ANALYSIS OF THE PHARMACEUTICAL MARKET: GLOBAL AND NATIONAL TRENDS

Abstract

Introduction. The development of the pharmaceutical market is dynamic and unpredictable. Previously published market studies are quite complete and in-depth, but they quickly lose relevance. Therefore, it is appropriate to talk about the trends and directions of development of the pharmaceutical market only in a fairly short-term, up to five years, time frame. The latest changes in the pharmaceutical market in Ukraine are due to its adaptation to the conditions of martial law.

Materials and methods. The analysis of the world, European and domestic market is based on statistical materials and annual reports published by international and Ukrainian organizations on their official websites. The logic of the research is based on the inductive method of cognition. The methods of graphic analysis allow to study the series of dynamics of the volume of revenues of the pharmaceutical industry, and the method of structural analysis is used to study the structure of the pharmaceutical market. The article uses the ranking of Ukrainian companies by market share and activity assessment with the formation of a generalized rating.

Results and discussion. The pharmaceutical industry has experienced significant growth over the past two decades. The largest revenues were received by US companies that own major global brands. Strong brands allow these companies to stand out from their competitors, and brand credibility creates trust among stakeholders. R&D is the basis of industry development. The European pharmaceutical industry is facing increasing competition from developing countries. The European Union is changing the regulatory environment of the pharmaceutical industry, establishing new regulatory relationships in society to improve the availability of medicines. The current state of the pharmaceutical market in Ukraine is characterized by problems caused by the war. But starting from the end of 2022, the pharmaceutical market of Ukraine shows a partial recovery. There is an increase in the volume of sold medicines, although only in the hryvnia equivalent, not in kind. The price factor significantly affects the choice of consumers in favor of domestic drugs of the low price segment. The problems of lack of financial resources, which deepened during the war years, require the search for mechanisms of collaboration between all market participants. Farmak is the leader in the overall rating on the pharmaceutical market of Ukraine. The highest position of Farmak on the market is confirmed by its achievements in recent years.

Conclusions. The analysis made it possible to identify patterns and trends in the development of the world, European and Ukrainian pharmaceutical market. Each of these markets has development features that are determined by the behavior of their participants. Since Ukraine is not a major player in either the world or the European market, it does not significantly influence their trends and, on the contrary, not all trends in the development of global and regional markets are characteristic of the Ukrainian national market. Farmak and Darnytsia are leaders in the generalized rating of Ukrainian companies, formed in the article according to the author's methodology. The proposed methodology for determining generalized ratings requires further improvements for more correct rating of companies with the same rating points.

Keywords: global pharmaceutical market, European pharmaceutical market, Ukrainian pharmaceutical market, development trends, pharmaceutical companies, pharmaceutical industry, pharmaceutical brand