Anca Vlad, Fildas: Cash flow problems are becoming overwhelming

“It is very unpleasant for a Romanian entrepreneur to go to their partner ashamed that they are unable to pay their bills on time,” says Anca Vlad, who controls an over 200 million-euro business on the pharmaceutical market. Anca Vlad, who controls drug distributor Fildas and drugstore chain Catena, says “it feels like the business world has never before been as difficult for entrepreneurs,” due to the lack of a dialogue with the authorities. “Like every October, cash flow issues become overwhelming. My colleagues in the financial department only handle negotiations, and extending payment deadlines with the suppliers. We would manage to reach an agreement (with the suppliers. i.e.) if things were predictable, but under these uncertain times, they are extremely reserved,” said Anca Vlad. Anca Vlad says some of the suppliers are tougher, other are more “trusting”, so negotiations don’t always have a positive outcome. ‘We are trying to show them that it is not our fault we don’t get the money in time,” she went on to say. An important part when it comes to contracts sealed with suppliers is played by the country rating, which, according to Fildas officials, can affect the discount and the deadline set. “We are keeping in touch with rating agencies in order to secure their support,” Vlad says. Anca Vlad controls one of the biggest businesses in the pharmaceutical industry, with Fildas Trading budgeting an around 770 million-RON (183 million-euro) turnover for this year. Last year the company posted a 188 million-euro turnover and 12.3 million euros in losses, according to data from the Finance Ministry. The pharmaceutical business is dependent on contracts with the CNSAS (National Health Insurance House), and, according to Anca Vlad, payments are over three months late.