In Ukraine, a new wave of healthcare reforms is also on its way. Life expectancy is relatively low, and the country’s healthcare system lacks transparency. Both healthcare experts and the Ukrainian population itself are pressing for effective steps to improve the current healthcare situation.
As reported by the Gorshenin Institute, 92% of the population in Ukraine desires healthcare reform. The Ukrainian Pharma market is again one of the fastest growing in Europe, and high-priced products from the West are not only in demand, but also exhibit good growth. In contrast to Russia, for example, Ukraine currently charges no VAT on medicinal products. Experts hope that the introduction of a specific VAT will provide the financial basis for a healthcare system.
Kazakhstan and Azerbaijan have smaller, yet steadily growing, markets in the CIS region as well. Despite their current distance from the TRIUMPH markets, Kazakhstan and Azerbaijan are already exhibiting viable and interesting markets, with consumer prices far exceeding those of the Russian market. Likewise, Poland, Romania and Bulgaria also exhibit great potential to develop within the TRIUMPH markets framework in the future.
To date, many healthcare companies have overlooked these EU markets, where growth potential reaches into the double digits. The requirement of sustainable growth unfortunately excludes Kazakhstan and Azerbaijan from being counted among the strictly defined TRIUMPH Emerging Markets. These facts, however, should not deter companies from keeping a close eye on the development of such promising markets. The same could be said for other similarly growing markets, like those in the Czech Republic and Slovakia.