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Vadim Yakunin: “debt bubble” of pharmacies reached the critical volume of 1.7 billion dollars

Pharmacy debt reached the critical volume of 1.7 billion dollars. Vadim Yakunin, Chairman of Supervisory Board of the Union of Professional Pharmaceutical Manufacturers (SPFO) told about that at the conference Fair Competition and Order or Everyone Defends its Own Interests?”.

Vadim Yakunin named problems which brought the Russian pharmaceutical market to the edge of global collapse: non-payment crisis, fraudulent models to avoid performance of obligations, “overflow” of goods from chains with marketing bonuses, that collectively caused confidence crisis.

Aleksei Bezdenezhnykh, General Director of the insurance company “Credendo - Ingosstrakh”, confirmed that the situation is very dangerous having told that they insure only main distributors because this business is transparent and has available assets, which cannot be said about pharmacies. Insurance of pharmacy retail is not possible at the moment because of high non-payment risks. “Most risks in pharmacy retail are not subject to reasonable insurance appraisal. You may not insure everything and stay quiet, - Aleksei Bezdenezhnykh added, - insurance companies do not want to insure such risk volumes on their own, that’s why we need cooperation with banks and distributors”.

Debt of the pharmacy retail to distributors is not secured at the Russian pharmaceutical market anyhow. The manufacturers are insured by 100 percent but they are not ready to support distributors in case of bankruptcy of chains. The result of the anonymous survey of participants of the conference confirm that: 61 percent of them are not ready to write off debts, 33 percent of them are ready for restructuring of debt.

Vadim Yakunin asked representatives of the pharmaceutical market: how relations in distribution should be changed in order to avoid market collapse and to blow off “the financial bubble” gradually?” “Our task is to prevent the pharmaceutical market from global crisis. We need to take measures right now in order not to let it happen. We began to secure ourselves and reduce non-payment risks and we think that manufacturers and distributors should do the same,” - he said.

Dmitry Pogrebinsky, General Director of CV Protek, informed that from 2018, the company changes pharmacy retail cooperation conditions to minimize non-payment risks. The new approach is based on work with those customers who have supplier credit collaterals. “We recommend using transparent interaction schemes because it is advantageous for the whole market”, - Dmitry Pogrebinsky told. CV Protek is ready to switch to logistics model of rendering of services which does not have any risks. Distribution of products from manufacturers to pharmacy chains using efficient logistics of our company will increase availability of medicines in all regions of the Russian Federation”, - he added.

At the end of the event, Lilia Titova Executive Director of SPFO, suggested developing the pharmacy chain relations code for distributors and manufacturers. 90 percent of participants endorsed this proposal. SPFO will draw the project.

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