THE IMPACT OF ECONOMIC CRISES ON THE BUSINESS OPERATIONS OF PHARMACEUTICAL COMPANIES IN SERBIA AND THE COUNTRIES OF THE REGION
THE IMPACT OF ECONOMIC CRISES ON THE BUSINESS OPERATIONS OF PHARMACEUTICAL COMPANIES IN SERBIA AND THE COUNTRIES OF THE REGION

Summary/Abstract: This paper presents an analysis of the repercussions of economic crises on pharmaceutical companies located in Serbia and neigh boring countries. The focal point of this research is to delineate the influence that economic crises, spanning the period from 2007 to 2021, have exerted on the operations of pharmaceutical companies. The primary objective of this study is to underscore the significance of economic crises in shaping the financial performance indicators of pharmaceutical companies. The fundamental hypothesis, validated in this paper, posits that economic crises have affected pharmaceutical companies, although in diverse manners and with varying degrees of intensity. Throughout the research, two pivotal questions guided the investigation. First, the study explored whether there is a correlation between the macroeconomic indicators of the countries in which the observed companies operate and their financial indicators. The second question addressed whether all observed financial indicators of pharmaceutical companies decline during periods of economic crisis. This research focuses on three distinct periods: the initial phase of the global economic crisis, the second period encompassing the year 2011, and the third period marked by the onset of the COVID-19 pandemic and the crisis it induced. The principal contribution of this paper lies in emphasizing that economic crises influence the operational dynamics of pharmaceutical companies; however, the origin of a crisis cannot serve as a reliable predictor of its potential impact on a company’s operations

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