Improving the System of Indicators for Estimation of Financial Status of Domestic Enterprises Producing Medicines In Line with Requirements of the International Standards of Financial Analysis

Анотація

The article is concerned with the problems of implementing the requirements of international standards in the national practice of estimation of the financial status of producers of medicines. It is specified that the purpose of financial analysis of the enterprises producing medicines is to obtain an objective estimation of the financial results of their activities, to define the financial status on the basis of the system of key indicators, to define the current financial stability and prospects for its change. It is determined that the system of indicators, which exists in the national practice of financial analysis, in some directions is significantly different from that used by foreign financial analysts and investors. Thus, the most essential discrepancy is the lack of a market value estimation of a company in the national practice, as well as the presence of a large number of indicators used in evaluating the financial sustainability and business activity of pharmaceutical enterprises (FE). In order to unify the system of financial indicators used and to bring the national practice of financial analysis of FE closer to world experience and the IFRS, using the content analysis, the appropriate sum of financial indicators, allowing to estimate the liquidity ratios of the domestic FE, their financial stability (leverage ratios), profitability (profitability ratios), business activity (efficiency ratios) and market value (market value ratios) has been defined and recommended for further application. It is determined that in terms of liquidity indicators and business activity indicators, the domestic FE are at the level of foreign FE, and in terms of the market value indicators - at a much lower level, which indicates their low market position compared to foreign pharmaceutical companies, and, accordingly, the lower potential for development. The introduction of the proposed approaches in the practice of financial analysis of domestic enterprises producing medicines will contribute to greater transparency of their activities and investment attractiveness for foreign investors, also allowing to more objectively assess their competitiveness and potential of market development.

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