The National Control Authority (ANC) suggested to the Health Ministry, the majority shareholder of Antibiotice Iasi, to have the company relinquish its shareholding position in Pharma drug distributor and develop its own distribution network instead. This suggestion came as a result of a control ANC conducted at Antibiotice, which showed the Iasi-based company had accumulated 804bn ROL in receivables mainly because of Pharma's unpaid bills and not because of the arrearage plaguing the hospitals. "Antibiotice's only 30% stake in Pharma allowed the distribution firm to decide for preferential payment of creditors over the state-run company. Which means that, while Antibiotice supplied 506bn ROL's worth of drugs in 2002, it only collected 23.9% of this amount, that is 121bn ROL, whereas the other suppliers got their bills paid 99.7%," Control Authority minister Ionel Blanculescu said. He added the failure to collect the debts in time had caused an overdue payment build-up to 278bn ROL by October 31, 2003. ZF
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