The European Bank for Reconstruction and Development (EBRD) said on Thursday that it sees growth potential in Ukraine's pharmaceutical sector.

The bank said reforms and easier financial access would be crucial to its growth. The bank has worked with businesses in this sector before. During the 2014 Ukrainian Pharmaceuticals Forum, the bank hosted a "Breakfast with the EBRD."

“The pharmaceutical sector is very important for Ukraine, and not only in purely economic terms, but also because locally produced medicines are much more affordable than imported ones, EBRD Head of Manufacturing and Services for Ukraine Florence Bachelard-Bakal said. "At the EBRD, we set ourselves three tasks in the sector: to help pharma companies reach international industry practices; to help them with energy-efficiency improvements; and, of course, to support the industry with long-term funds that are essential for capital expenditure and innovative product development.”

The bank has invested approximately $118 million into Ukrainian pharmaceutical development.