Many Pharma companies in EU suffer a size problem. When revenues are below 100 M€ is extremely difficult to survive in a market where to renew the portfolio is increasingly costly, as well as to pay the regulatory demands, which grow year by year (environmental regulations, verification, wastes processing, plastics control, etc...). Additionally, the easy solution of playing in the Generics Market does not work anymore, mostly due to the devastating price erosion in major markets (France, Germany, Italy and Spain). These companies use to be a family property and their operations do not exceed the regional scope, say, Spain plus Portugal, France plus Benelux, Germany plus Austria …). They do not generate own resources (cash flow) for financing the growth or at least for keeping the position.

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