Pandemic Crisis Management at Gedeon Richter

As the world enters into the second year of the COVID-19 pandemic, the Hungarian pharmaceutical company Gedeon Richter Plc. continues to regularly provide a brief update of its impact on the health and wellbeing of its employees and its operations at large.

According to OECD Statistics, global GDP declined by 4.2 % in 2020 due to the social and economic effects of the COVID-19 pandemic. The pharmaceutical industry has been also fundamentally impacted by the COVID-19 pandemic and the restrictive response measures implemented by authorities worldwide.

Notwithstanding the above, Richter says it managed to service its customers on time and in full also into the first quarter 2021 despite a further rise in the case numbers of COVID-19 infections across its countries of operation. The health and wellbeing of the Richter team remained the focus of management, while the supply of high quality and affordable medication was successfully maintained worldwide throughout the reported period.

Promotional activities did not change significantly in the first quarter 2021 when compared to previous months. In-person promotion represented around 85% on an average of total marketing approaches in Richter's geographies of operation.

With a strong balance sheet and a positive cashflow, the company says its cautious approach to receivables management further added to Richter’s resilience during the ongoing global economic turbulence. No disruption to the usual payment procedures occurred in the reported period.