The scientific article is devoted to the peculiarities of the legal regulation of the economic activity of pharmacies in Ukraine. The legislative and by-laws regulating the circulation of medicinal products have been studied. Scientific works devoted to the legal regulation of pharmaceutical activity have been studied. The peculiarities of the economic activity of pharmacies have been determined. A doctrinal definition of a pharmacy has been proposed as a business entity that carries out the wholesale purchase of medicinal products for retail sale to citizens as end consumers. It is claimed that the retail sale of medicinal products should occur based on a license if the pharmacy complies with the license terms of such activity. Licensing conditions are established for the pharmacy staff and the equipment on the premises for the storage of medicinal products. Requirements are set for the total area of the pharmacy and the size of the sales hall, staff room, and warehouse space. Attention is drawn to the fact that pharmacy employees must comply with the requirements of legislation on the protection of consumer rights. The subject of trade is specific products, that are medicinal products registered in Ukraine. Medicines must have the necessary manufacturer’s documentation. It is essential to prevent trade in falsified medicines. It has been concluded that several conditions characterize the contract for the supply of medicinal products. In particular, regarding the assortment and quantity of medicinal products, that are transferred to the property and the conditions of storage of medicine during transportation. It has been proposed to introduce a number of amendments to the Law of Ukraine “On Medicinal Products”. At the legislative level, it is necessary to regulate the legal status of pharmacies and the peculiarities of the retail trade of medicinal products. It has been claimed that a separate section should be established in the Law of Ukraine On Medicinal Products that would regulate the economic activity of pharmacies. In this section, it is necessary to provide norms that would regulate the conditions for the pharmacy establishment. It is necessary to establish requirements for the pharmacy staff, separate premises, and conditions for the storage of medicinal products. Features of the protection of the consumer’s rights of medicinal products should be established in the legislation by separate norms. Special terms of contracts for the supply of medicinal products should be enshrined in the branch legislation on the circulation of medicinal products.