As part of the Special Speeches/On-Stage Interview program, Mukaetov took part in a conversation titled “The Experience of a Macedonian Blue-Chip Company”, moderated by Ivan Shteriev, CEO of Macedonian Stock Exchange, Inc. Skopje. The discussion explored a range of topics related to corporate development, the role of the capital market, the importance of transparency, and opportunities for sustainable growth and international expansion.

“Continuous growth brings challenges, requires adaptability, and calls for carefully considered decisions grounded in reliable data. The pharmaceutical industry is one of the most dynamic and highly regulated industries, meaning that every decision must be supported by rigorous analysis and a clear vision. For us, it has always been important for our growth trajectory to be stable, healthy and sustainable,” Mukaetov said.

Reflecting on some of the long-term strategic decisions he made or contributed to over his 27-year career with the company, Mukaetov highlighted the selection of the UK Medicines and Healthcare products Regulatory Agency as a reference agency in 2007 and the subsequent acquisition of the first marketing authorisation for the EU markets; Alkaloid’s digital transformation through the implementation of SAP; investments in research and development; and the establishment of Alkaloid INT in Ljubljana as a hub for the European Union. He also highlighted the decision to invest in cephalosporin production rather than beta-lactams as one of the company’s important development milestones. This strategic investment has contributed to Alkaloid becoming the largest cephalosporin manufacturer in Europe and Eurasia by production volume.

Speaking about the company’s current performance, Mukaetov noted that Alkaloid continues to deliver growth in 2026 despite the challenging global economic environment. More than 60% of the company’s sales are generated in international markets, and Alkaloid expects to close the year with consolidated sales of between EUR 355 million and EUR 360 million, compared with EUR 339.3 million in 2025. Since 2006, the company’s consolidated sales have increased almost sevenfold.

International expansion remains one of the key pillars of Alkaloid’s long-term strategy. Today, the company has 27 subsidiaries outside Macedonia and markets its products in more than 50 countries worldwide. Its plans include further expanding its presence, with a new subsidiary in Poland expected to open by the end of this year. Uzbekistan, South America and the LATAM region are also among the markets of potential interest in the years ahead.

The Special Speech also placed particular emphasis on transformation across the pharmaceutical industry, investment in research and development, value-added products and the growing application of artificial intelligence. Mukaetov noted that Alkaloid is already implementing AI-based solutions across several areas of its operations, with the aim of creating new value, supporting the development of products and services, and enhancing operational efficiency.

“We build our strategy where we have the knowledge and the opportunity to create added value. You do not have to be the biggest to be innovative. The key is to recognise in time where you can make a difference,” Mukaetov noted.

Alkaloid has been present on the Macedonian Stock Exchange since its establishment in 1996, while the company was listed on the First Official Market on 13 November 2002. The listing brought higher standards of transparency and regular disclosure of financial and business information, reinforcing the company’s accountability to its shareholders, investors, and the wider public.