public health. The MOH simplified the process of drugs registration by reducing its role in the registration procedures, the Deputy Minister of Healthcare Olexandra Pavlenko said. A unified National Drugs list was also created in 2015; as well new licensing conditions

of economic activity in the area of medical practice were introduced. Another achievement was the creation of the Register of insulin-dependent patients under the reimbursement system implementation since 2016. Another significant reform was a change in public procurement system and the start of cooperation with International organizations in this field. In the public healthcare field, the MOH achieved the creation of the Center of Public Health, resumption of construction of a new medical-diagnostic compound of children hospital “OKHMATDYT”, and managed to promptly and systematically respond to the challenge of a polio outbreak in Ukraine. The MOH Head also indicated priorities for 2016: »» modernization of primary healthcare and improvement of work conditions for physicians; »» creation of modern operational and dispatching departments in the centers of emergency medical care and catastrophe medicine in most regions of Ukraine;

Ukrainian Pharmaceutical Market Monthly: December 2015


Page 7

»» transfer of 100% of the funds

»» »»

»» »»

»» »»

for drugs to International organizations to ensure uninterrupted provision of the population with drugs and vaccines; implementation of the insulin reimbursement system for patients with diabetes; change of activity mechanisms for state and municipal healthcare institutions towards their autonomization through the adoption of appropriate Laws; implementation of guaranteed package of medical services to be financed from the state budget; provision of valuable work of the Centre for Public Health, which is responsible for disease prevention and surveillance in the country; completion of the new building of the children’s hospital “OKHMATDYT”; developing of approaches to

reform the system of doctors graduate and postgraduate training.

possible appointment of Deputy Oleksiy Honcharenko to the post of the Minister of Healthcare.

A. Kvitashvili said he is not going to leave his post

The World Bank will lend Ukraine $170 mio to support primary medicine

The Minister of Healthcare of Ukraine Alexander Kvitashvili said he is not going to leave his job, even after the Ukrainian Parliament failed to endorse his dismissal four times since his appointment in Dec 2014. In Jul 2015, Mr. Kvitashvili wrote a resignation latter, hoping it would help to approve the healthcare reform legislation the MOH had been fostering, but his work did not change since then. “I came to Ukraine to work, having an experience of practical changes in Georgia, and that is why, if I do not have a support I should have, it would be logical to leave,” the Minister said. “But now something has changed, and some support has appeared.” Mr. Kvitashvili also said he does not know anything about the

Ukraine will receive $170 mio for direct medicine equipment procurement, the Deputy Minister of Healthcare of Ukraine Igor Pereginets stated. “Primary medicine system improvement is among the main goals of healthcare reformation,” Mr. Pereginets said. “The MOH will increase financing of primary care in regions and villages up to 35% and in cities of regional importance up to 20-25%. The World Bank’s project will help us to procure necessary medical equipment for this aid.” The World Bank is also going to allocate $215 mio during next five years to finance Ukrainian healthcare system.

Ukrainian Pharmaceutical Market Monthly: December 2015


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Upharmacia - December 2015