Thirteen pharmaceutical companies changed their heads lastyear, during a period when shareholders pushed harder for resultsand the market no longer witnessed the increases it once boasted.Whereas until 2009 personnel movements were not uncommon in theindustry, with acquisitions further speeding up the migrationprocess, 2009 can be said to have marked a record. For the firsttime there were executives with three mandates in one year orcompanies that changed more than two heads. "It's about marketpressures on the one hand, and about the changes that hurtcompanies' results, on the other. Nevertheless, one cannotgeneralise and each case needs to be analysed separately," saidDragos Dinu, a partner with Link Resource consultancy. Will therebe any more changes in 2010? "More than certainly," says DragosDinu. The domestic pharmaceutical market reached 8.1bn RON in 2009,up 13.1% from 2008, but shrank by 9.1% in terms of volume. Ineuros, sales fell by 1.7%, to 1.9bn euros. Though thepharmaceutical industry is not the hardest hit industry by thecrisis, it can be said to be the one to have caused managers thebiggest headaches. If these changes were beneficial forshareholders, it remains to be seen. No further changes have beenannounced so far this year.
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