Strategic prospects and development: An Interview with Vladislav Bessarabov,…

Global Pharmaceutical Leaders’ Club presents an interview with Vladislav Bessarabov, Head of Strategic Business Unit Eurasia at Bosnalijek. Let’s look into the future of the pharmaceutical market and find out what plans and priorities are embedded in the company’s development strategy.

Vladislav Bessarabov shared his insights on the future of the company in the Eurasian region. The interview delved into the following questions:

  • What are the priorities for your company in the Eurasia region? In which countries and in what segments do you see the greatest prospects for your company?
  • What trends that have a significant impact on the markets in the Eurasia region do you highlight for your company?
  • What planned regulatory changes may affect the development of the pharmaceutical markets in the Eurasian region?

Vladislav Bessarabov emphasized the importance of understanding the dynamics of the market development and the readiness to adapt to new challenges. He expressed confidence in the successful future of Bosnalijek in the Eurasia region and invites to discuss possible collaboration at the Eurasian Pharmaceutical Summit.

What are the priorities for your company in the Eurasia region? In which countries and what segments do you see the most prospects for your company?

Being focused on sustainable and dynamic development, Bosnalijek prioritizes the entire Eurasia region where we have been building partnerships with key players in pharmaceutical distribution and retail for several years. In many countries our pharmaceutical drugs have already firmly occupied their niches, either entering the market or being registered. Now Bosnalijek is represented mainly by non-prescription medicines but we are constantly monitoring the market and studying the prospects for including prescription pharmaceutical drugs from a wide range of products manufactured by our company into the country portfolio. Fortunately, the European approach to quality and safety control, compliance with the requirements of good manufacturing practice, and, most importantly, flexibility in pricing and commercial policy, allow us to create interesting and sought-after offers for both business partners and the end users.

What trends having the most impact on pharmaceutical markets in the countries of the Eurasian region do you highlight for your company?

Over the past year, the economies of most countries in the region received a strong boost thanks to sharply increased imports and re-exports, as well as additional incoming foreign exchange flows. All this, in turn, forces the business to look for new opportunities for ‘parking’ money in the form of reliable investments, and the pharmaceutical market is just such a promising direction. We expect an increase in competition not only between international manufacturers, but also the entry of local players into the most promising segments of the pharmaceutical market as its full participants, and possibly drivers. In any case, we plan to actively invest in development and gain market shares in the segments and countries of interest to us.

What planned regulatory changes may affect the development of the pharmaceutical markets in the Eurasian region?

The current landscape of the regional markets is very diverse, so we have to face many challenges and build our business policy in a multi-vector format. Thus, presence in the Eurasian region requires taking into account the simultaneous initiatives of different countries to regulate pricing, change registration requirements, introduce labeling procedures, as well as transport and logistics transformations. Today this multi-vector approach to planning is the only possible form of work that requires significant involvement, awareness and return. That is why the platform of the Eurasian Pharmaceutical Summit is an excellent opportunity for the exchange of information and best practices between market participants.