Analiza naplate potraživanja vodećih farmaceutskih poduzeća u Republici Hrvatskoj

postgraduate specialist thesis

• Title (english): Debt collection analysis of leading pharmaceutical companies in the Republic of Croatia
• Author: Goran Biškup
• Mentor: Mateja Brozović (mentor)
• Committee member: Lajoš Žager (predsjednik povjerenstva)
• Committee member: Darko Tipurić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2023-04-11, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Poslovanje farmaceutskih poduzeća je vrlo kompleksno jer se radi o visoko reguliranoj profesiji čiji je cilj proizvodnja lijekova koji moraju zadovoljiti vrlo visoke zahtjeve kvalitete. Kako bi se držao korak s najmodernijom tehnologijom i sve strožim zahtjevima, potrebna su neprestana ulaganja, a koja nisu moguća ukoliko poduzeće nije likvidno. Likvidnost farmaceutskih poduzeća posebno je kompleksna ukoliko se promatra kroz aspekt naplate potraživanja. Cilj ovog rada je analizirati naplatu potraživanja deset vodećih farmaceutskih poduzeća prema kriteriju prihoda iz 2019. godine. Analiziraju se javno dostupni financijski izvještaji, uz financijske pokazatelje koji su indikatori sigurnosti i uspješnosti poslovanja. Takvom analizom nastoji se dobiti cjelokupni uvid u poslovanje farmaceutskih poduzeća uz naglasak na trajanje naplate kao jednog od bitnog pokazatelja aktivnosti. Svaki poslovni ciklus započinje i završava s novčanim sredstvima. Farmaceutska poduzeća primorana su neprestano imati likvidna sredstva kojima održavaju svoje poslovanje. U uvjetima dugih rokova naplate potraživanja, a za koje se mogu smatrati sve naplate koje se događaju nakon 60 dana, od menadžmenta zahtjeva spretnost u upravljanju obvezama poduzeća. Navedeno se nastoji ublažiti kvalitetnim planiranjem radnog kapitala kako bi se amortizirala neizvjesnost naplate potraživanja. U Republici Hrvatskoj farmaceutska poduzeća posluju s pravnim osobama koje imaju dozvolu za promet lijekova na veliko, a to su veledrogerije koje kupuju lijekove od domaćih ili inozemnih proizvođača lijekova. Zdravstvene institucije još uvijek nisu u stanju redovito podmirivati svoje obveze koje u konačnici podmiri Vlada odnosno Ministarstvo financija. Unatoč tome što su kod promatranih farmaceutska poduzeća potraživanja bila plaćena u roku do 60 dana samo u 10 % slučajeva, a čak u 64 % slučajeva naplata se ostvarila s čekanjem od 61 do 180 dana, farmaceutska poduzeća u većini poslovnih godina poslovala su profitabilno.

Abstract (english)

The business of pharmaceutical companies is highly complex since it is a highly regulated industry with the goal of production of medicinal products that need to meet extremely high quality requirements. In order to keep up with the latest technology and increasingly stringent requirements, continuous investments are needed, which are not possible if the company doesn’t have sufficient liquidity. The liquidity of pharmaceutical companies is particularly complex if viewed through the prism of debt collection. The goal of this thesis is to analyse debt collection of ten leading pharmaceutical companies according to the revenue criteria from 2019. Publicly available financial reports are analysed, along with financial indicators of business safety and success. Such analysis aims to gain an overall insight into the business performance of pharmaceutical companies with an emphasis on the duration of debt collection as one of the important indicators of the activity. Every business cycle starts and ends with cash. Pharmaceutical companies constantly need to have enough liquidity to maintain their business operations. Under the conditions of long debt collection deadlines, which all collections that occur after 60 days are considered as, the management is required to be dexterous in managing the company's liabilities. The aforementioned is sought to be moderated by quality planning of working capital in order to amortise the uncertainty of debt collection. In the Republic of Croatia, pharmaceutical companies do business with legal entities that have a license for wholesale distribution of medicinal products, namely wholesale pharmacies that buy medicinal products from domestic or foreign manufacturers of medicinal products. Health institutions are still not able to regularly meet their obligations, which are ultimately settled by the Government or the Ministry of Finance. Despite the fact that debts to the observed pharmaceutical companies were paid within 60 days only in 10 % of cases, and in 64 % of cases the collection was realized even after a wait of 61 to 180 days, pharmaceutical companies operated profitably in most business years.

• Keywords: farmaceutska poduzeća; naplata potraživanja; analiza financijskih izvještaja; financijski pokazatelji; sektorski pokazatelji
• Keywords (english): pharmaceutical companies; debt collection; analysis of financial reports; financial indicators; sector indicators
• Language: croatian
• URN:NBN: urn:nbn:hr:148:411966
• Study programme: Title: /; Study programme type: university; Study level: postgraduate specialist; Academic / professional title: specijalist/specijalistica poslovnog upravljanja-MBA (specijalist/specijalistica poslovnog upravljanja-MBA)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2023-04-18 16:07:18