{"id":20899,"date":"2025-07-28T10:16:35","date_gmt":"2025-07-28T07:16:35","guid":{"rendered":"https:\/\/scroll.media\/2025\/07\/28\/kyivstar-tabletki-acquisition\/"},"modified":"2025-07-28T14:03:40","modified_gmt":"2025-07-28T11:03:40","slug":"kyivstar-tabletki-acquisition","status":"publish","type":"post","link":"https:\/\/scroll.media\/en\/2025\/07\/28\/kyivstar-tabletki-acquisition\/","title":{"rendered":"Why Kyivstar Still Can\u2019t Acquire Tabletki.ua"},"content":{"rendered":"\n

Ukraine\u2019s largest mobile operator, Kyivstar, has submitted a third request to the Antimonopoly Committee of Ukraine (AMCU) to acquire Tabletki.ua, Forbes<\/em> reports<\/a>. Why the first two attempts failed remains unclear: AMCU\u2019s standard responses contain vague language about incorrectly filed applications.<\/p>\n\n\n\n

\u00abIt\u2019s a farce \u2014 the real reason lies elsewhere,\u00bb a source in the pharmaceutical market told Scroll.media<\/a><\/em>. According to the source, the reality is that the deal lacks support from certain market players on whom too much depends.<\/p>\n\n\n\n

Not Everyone Wants This Deal to Happen<\/h2>\n\n\n\n

Tabletki.ua is the biggest player in Ukraine\u2019s 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.<\/p>\n\n\n\n

The total pharmaceutical market in Ukraine \u2014 online and offline \u2014 is worth around \u20b4200 billion. Of that, \u20b440 billion flows through Tabletki.ua annually. \u00abThey operate on just 2% commission, and have built a profitable business around it,\u00bb a source explained to Scroll.media<\/em>. In 2024, investors valued the company at around \u20b4800 million (about $20 million).<\/p>\n\n\n\n

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\u2019s 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.<\/p>\n\n\n\n

\u00abWhen people talk about monopoly risks \u2014 this is not that,\u00bb another source clarified. \u00abTabletki.ua barely covers 20% of the market. Even if Kyivstar bought every online player, it still wouldn\u2019t qualify as a monopoly under the law. But some players just don\u2019t want this deal to happen \u2014 namely, the big pharmacy networks.\u00bb<\/p>\n\n\n\n

Pharmacy Power Plays<\/h2>\n\n\n\n

Ukraine has around 18,000 pharmacies, and Tabletki.ua works with about 12,000 of them. But here\u2019s the catch: just five companies \u2014 Traveller, 9-1-1, ANC, Sirius-95, and Pharmastor \u2014 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

\u00abThis market has worked for years according to rules everyone understands,\u00bb a source familiar with the pharmaceutical sector told Scroll.media<\/a><\/em>. \u00abTabletki.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\u2019s a win-win.\u00bb<\/p>\n\n\n\n

\u00abNow imagine a giant like Kyivstar stepping in \u2014 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\u2019s that very clarity and structure that scares people. The pharmaceutical market just isn\u2019t used to that.\u00bb<\/p>\n<\/blockquote>\n\n\n\n

If the acquisition isn\u2019t 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\u2019s usefulness overnight. And with relatively few independent pharmacies left, and their prices often less competitive, the gap won\u2019t be easy to fill. A marketplace without pharmacy listings simply isn\u2019t worth $100 million.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Because of the sensitivity of the deal, no one is commenting publicly. Kyivstar president Oleksandr Komarov is reportedly ready to discuss the company\u2019s plans, but hasn\u2019t made a formal statement. Tabletki.ua has also declined to comment on potential reasons for the stalled deal.<\/p>\n\n\n\n

\n

\u00abIt all depends on whether Kyivstar can reach an agreement with the networks,\u00bb a source told Scroll.media<\/em>. \u00abThe 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.\u00bb<\/p>\n<\/blockquote>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Ukraine\u2019s 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\u2019s standard responses contain vague language about incorrectly filed applications. \u00abIt\u2019s a farce \u2014 the real reason lies elsewhere,\u00bb a source in the pharmaceutical market \u2026 Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":20844,"comment_status":"open","ping_status":"open","sticky":false,"template":"template-custom-post-without-sidebar.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[416],"tags":[421,425,458],"class_list":["post-20899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-agreements","tag-kyivstar-en","tag-tabletki-ua-en"],"acf":[],"yoast_head":"\nWhy Kyivstar Still Can\u2019t Acquire Tabletki.ua | Scroll.media<\/title>\n<meta name=\"description\" content=\"Kyivstar\u2019s bid to acquire Tabletki.ua faces pushback from powerful pharmacy networks, despite multiple attempts to get AMCU approval. 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