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Liburkina L. M.

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The Features of Anti-Crisis Management of the Financial Stability of Pharmaceutical Distributors in Ukraine under Martial Law
Usatenko O. V., Bobkova Y. R.

Usatenko, Olha V., and Bobkova, Yuliia R. (2026) “The Features of Anti-Crisis Management of the Financial Stability of Pharmaceutical Distributors in Ukraine under Martial Law.” Business Inform 5:744–744.

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 005.334:336.64:615.1(477)

Abstract:
The article examines the specific features of crisis management of the financial stability of pharmaceutical distributors in Ukraine under martial law. The study substantiates that the full-scale war has caused a systemic transformation of the financial model of pharmaceutical distribution enterprises, manifested in changes in the structure of working capital, the growing importance of liquidity, increased dependence on accounts receivable turnover, and the enhanced role of cash conversion cycle management. The key destabilizing factors include disruptions in supply chains, energy constraints, inflationary and exchange rate fluctuations, rising operating costs, deterioration in the payment discipline of counterparties, State price regulation, and increased risks of physical loss of assets. Based on the analysis of the financial statements of leading pharmaceutical distributors in Ukraine – BaDM and OPTIMA-PHARM, LTD – the study assesses the dynamics of asset structure, sources of financing, liquidity indicators, financial stability, profitability, and working capital turnover for 2021–2025. The results show that, despite the formal compliance of current and quick liquidity ratios with standard values, the enterprises are characterized by a critically low level of absolute liquidity. This indicates a shortage of cash resources, a structural imbalance in cash flows, and a high risk of liquidity gaps. The prolongation of the cash conversion cycle is caused by the simultaneous growth of accounts receivable, the need to form safety stocks, and the reduced capacity to use accounts payable as a source of financing. The article develops an original classification of wartime risks faced by pharmaceutical distributors. The authors systematize security, logistics, currency and inflation, credit and payment, regulatory, market, personnel, and technological threats, allowing to assess their cumulative impact on the financial stability of an enterprise. The study substantiates that, under the conditions of a wartime economy, financial stability should be considered not as a static state of solvency, but as a dynamic adaptive system capable of ensuring the continuity of operating activities under conditions of high uncertainty. An integrated crisis management approach to ensuring financial stability is proposed. This includes comprehensive working capital management, optimization of accounts receivable, implementation of a hybrid inventory management model, decentralization of logistics infrastructure, diversification of financing sources, and strengthened cash flow control. The practical significance of the study lies in the possibility of applying the proposed tools to improve liquidity, financial flexibility, and the continuity of operations of pharmaceutical distributors in Ukraine under martial law.

Keywords: crisis management; financial stability; pharmaceutical distributors; martial law; liquidity; cash conversion cycle; working capital; wartime risks.

Tabl.: 9. Bibl.: 24.

Usatenko Olha V. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Economic Analysis and Finance, National Technical University «Dnipro Polytechnic» (19 D. Yavornytskyi Ave., Dnіpro, 49005, Ukraine)
Email: [email protected]
Bobkova Yuliia R. – Masters Student, National Technical University «Dnipro Polytechnic» (19 D. Yavornytskyi Ave., Dnіpro, 49005, Ukraine)
Email: [email protected]

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