The drug market, according to the Market Audit in Ukraine project, continues to grow, but the growth rate is decreasing, writes Proxima Research.
According to Proxima Research, in August 2023, pharmacy sales of medicines in Ukraine increased by 34% in monetary terms compared to the same period of 2022. In September, growth of 24% is expected.
Increase in the incidence of influenza and acute respiratory viral infections leads to an increase in the share of medicines used for the therapy of such diseases. At the end of 2023, the market for medicines in national currency is expected to grow by more than 26%.
The epidemic season is gaining momentum, and pharmacy sales of medicines in Ukraine continue to grow. The growth rate has accelerated in recent days, and as of October 3, 2023, reaches 29% in monetary terms and 4% in physical terms.
Epidseason is gaining momentum, the volume of pharmacy sales of medicines in Ukraine continues to grow. Growth rates have accelerated in recent days and as of October 3, 2023 reached 29% in monetary terms and 4% in physical terms.
It is expected that the epidemic season will continue to gain momentum in the coming weeks. This will lead to further growth in pharmacy sales of medicines.
Increase in the share of drugs for the treatment of colds
With the beginning of the epidemic season in Ukraine, the share of drugs used for treatment of colds and influenza increased. Among the groups of ATC classification level 2, the highest growth was recorded for drugs of group R01 “Nasal products for nasal cavity diseases”. The share of analgesics and antibiotics, which are also used for treatment of colds, is also growing.
In July 2022, the NBU set a fixed UAH/USD exchange rate at UAH 36.57 per USD 1. THE NBU ANNOUNCED ON OCTOBER 3, 2023 THAT IT WAS MOVING TO A MANAGED EXCHANGE RATE FLEXIBILITY. On October 3, 2023, the NBU announced that it was moving to managed exchange rate flexibility, which resulted in a slight appreciation of the exchange rate. As of October 6, 2023, the hryvnia exchange rate stands at UAH 36.62 per USD 1.
Right now, drug prices remain relatively stable. The average price increase among the top 10 SKUs in terms of retail sales in 2023 is 5% compared to the prices at the beginning of the year. At the same time, even a decrease in prices was recorded for some drugs. The inflation index, which reflects the change in the volume of drug sales due to price changes, is also decreasing, and in the 39th week it amounts to 11%.
The growth in the share of drugs for treatment of colds is expected during the epidseason. Prices for medicines remain relatively stable despite the growth of the hryvnia exchange rate.
