Oct 29, 2024
Alkaloid’s CEO, Zhivko Mukaetov – Panelist at the First Annual Bloomberg Adria Conference
“Alkaloid is a company with a global presence, but it is based in Macedonia. While global forecasts appear bleak, stability at home combined with each of us making a small contribution toward the nation’s economic growth, could make ambitious goals achievable. We also lack the deeper mutual trust necessary to grow together as a nation.”
Zhivko Mukaetov, CEO and MB President of Alkaloid, participated in the First Annual “Back to Business – Economic Potential and Development Opportunities for Macedonia" Conference, organized by Bloomberg Adria, a multi-platform business news network in Southeast Europe.
During the panel, "The Macedonian Real Sector: A Business Model Driven by New Technologies," which focused on business strategies in turbulent times, necessary economic adjustments, and the importance of following global trends and technological innovations, Mukaetov highlighted the need for companies to keep up with technological advancements.
"For 25 years, we have been living in the era of the fourth industrial revolution, which has brought about advancements such as artificial intelligence. The fifth industrial revolution is on the horizon, merging the virtual and real worlds. It is becoming increasingly evident that digital literacy is now essential. At Alkaloid, we continuously invest in modern, technologically advanced equipment, software, and skilled personnel. Currently, we are implementing four new software solutions expected to yield benefits such as process optimization, cost reduction, faster decision-making, enhanced efficiency, environmental contributions, and increased productivity," Mukaetov noted.
Addressing the impact of global geopolitical developments on operations and their influence on the price fluctuations of raw materials in the upcoming period, Mukaetov explained, using Alkaloid as a real-world example:
"High inflation has affected all companies. We experienced a considerable rise in the cost of some key raw materials, leading to unforeseen expenses. Recently, we faced an unexpected double price increase for a critical ingredient in our product ‘Caffetin,’ sourced exclusively from Asia. Currently, there is a shortage of caffeine, vitamins B, and D, closely tied to the confectionery industry, while increased demand has sharply driven up their prices.
Global military conflicts, such as the Suez Canal crisis, have disrupted raw material supply chains, leading to delays in delivery cycles and higher transport costs. Meanwhile, pharmaceuticals fall under strictly price-regulated categories, with most prices being frozen and competent state authorities not permitting any adjustments.”
Speakers of the first panel discussion, focusing on experiences in doing business in globally turbulent times, also included Dushan Mitrev, CEO of Pivara Skopje; Metodija Mirchev, CEO of A1; and Marija Dukovska Pavlovska, CEO of Makstil. The event, aimed at exploring the country’s economic development opportunities, was opened by Prime Minister Hristijan Mickoski and Bloomberg Adria’s Content Director, Jelisaveta Lazarevikj.