How did 2023 go for your company?
Overall, we can be satisfied with the year, given the economic situation in Europe and the decline in demand in Estonia’s main export markets. Chemi-Pharm’s main focus in 2023 has been on increasing efficiency, and we are pleased to say that the financial results have improved compared to the previous year. Our results have been on an upward trend from month to month. In addition, we implemented significant organizational changes in the second half of the year to create the preconditions for development in the coming years, from which we expect a significant improvement in results.
What were your biggest successes and threats?
We are definitely pleased that we won important tenders for us. We have also placed a lot of emphasis on product development. Thanks to new products, we expect growth in the coming years. As an example of successful product development, we can point out that our products now meet the strict criteria of the Nordic Swan Ecolabel. This gives consumers the assurance that our products do not endanger environmental sustainability, which is very important to us.
We have not faced major threats, we have rather been dealing with the consequences of shocks from previous years (war in Ukraine, inflation). As exports are of utmost importance to Chemi-Pharm, our competitiveness has been affected by the subsidization of the industry in other European countries.
What was this year like for your sector?
The supply in our sector has been on an upward trend since 2020, which has led to market saturation. In 2023, there has been a market recovery – the stronger ones have survived, while others have ended their activities in the sector. This is certainly positive for the entire sector, as quality problems are decreasing and professionalism is increasing.
What could the next year look like for the sector?
As we pointed out above, the sector shows signs of recovery. There will probably be more news as some companies may leave the sector. So, the market is moving in a positive direction for participants with strong financial health, professional and long-term focus.
What factors do the sector’s performance depend on most?
Hospital infection control in hospitals, the level of virus spread, the price of raw materials on the world market, the level of inflation, as well as the subsidization of the companies by other countries and, of course, the regulatory and business environment.
This article was published in Genius Media