Why Kyivstar Still Can’t Acquire Tabletki.ua
Ukraine’s largest mobile operator, Kyivstar, has submitted a third request to the Antimonopoly Committee of Ukraine (AMCU) to acquire Tabletki.ua, Forbes reports. Why the first two attempts failed remains unclear: AMCU’s standard responses contain vague language about incorrectly filed applications.
«It’s a farce — the real reason lies elsewhere,» a source in the pharmaceutical market told Scroll.media. According to the source, the reality is that the deal lacks support from certain market players on whom too much depends.
Not Everyone Wants This Deal to Happen
Tabletki.ua is the biggest player in Ukraine’s online pharmaceutical market. The platform allows customers to search for medications, compare prices, and reserve them at local pharmacies for pickup. Tabletki.ua takes a small commission on each transaction.
The total pharmaceutical market in Ukraine — online and offline — is worth around ₴200 billion. Of that, ₴40 billion flows through Tabletki.ua annually. «They operate on just 2% commission, and have built a profitable business around it,» a source explained to Scroll.media. In 2024, investors valued the company at around ₴800 million (about $20 million).
No other player in the Ukrainian market even comes close. Liki24, Glovo, Helsi, and other services are miles behind in scale and volume. For Kyivstar, which targets market leaders in its M&A strategy, acquiring Tabletki.ua made perfect sense. With Kyivstar’s access to big data, potential integration with Helsi, and even delivery via Uklon, the deal looked like a step toward building a major digital health ecosystem.
«When people talk about monopoly risks — this is not that,» another source clarified. «Tabletki.ua barely covers 20% of the market. Even if Kyivstar bought every online player, it still wouldn’t qualify as a monopoly under the law. But some players just don’t want this deal to happen — namely, the big pharmacy networks.»
Pharmacy Power Plays
Ukraine has around 18,000 pharmacies, and Tabletki.ua works with about 12,000 of them. But here’s the catch: just five companies — Traveller, 9-1-1, ANC, Sirius-95, and Pharmastor — control around 41% of all pharmacies in Ukraine. In recent years, their market share has grown to 55%, and they account for nearly 68% of total pharmaceutical turnover. For example, Traveller alone operates more than 2,800 locations.
These chains are also key Tabletki.ua partners. So even though the platform includes thousands of listings, a significant portion comes from just a handful of major networks, each owned by a single company.
«This market has worked for years according to rules everyone understands,» a source familiar with the pharmaceutical sector told Scroll.media. «Tabletki.ua created a platform that drives traffic to pharmacy chains, and it benefits them to work with an independent player where neither side holds more power. It’s a win-win.»
«Now imagine a giant like Kyivstar stepping in — a company that follows every legal norm, has strict internal policies, runs a squeaky-clean business, is listed on the stock exchange, and so on. It’s that very clarity and structure that scares people. The pharmaceutical market just isn’t used to that.»
If the acquisition isn’t handled delicately, it could hurt all parties involved. If Kyivstar fails to maintain good relationships with the networks, they could pull their pharmacies off the platform. That would wipe out a huge share of listings and reduce the platform’s usefulness overnight. And with relatively few independent pharmacies left, and their prices often less competitive, the gap won’t be easy to fill. A marketplace without pharmacy listings simply isn’t worth $100 million.
In the meantime, large pharmacy chains are building their own e-commerce infrastructure, developing delivery services and diversifying online operations to reduce dependence on any partner.
Because of the sensitivity of the deal, no one is commenting publicly. Kyivstar president Oleksandr Komarov is reportedly ready to discuss the company’s plans, but hasn’t made a formal statement. Tabletki.ua has also declined to comment on potential reasons for the stalled deal.
«It all depends on whether Kyivstar can reach an agreement with the networks,» a source told Scroll.media. «The company keeps persistently submitting applications, perhaps with a unique vision for developing the platform or with backing from manufacturers who support the deal and are in conflict with the networks. But for now, the deal still looks highly uncertain.»
Why Kyivstar Still Can’t Acquire Tabletki.ua
Ukraine’s largest mobile operator, Kyivstar, has submitted a third request to the Antimonopoly Committee of Ukraine (AMCU) to acquire Tabletki.ua, Forbes reports. Why the first two attempts failed remains unclear: AMCU’s standard responses contain vague language about incorrectly filed applications.
«It’s a farce — the real reason lies elsewhere,» a source in the pharmaceutical market told Scroll.media. According to the source, the reality is that the deal lacks support from certain market players on whom too much depends.
Not Everyone Wants This Deal to Happen
Tabletki.ua is the biggest player in Ukraine’s online pharmaceutical market. The platform allows customers to search for medications, compare prices, and reserve them at local pharmacies for pickup. Tabletki.ua takes a small commission on each transaction.
The total pharmaceutical market in Ukraine — online and offline — is worth around ₴200 billion. Of that, ₴40 billion flows through Tabletki.ua annually. «They operate on just 2% commission, and have built a profitable business around it,» a source explained to Scroll.media. In 2024, investors valued the company at around ₴800 million (about $20 million).
No other player in the Ukrainian market even comes close. Liki24, Glovo, Helsi, and other services are miles behind in scale and volume. For Kyivstar, which targets market leaders in its M&A strategy, acquiring Tabletki.ua made perfect sense. With Kyivstar’s access to big data, potential integration with Helsi, and even delivery via Uklon, the deal looked like a step toward building a major digital health ecosystem.
«When people talk about monopoly risks — this is not that,» another source clarified. «Tabletki.ua barely covers 20% of the market. Even if Kyivstar bought every online player, it still wouldn’t qualify as a monopoly under the law. But some players just don’t want this deal to happen — namely, the big pharmacy networks.»
Pharmacy Power Plays
Ukraine has around 18,000 pharmacies, and Tabletki.ua works with about 12,000 of them. But here’s the catch: just five companies — Traveller, 9-1-1, ANC, Sirius-95, and Pharmastor — control around 41% of all pharmacies in Ukraine. In recent years, their market share has grown to 55%, and they account for nearly 68% of total pharmaceutical turnover. For example, Traveller alone operates more than 2,800 locations.
These chains are also key Tabletki.ua partners. So even though the platform includes thousands of listings, a significant portion comes from just a handful of major networks, each owned by a single company.
«This market has worked for years according to rules everyone understands,» a source familiar with the pharmaceutical sector told Scroll.media. «Tabletki.ua created a platform that drives traffic to pharmacy chains, and it benefits them to work with an independent player where neither side holds more power. It’s a win-win.»
«Now imagine a giant like Kyivstar stepping in — a company that follows every legal norm, has strict internal policies, runs a squeaky-clean business, is listed on the stock exchange, and so on. It’s that very clarity and structure that scares people. The pharmaceutical market just isn’t used to that.»
If the acquisition isn’t handled delicately, it could hurt all parties involved. If Kyivstar fails to maintain good relationships with the networks, they could pull their pharmacies off the platform. That would wipe out a huge share of listings and reduce the platform’s usefulness overnight. And with relatively few independent pharmacies left, and their prices often less competitive, the gap won’t be easy to fill. A marketplace without pharmacy listings simply isn’t worth $100 million.
In the meantime, large pharmacy chains are building their own e-commerce infrastructure, developing delivery services and diversifying online operations to reduce dependence on any partner.
Because of the sensitivity of the deal, no one is commenting publicly. Kyivstar president Oleksandr Komarov is reportedly ready to discuss the company’s plans, but hasn’t made a formal statement. Tabletki.ua has also declined to comment on potential reasons for the stalled deal.
«It all depends on whether Kyivstar can reach an agreement with the networks,» a source told Scroll.media. «The company keeps persistently submitting applications, perhaps with a unique vision for developing the platform or with backing from manufacturers who support the deal and are in conflict with the networks. But for now, the deal still looks highly uncertain.»
