On October 28, 2014, KPMG in Ukraine experts were invited to a meeting with representatives of the members of the Association of International Pharmaceutical Manufacturers AIPM Ukraine on the critical issues in the pharmaceutical business.
KPMG in Ukraine was represented by Yuliya Nogovitsyna, Head of Pharmaceuticals, Tatiana Zamorska, Director of Tax and Legal, Konstantin Karpushin, Director of Transfer Pricing and Dmitry Bakumenko, senior consultant on Customs practice.
The meeting covered key issues faced by the pharmaceutical business. Namely, participants were interested in billing for services with foreign partners in currency and business conduction under the terms of Dollar fluctuations, how to reduce the risks of litigation and so on.
Yuliya Nogovitsyna, Head of Pharmaceuticals at KPMG in Ukraine said: "It was the first time we performed for the Association of International Pharmaceutical Manufacturers. I think we quickly managed to interest the audience and to find a common language. In the context of hryvnia devaluation, reducing consumer demand, narrowing the geographic markets, the affected topics (funding of pharmaceutical companies, transfer pricing, and foreign exchange restrictions) were more than relevant, and met a vivid response among the participants".
"Meetings and roundtables with representatives of the pharmaceutical business are always mutually beneficial. You can "check the clock" and develop a useful and effective solution for many problems. In a term of tough restrictions imposed by NBU in August and September this year and the fiscal pressure on business services, KPMG expert meeting on October 28 with the representatives of the Association was particularly relevant. KPMG Experts highlighted the latest developments in tax, price and currency legislation and participated in a lively discussion with the representatives of pharmaceutical companies. During communication we discussed possible ways of reducing the impact of negative factors on business and cancellation of certain NBU restrictions, which block imports of vital medicines to Ukraine", – concluded Tatiana Zamorska, Director of Tax and Legal at KPMG in Ukraine.
About the AIPM Association
The association of international pharmaceutical manufacturers AIPM Ukraine is a non-profit, non-governmental organization representing professional and business interests of the international pharmaceutical manufacturers, operating in Ukraine. The Association was established in December 2009 and registered in compliance with the Law of Ukraine “On Public Organizations”.
You are welcome to address for additional information to Alina Sevastyuk, Chief Operating Officer, Markets, at KPMG in Ukraine.