Sanofi plans acceleration of expansion into Ukraine this year

French drug major Sanofi (Euronext: SAN) is considering expanding its presence in Ukraine this year, amid the ongoing growth of the local pharmaceutical market.

According to Jean-Paul Scheuer, chief executive of Sanofi Ukraine, this year the company plans to launch the production of at least five new drugs for the treatment of diabetes and cardiovascular diseases within the country and to continue to increase localization of its Ukrainian production. "We plan to continue the development of this area. We have some projects that are to be implemented in the next two or three years," says Mr Scheuer.

In 2012, the company increased its Ukrainian sales by almost 22% and reached turnover of 1.4 billion hryvnia ($175 million), which allowed it to increase its local market share up to 4.5%. According to Sanofi’s predictions, this year sales growth is expected to be 7%-8%, partly due to the possibility of a devaluation for the Ukrainian currency.