CFOs of family-owned businesses often wear multiple hats, and that's certainly the case for Mert Zorlular of distributor Er-Kim Pharmaceuticals.
Mr Zorlar became financial director of the family business in 2019, shortly after his father passed away. In addition to CFO, he also assumes other responsibilities commensurate with his role, including overseeing operations as COO and Chairman.
Erkim, who is headquartered in Istanbul, Turkey, has been working for years to make life-saving medicines more accessible, but the mission felt personal given his father's illness. In an interview with StrategicCFO360, Zorlular, who is based in London, UK, spoke about the importance of global access to medicines, the associated economic barriers, and the power of business collaboration.
In dealing with your father's illness, you have seen firsthand the importance of patients having access to life-saving medicines for treatment, and we hope you will understand the process of making this medicine available at Er-Kim. What is your mission to direct?
Er-Kim has the opportunity to positively impact access to life-saving treatment for patients in need around the world. In 2018, my father passed away after a battle with esophageal cancer. Esophageal cancer is a relatively rare and highly aggressive disease. During his treatment, I realized that the medication was not available in other countries outside of the United States. After attending college and living and working in the United States. We also recognized the need for further solutions for essential and innovative medicines across Central Eastern Europe.
As a result, when I assumed the role of COO/CFO and Chairman of Er-Kim in 2019, my mission was to partner with innovative companies to ensure that treatments meet national registration guidelines and to ensure drug management. The goal was to improve global access to life-saving medicines by overseeing. Treatment supply chain operations to avoid disruption.
We currently face pressing global health challenges to ensure equitable access to critical medicines. Our guiding vision is one of a world where geographic disparities and regional bottlenecks do not limit patients' access to life-saving treatments.
We are driven by the understanding that while new treatments are available in regions such as the United States and Western Europe, they are all too often out of reach in countless other regions. I experienced this situation first hand as my father was based in Turkey.
In addition to CFO, what other responsibilities fall into your role and why are they equally important to achieving the company's initiatives?
Global inequities in access to medicines are a pressing issue and are mostly the result of various economic barriers in each market, such as pricing, idiosyncratic country risks, market size, and market access and scale challenges. is. However, careful financial planning can effectively address these disparities.
Er-Kim's finance department is considered the center of day-to-day operations. In addition to my role as CFO, I oversee the development of long-term, sustainable, and cost-effective strategies to help patients quickly access critical treatments.
Central to Er-Kim's business philosophy is a combination of diversification and leveraging economies of scale. In addition to our extensive geographic coverage, Er-Kim has a broad portfolio of partners, allowing us to streamline operations and deliver cost-effective solutions tailored to a broader patient base across diverse markets. You can pave the way to build.
With my background in business and economics and Elkim's 40+ years of experience navigating difficult markets, I have a wealth of experience in managing a myriad of commercialization-related risks, from currency and inflation risks to credit risks, price risks, and more. We have a solid understanding of financial barriers. Treatment. This deep-rooted expertise gives Er-Kim a strategic advantage and enables it to better manage its day-to-day operations, especially in the secondary pharmaceutical market.
When partnering with biotech and pharmaceutical companies to commercialize medicines, what are the key qualities companies look for in commercialization partners and CFOs?
Launching a new drug in a new region is a capital-intensive process and requires significant resources to maximize the chances of success. Therefore, pharmaceutical companies must carefully select commercialization partners that are reliable, understand the financial risks of launch, manage cash flow, and have deep expertise and relationships in the countries they are entering. Most importantly, your partner should align with your company's short- and long-term goals and provide on-the-ground business support.
Regional partners should be an extension of the company's operations that can simplify the complexity of the manufacturer's operations by providing a project management system to ensure a smooth process without additional burden. Additionally, knowledge of regulatory, logistical, and reimbursement procedures is essential to minimize the risk of delays in accessing life-saving treatments.
How are you addressing the lack of availability of medicines outside of the United States and the need for more solutions for essential and innovative medicines across Central and Eastern Europe?
Mr. Erkim takes a proactive stance on the pressing issue of unequal access to medicines, particularly in regions such as Central Eastern Europe, Turkey and the Commonwealth of Independent States. Recognizing the power of collaboration, Er-Kim strategically partners with the world's leading biopharmaceutical companies early in the commercialization cycle to address advanced unmet needs in the regions in which we operate. doing. Our local partnerships are built on a shared ambition and passion to ensure equitable access to healthcare. We want to reach as many patients as possible around the world as quickly as possible.
To address the need for greater access to treatments outside the United States, our primary goal is to increase the approval of new treatments in these regions and their availability to patients within U.S. territories. The aim is to significantly reduce the time lag between But our efforts go beyond just distribution. Each region we serve has a unique healthcare ecosystem with different challenges and needs.
To effectively address these, we engage in thorough research and community outreach to ensure we understand the situation in each region. A collaborative approach is at the heart of our strategy. By building strong partnerships with the global healthcare industry, healthcare professionals, local governments, regional leaders, and communities, we drive long-term, sustainable change in healthcare standards in each region where we operate. We strive to be key stakeholders.
These solutions not only ensure that treatments are available, but are optimized for local needs, culturally sensitive, and economically viable, making them accessible to everyone. The aim is to ensure a brighter and healthier future.
