Stada, one of the largest Germany-based wholesalers, increased its sales by 3% to €1.2 billion in the first nine months of this year. The company attributed its modest performance mainly to liquidity problems of its subsidiaries in Serbia, one of its most important individual markets. These problems resulted from hospitals' non-payments and/or delayed payments to wholesalers.
Stada wholly owns Hemofarm, the largest pharmaceutical manufacturer in Serbia, and through Hemofarm has a stake in Velefarm, the largest...
