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The paper analyses legal regulation of the pharmaceutical market in Ukraine. It outlines areas of concern that affect the pharmaceutical market and reasons for slow growth of economic activities in a respective field. The paper indicates the importance of creating conditions for sustainable development of the pharmaceutical market. Studying the domain of legal regulation of the domestic pharmaceutical market, the authors have analyzed the policies conducted in the sector of circulation of medicines. Thus, the main objective of state policy in regulating the pharmaceutical market is to create conditions for the public to exercise its right to affordable and quality healthcare provision. The authors have established that the state strategy of implementing a policy of provision the public with medicines does not fully meet current global standards and requirements due to the fact that implementation of far-reaching development plans for the relevant industry is not carried out in all areas, there is no proper monitoring of relevant legislation implementation, the system of bringing regulations into line with legal subordination is not used properly. Current legislation regarding turnover of pharmaceutical products has got a lot of controversies and omissions related to social-political and economic transformations, which are constantly taking place in global politics as well as in the country. In order to find ways to improve legal regulation of the circulation of medicines, the authors have analyzed international legal standards for circulation of medicines, which proves the effectiveness of European legislation in this area. As a general conclusion, it should be noted that the main features of legal regulation of the pharmaceutical market in Ukraine is that its regulation is conceptual in nature, aimed at ensuring specific rights and freedoms of citizens, but requires improvements through implementing EU standards in national legislation. Moreover, legal regulation of the circulation of medicines in Ukraine is carried out through the use of a set of legal instruments and arrangement of social relations that arise in the process of manufacture, storage and sale of medical products.

Specifics of pharmaceutical market development in Ukraine