Patients suffering from cancer or other serious diseases rarely realise that their fate can depend on secret price deals struck between state officials and pharma executives. “The negotiation is totally secret. Everything moves around in sealed envelopes, changing hands with signatures,” one negotiator from a mid-sized EU country reveals. “We don’t even put it in our electronic systems because we don’t want the contractor who maintains our systems to have access.”

States think they make big savings from these secret deals, but in reality, they are pitted against each other, unaware of what others really pay. Despite the discounts, governments are often charged extortionate fees for life-saving medicines – or they are unable to access them altogether, an eight-month investigation by Investigate Europe and its partners has found.

Patients are suffering needlessly because companies pick and choose where it is more profitable to launch their drugs. “We have a first, second and third class of European citizen when it comes to access – that’s a scandal,” says Clemens Auer, who was director general of Austria’s Health Ministry until 2018.

Pharmaceutical firms effectively get billions in what experts call ‘interest-free loans’ from secret medicine deals with states.Shutterstock

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Drugmakers demand higher prices each year, often with discounts already priced in, says Joerg Indermitte from Switzerland’s Federal Office of Public Health. “The last example I have is 50,000 francs [€51,800] per month for a new oncology drug. We never had such a high price. Although only 10-20 patients are treated with this new drug, it is extremely expensive.”

Reporters spoke to dozens of officials involved with confidential pricing who described an “absurd” system that forces them to negotiate medicine prices blindfolded. “Price secrecy is considered a core value of the industry,” says Wim van Harten, a Dutch oncologist who has spent years looking for the true costs of cancer therapies in Europe.

Rich nations generally pay less than those in central and eastern Europe for certain drugs, the investigation finds. It reveals an alarming gulf in access across the bloc to many innovative medicines, while drug firms rack up vast profits from healthcare systems.

“We have a first, second and third class of European citizen when it comes to access – that’s a scandal.”

— Clemens Auer, former director general of Austria’s Health Ministry

The official price of a drug – its ‘list’ price – can easily be found online or on the back of medicine packs. But these prices are often artificial, and it is in the industry’s interests for them to be high. The reason is simple: dozens of countries set their prices by looking at what other states publicly say they pay – be it cancer treatments with list prices in six figures or rare single-dose drugs marketed in their millions. High list prices are the industry’s gateway to bumper profits.

In reality, a parallel system exists.

The European Medicines Agency approves certain categories of drugs for use across Europe. Companies then choose whether they want to market a drug in a country or not. The official price is set by each country separately and then individual negotiations begin to agree on any secret discounts.

Pharmaceutical firms effectively get billions in what experts call ‘interest-free loans’ as most states at first pay them the higher official drug price. Then, over time, companies discretely return the difference between the official price and the real, negotiated price. In Belgium alone these returns amounted to €1.5 billion in 2023. In bigger markets, the rebates are larger, and the amounts of public money temporarily loaned to industry even higher.

Zolgensma, a Novartis drug, is among a number of highly priced medicines.Shutterstock

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Industry is “adamant on keeping the results of these negotiations secret,” says lawyer and public health advocate Ellen ‘t Hoen. “Having all couched in secrecy gives them an enormous power to play a divide and rule game.”

Countries strike secret deals hoping to contain the rising costs of new drugs – but innovative drug prices are rising everywhere. In the Netherlands, the part of the national hospital budget spent on these drugs has risen from 0.6 per cent to 10 per cent in the past 15 years, Dutch oncologist van Harten says.

Norwegian authorities say they had to rebuild their database to give room for more zeroes in million-figure prices. The company Novartis broke the record with Zolgensma, a treatment for spinal muscular atrophy, which they set at 27 million NOK (€2.3 million) – an “absolutely unethical” price, says Anja Schiel from Norway’s Medical Products Agency. Ultimately, a confidential rebate was agreed in 2021.

“Price secrecy is considered a core value of the industry”

— Dutch oncologist Wim van Harten

Investigate Europe analysis indicates that countries across Europe are paying wildly different prices for ‘miracle’ cystic fibrosis drugs. Vertex Pharmaceuticals, the US biotech firm with a monopoly on the treatments, can ask for more than €200,000 per patient per year for its breakthrough Kaftrio/Kalydeco treatment – more than 40 times the estimated production cost, according to UK researchers.

The firm disputes this, saying that prices are not determined by production costs, but by the investment made in their development, the risk undertaken, and their value to the community.

The medicines have been lauded for helping patients with the rare disease that progressively clogs the lungs and can lead to early death. Yet Vertex, which had sales of almost $10 billion in 2023, appears to be charging poorer nations higher prices than some of their richer neighbours.

Vertex Pharmaceuticals, the US biotech firm, has a monopoly on cystic fibrosis treatments.Shutterstock

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Analysis of corporate records and budget and health data from national authorities provides for the first time a glimpse into the disparity in what countries pay for these life-saving medicines. In western Europe, Investigate Europe compared Vertex’s local revenues to the official number of patients taking the company’s drugs in 2022. The average, excluding VAT, was estimated to be around €71,000 in France, €81,000 in Italy, €87,000 in Spain and €88,000 in the Netherlands.

In comparison, the average expenditure per patient in some central and eastern European countries appears higher. In the Czech Republic, the estimated yearly cost in 2022 was €140,000, according to data from VZP, the country’s largest public insurer. “This is the real cost paid for this kind of treatment,” VZP said, though it is not clear if any tax is factored in.

Lithuanian authorities have spent years trying to negotiate with Vertex amid mounting pressure from the media and patient groups. The government said in April that it was ready to pay as much as €8.4 million to provide Kaftrio and Kalydeco for up to 48 patients. This could equate to €175,000 per person.

“The inverse correlation between numbers of patients and prices likely reflects differences in negotiation powers,” says Valérie Paris, economist at the OECD who has worked extensively on pharmaceutical pricing. “It seems to me that you have made all possible efforts to get net prices but only the company selling the product or national authorities could really confirm these data.”

Monika Luty, 27, was forced to leave Poland in 2020 because the drug was not reimbursed there. She posted a video online, begging Vertex to give her Kaftrio. “I felt a huge disappointment,” she says. “Living in the EU, being Polish, I was discriminated against because I was not German or of another nationality where treatment was available. There should be no discrimination in the EU.”

Her friends helped her crowdfund over €200,000 and her dad sold his car so she could buy the drugs from Germany. Seeing how effective they were, she crossed the border for good. “I paid zero, so I was crying because it was so easy,” she remembers. “To get the drugs in Germany, all I needed was insurance, a job and to live there.”

Poland later struck a reimbursement deal with Vertex and Investigate Europe estimates that the price per patient in 2023 was €109,000 before VAT. Far cheaper than the Vertex list price, but still more expensive than elsewhere in Europe.

Monika Luty was forced to leave Poland in 2020 because Kaftrio was not reimbursed there.Monika Luty

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“The price of our medicines is based on their innovation and the value they bring to the CF community, caregivers and healthcare systems,” a Vertex spokesperson said. “The reimbursed prices quoted in your inquiry are inaccurate.” The company declined to comment on individual countries or to specify the inaccuracies. It added that over the past decade more than 70 per cent of its operating budget was spent on research and development.

Despite its huge revenues, Vertex is not part of Europe’s main industry body, Efpia. When asked about confidential pricing, the European Federation of Pharmaceutical Industries and Associations, did not directly answer the question whether richer countries are paying more than poorer ones.

“There is a broad consensus that prices need to reflect the ability of a country to pay for medicines. Efpia and its members propose a system for Europe where countries who can afford to pay less for medicines, pay less,” says Nathalie Moll, its director general.

“Living in the EU, being Polish, I was discriminated against because I was not German or of another nationality where treatment was available.”

— Monika Luty

A typical strategy to maintain the secrecy status quo is the threat to boycott markets. “I have done hundreds of these negotiations,” says Francis Arickx, head of pharmaceutical policy at the Belgian National Institute for Health and Disability Insurance. “The threat that the company is not going to sit at the negotiating table, we hear it all the time and we hear it everywhere.”

KCE, a state-funded institute in Belgium, tried in 2016 to examine the secret discount deals signed by national authorities. They wanted to present results without divulging any protected data about specific deals. Yet after pressure from the Belgian Pharmaceutical Association, a watered-down study was released, excluding any analysis of those deals. The study did however reveal that the association had threatened to sue prior to publication.

When a big Swiss drugmaker pushed for a higher price in Austria, Clemens Auer alleges that a representative reminded him of the investments they had made there, implying that those were at risk if a favourable deal was not agreed. “It’s always the same stupid, very primitive game,” he says.

Denmark and Germany, two countries that allow companies to initially set official prices freely, are usually the first entry points in Europe. In practice, Denmark places some ‘voluntary’ price limits, while Germany reviews each medicine one year after introduction and can then ask for price changes. Meanwhile the initial high prices are used as reference by others, while setting their own official prices. What happens next in the two countries is shrouded in secrecy. Danish hospitals procure the most expensive medicines with confidential discounts, but these deals do not appear on Euripid, the European pricing database, Danish officials say.

Germany is even more opaque. It vetoed a World Health Organisation resolution on price transparency and it is not even part of Euripid.

“We always ask the companies ‘tell us, please, the real price in Germany’. They say they don’t know,” says one European negotiator, who requested anonymity. “I just can’t believe [there are no confidential discounts] because they have a really powerful market, they could get the best prices in Europe. Maybe it’s possible but I really can’t believe it.”

The rest of Europe is starting from a step behind. A pharmacist working for a Hungarian subsidiary of a multinational drugmaker puts it bluntly: “For a company like Novartis or Pfizer, the Hungarian market is a rounding error.”

Data collected from across Europe reveals that several EU Countries do not have direct access to a number of critical medicines.Shutterstock

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Investigate Europe found that Hungary is among several states locked out of access to critical medicines.

German research institute IQWiG compiled a list of 32 medicines for Investigate Europe and its German partners NDR, WDR and Süddeutsche Zeitung. These drugs, according to the scientists, have a “significant” or “considerable” additional benefit to existing therapies. They included treatments for conditions including breast cancer, leukaemia and cystic fibrosis.

Data collected from across Europe reveals that in six EU countries one in four of these important medicines is missing. Without purchasing agreements between countries and companies, which are the basis for reimbursement, health authorities have to resort to other costly methods to obtain a drug, or miss out on access altogether.

The situation is particularly dramatic in Hungary, where 25 out of 32 medicines are not generally reimbursed, and in Malta and Cyprus, where 19 and 15 medicines respectively are similarly unavailable. Patients in Cyprus and Hungary can get some drugs by applying for individual access – but often at exorbitant costs to the state. In the Baltic states and Romania, a high number of important medicines are also unavailable.

“For a company like Novartis or Pfizer, the Hungarian market is a rounding error.”

— A pharmacist in Hungary

Even when medicines are made available to smaller states, prices can be excessive. Giorgos Pamboridis, Cyprus’s former health minister, occasionally discovered that their prices were “double, triple or even five times those paid by other countries”. He is appalled that the EU allows industry to treat its members so differently. “NDAs [non-disclosure agreements] are tools for the abuse of dominant position that industry has vis-a-vis its clients, the states. Without the slightest consideration, the EU is giving up on its sole advantage, its size.”

Siloed negotiations amplify inequality, says a former Irish health official: “The 27 member states negotiating for themselves is astonishingly inefficient and leads to inequality for European citizens.”

When Cyprus, Greece, Italy, Malta, Portugal and Spain joined forces and signed the Valletta Declaration to cooperate on medicines procurement in 2017, industry showed zero interest, several participants told Investigate Eur. The one time major companies negotiated EU-wide was for Covid vaccines.

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Further north, the Beneluxa collaboration – Austria, Belgium, Ireland, Luxembourg and the Netherlands – has negotiated prices for a few high-cost drugs, mostly with small firms. Two negotiators involved said bigger companies are reluctant to join.

“The small companies say, ‘yes, with one negotiation I can access more markets, so I agree’, while the big companies seem to be boycotting this kind of initiative,” says Paolo Pertile, an economics professor at the University of Verona.

The one time major companies negotiated EU-wide was for Covid vaccines. It showed that if pressured, industry can conceivably agree to not play one country against the other. But prices again were secret. “If the EU had used its joined forces to not agree to confidentiality clauses, this could have been a game changer,” says Sabine Vogler, head of pharmacoeconomics at Austria’s National Public Health Institute.

Pharmaceutical companies are able to “blackmail governments”, says Luca Li Bassi, former head of the Italian Medicines Agency, who has campaigned for greater price disclosures. “If transparency is demanded, the pharmaceutical companies threaten not to give the drug.”

“If transparency is demanded, the pharmaceutical companies threaten not to give the drug.”

— Luca Li Bassi, former head of the Italian Medicines Agency

Meanwhile, the suspicion that every time there is a confidentiality agreement, someone else is being ripped off, was proven right when the price of the AstraZeneca Covid vaccine was leaked. In South Africa it was double that of the EU.

“Any member states’ collaboration… should guarantee the confidentiality of pricing and reimbursement agreements,” Efpia’s Moll says. “Industry participation in any member states’ collaboration on pricing, reimbursement and access-related issues should be voluntary.”

The idea that industry is the only real winner of this secrecy is widespread among negotiators like Francis Arickx, who says Belgium tried and failed to limit confidential clauses. “The opposite actually is happening; we see a very clear industry push to maintain contracts until generics or biosimilars arrive.”

EU Health Commissioner Stella Kyriakides presented the ‘pharma package’ last year.

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EU Health Commissioner Stella Kyriakides is aware of the myriad issues. “Where you live shouldn’t determine whether you live or die,” she said when presenting a new set of laws last year. But the EU’s planned ‘pharma package’ legislation has been met with resistance. It includes no measures to tackle secrecy or confidential prices. Even an attempt to reduce market exclusivity of pharmaceutical firms was clipped by industry and member state lobbying.

“Medicine prices are an area of national competence and linked to national health budgets,” a European Commission spokesperson told Investigate Europe. “However, as acknowledged in the Pharmaceutical Strategy for Europe, greater transparency around price information could help member states take better pricing and reimbursement decisions.”

The spokesperson said that the Commission supports the work of Euripid, the European pricing database. Yet when contacted, Euripid refused to provide any data on the rising number of confidential agreements between states and pharmaceutical companies.

“Where you live shouldn’t determine whether you live or die.”

— EU health commissioner Stella Kyriakides

Now the veil of secrecy could become even thicker. A new law for ‘Medical Research’ is under discussion in the German Parliament. If it passes, every time authorities order a price cut because a drug does not perform as promised, the rest of the world will not know. The artificially high ‘official’ prices are all they will see.

Industry will be thrilled if it happens, says Josef Hecken, head of the national committee for approving new drugs. “Medicines that get steep discounts here will be sold elsewhere as gold,” he says. “Champagnes will pop in many corporate offices.”

Note: This story was updated on 13 June 2024 to better reflect the response received from the European Federation of Pharmaceutical Industries and Associations to the following: “When asked about confidential pricing, Efpia did not directly answer the question whether richer countries are paying more than poorer ones.” Full responses received by Efpia, including commentary on pricing, rebates and negotiations, can be read here.

Contributors: Ingeborg Eliassen, Harald Schumann, Nico Schmidt, Attila Kalman, Pascal Hansens, Maria Maggiore, Markus Grill, Christina Berndt, Achim Pollmeier, Leonard Scharfenberg, Palina Milling

Ryan Reynolds flipped an acting career into a brand factory. And he’s made $350M along the way.

But he’s not following a script.

He’s writing his own. Over and over again. With wild success.

Here’s how he does it.

→ Ryan starts acting in the 90’s, doing sitcoms and romcoms.

→ In 2016, he levels up to Marvel stardom in Deadpool.

→ In a gutsy move, Ryan negotiates a small paycheck plus a chunky backend if it does well.

→ Deadpool is a hit. That chunky backend is $22M. His biggest payday so far.

And then he puts the cash to work.

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Fast forward to 2018. Ryan’s at a bar. Sipping a Negroni. It’s good. Really good.

He asks the bartender why the drink is so tasty.

It’s the gin. Aviation Gin to be exact.

Ryan sniffs an opportunity. And jumps on it.

He buys a stake in Aviation Gin, reformulates the drink, and throws his weight behind the brand. Growth explodes.

In 2020, Diageo scoops up the company for $610M.

Score one for Ryan. Onto the next.

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In 2019, Ryan buys into Mint Mobile. It’s a low phone carrier.

Then he pulls a rinse-and-repeat. He throws in some cash, tweaks the marketing, and hires himself as the front man.

Four years later, T-Mobile buys Mint for $1.35B.

Another win. But our boy’s not done.

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In 2020, Ryan buys an obscure soccer club called Wrexham. It’s a head scratcher. But then it all makes sense.

He turns it into a reality show. About a guy who bought an obscure soccer club.

And that guy’s name is — wait for it — Ryan Reynolds.

I don’t know how the soccer team is doing. But Ryan will do just fine.

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At the core, Ryan’s a value-add investor with a marketing superpower.

He spots an asset and buys into the action. Then he builds a customer community to rally behind the brand. And drives up the value.

He did it with Deadpool. And Aviation Gin. And Mint Mobile. And Wrexham.

I’ve got a feeling he’s not done yet.

marketing #growth #brand

P.S. At Influicity, we build Customer Communities that drive growth. I love showcasing people like Ryan who demonstrate how it’s done. For the full blueprint, hit the link in my profile.

Un magnifique succès populaire, empreint d’émotion à moins de 38 jours du lancement des Jeux Olympiques de Paris2024 ! Stéphane Diagana, athlète français 🇫🇷 spécialiste du 400 m haies a allumé le chaudron au terme d’un relais épique entre la skieuse Nastasia Noens, le skieur alpin Alexis Pinturault, la joueuse de tennis Alizé Cornet, mais aussi les membres des associations des victimes de l’attentat du 14 juillet 2016 auxquels je me suis joint, ainsi que Guy et Quentin, père et frère de notre si chère Camille Muffat. Le sport a indéniablement ce pouvoir fédérateur de nous rassembler tous, dans la solidarité et le respect !

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Economia trece printr-un amplu proces de restructurare, determinat de efectele creşterilor de taxe, ale inflaţiei, scăderii vânzărilor şi accentuării blocajului financiar iar România va funcţiona cu frâna de mână trasă în următorii doi ani, mai ales în contextul incertitudinii fiscale asociate anului 2025, consideră partenerul coordonator Sierra Quadrant, Ovidiu Neacşu.

“Aşa cum avertizam încă de acum 2 ani, restructurarea afacerilor va deveni cuvântul de ordine în business-ul românesc. Sunt sute de companii care au ales să îşi pregătească afacerile pentru vremuri de criză, să îşi reducă expunerile şi să caute soluţii financiare de backup în caz de nevoie. România va funcţiona, practic, cu frâna de mână trasă în următorii doi ani, mai ales în contextul incertitudinii fiscale asociate anului 2025”, a declarat Ovidiu Neacşu, într-un comunicat transmis marţi AGERPRES.

Potrivit unei analize Sierra Quadrant, peste 16.000 de companii şi-au închis porţile în primele patru luni ale acestui an, cu aproape 3.000 mai multe decât în anul precedent.

“În primele patru luni din 2024 au fost dizolvate 16.153 de firme, faţă de 13.300 cu un an în urmă şi de 10.677 în 2012. Recordul precedent era înregistrat în 2016, cu 13.181 de companii dizolvate”, se precizează în comunicat.

Cele mai multe firme care au fost dizolvate în primele patru luni din acest an activau în comerţ şi servicii (4.389), urmate de cele din sectorul construcţiilor (1.662), activităţi profesionale, ştiinţifice şi tehnice (1.572) şi industria prelucrătoare (1.403).

Marea lor majoritate sunt firme din sectorul IMM-urilor, puternic afectate de efectele inflaţiei, creşterilor de taxe şi ale scăderii consumului, precizează analiştii.

În topul domeniilor în care au fost dizolvate cele mai multe firme urmează sectorul transportului şi depozitării (1.202), informaţii şi comunicaţii (1.082), activităţi de servicii administrative (843) şi hoteluri şi restaurante (840).

Potrivit analiştilor companiei, nici la precedenta criză economică nu s-a înregistrat un asemenea număr de firme dizolvate, semn că încrederea investitorilor în dinamica economică este la un nivel foarte scăzut.

“Economia trece printr-un amplu proces de restructurare, determinat, în mare parte, de efectele creşterilor de taxe, ale inflaţiei, scăderii vânzărilor şi accentuării blocajului financiar”, a afirmat Ovidiu Neacşu, partener coordonator Sierra Quadrant, în comunicat.

Dacă dinamica dizolvărilor de firme din primele 4 luni se va menţine şi în lunile următoare, nu este exclus ca numărul firmelor ieşite din peisajul economic să se apropie de pragul de 50.000, faţă de 39.031 în 2023, subliniază sursa citată.

Mai mult, datele de la Registrul Comerţului indică un număr total de 58.899 de firme aflate în dificultate (radieri, insolvenţe, dizolvări şi suspendări de activitate) în primele patru luni din 2024, cu peste 15.000 mai multe decât în 2023 (43.585).

În primele 4 luni din acest an au fost radiate 32.626 de firme, 16.153 au fost dizolvate, 7.594 şi-au suspendat activitatea şi 2.526 au intrat în insolvenţă.

Anul trecut, peste 133.000 de firme au intrat în dificultate (16.335 de companii şi-au suspendat activitatea, 39.031 au fost dizolvate, 71.241 au fost radiate iar 6.650 au intrat în insolvenţă).

Potrivit specialiştilor, companiile cu cele mai mari probleme, în momentul de faţă, sunt cele din comerţ, agricultură, industrie şi construcţii, acolo unde creşterea taxelor, scăderea puterii de cumpărare şi limitarea creditării au creat multiple probleme.

“Printre firmele care şi-au închis porţile, în prima parte a anului, cele mai multe sunt aşa numitele firme zombie, cu capitaluri negative, incapabile să facă faţă provocărilor din prezent. Probabil numărul lor va creşte semnificativ în următoarea perioadă. Pentru restul, şansa continuării activităţii este dată de necesara restructurare a operaţiunilor, de adaptare a ofertei de produse şi servicii la noua realitate, de adoptarea unor planuri de planificare strategică”, spun experţii citaţi în comunicat.

Potrivit Sierra Quadrant, restructurarea operaţiunilor nu înseamnă doar să să îşi reducă datoriile, să îşi rezolve problemele de finanţare, firmele având nevoie de un program de planificare strategică, de o evaluare completă a business-ului – cine sunt clienţii, cum arată piaţa, care sunt competitorii, dacă au posibilităţi de inovare.

Investitorii pot evita insolvenţa, falimentul sau blocarea activităţii dacă apelează la instrumentele legale pe care le au la dispoziţie, precum acordul de restructurare sau concordatul preventiv.

Acordul de restructurare funcţionează ca un instrument proactiv, permiţând afacerilor să abordeze problemele financiare înainte ca acestea să escaladeze în insolvenţă si chiar faliment. Companiile pot elabora un plan de restructurare adaptat nevoilor şi constrângerilor unice ale afacerilor lor, fără a fi limitaţi de procedurile rigide de insolvenţă, explică documentul citat.

Un barometru de opinie în rândul investitorilor, realizat de Sierra Quadrant la finele anului trecut, arăta că 3 din 5 respondenţi (62%) şi-au trecut drept principal obiectiv în 2024 restructurarea şi optimizarea operaţiunilor financiare.

Motivele invocate de antreprenori sunt legate în primul rând de creşterea taxelor, menţionată de 67% dintre ei, scăderea vânzărilor (43%), accentuarea blocajului financiar (41%) şi creşterea costurilor operaţionale (38%).

Cu o experienţă de peste 25 de ani în mediul de business românesc, Sierra Quadrant este una dintre cele mai importante companii specializate în lucrări de administrare şi lichidare complexe, cu un ridicat grad de dificultate, caracterizate prin patrimoniu mare şi diversificat, prin multitudinea problemelor legale care trebuie soluţionate, concomitent cu procedura de insolvenţă: bilanţ de mediu, substanţe periculoase în proprietate, servituţi neclare şi litigii legate de patrimoniu etc. AGERPRES/(AS – editor: Andreea Marinescu, editor online: Anda Badea).

Mihai Craiu
Owner/CEO
Media Consulta International

Fundraising is a journey, and understanding its steps is crucial for success. One of the most critical steps in this process is due diligence, which prepares you for productive discussions with angel investors and venture capital funds. Having worked with thousands of startups, I’ve found that many founders are often unprepared for due diligence. They rely on a polished pitch deck, add some information, and hope to capture investors’ interest. However, this approach often falls short. As a startup founder, you must understand what due diligence involves and how investors think. Due diligence is an in-depth analysis performed by investors to evaluate a startup’s potential, focusing on the product, team, and financials. The objective is to determine if the startup aligns with the investor’s criteria and investment thesis. For early-stage companies, especially those in the pre-revenue or early revenue stage, showcasing team capability and product potential is crucial. Since demonstrating traction or significant revenue might be challenging, thorough due diligence preparation signals to investors that you are serious and seek a genuine partnership rather than just financial backing. How to Prepare for Due Diligence: 1. Organize Documentation:    – Ensure all company documents are well-organised and categorised. Create folders such as Bylaws, Financials, and Business-related (value proposition, business model, product, team). Keep all files up to date. 2. Set Up Access Levels:   – Create different stages of access for potential investors. For example, Level One could include basic information like the pitch deck or one-pager and team description. Level Two could provide more detailed information, such as the business model, go-to-market strategy, and financials. Ensure all files are current. 3. Prepare Your Team:   – Go through a due diligence checklist with your product team and address any potential issues before granting access to investors. Conduct a “murder board” session, where you anticipate tough questions investors might ask and prepare thorough answers. 4. Provide Evidence of Traction and Product-Market Fit:   – This step is crucial and often overlooked. Understand your customers deeply to deliver a product that meets their needs. Show evidence of traction and how your product fits the market. The same thorough preparation applies when working with consultants. Ensure your company has a proper data room ready. More on this will be covered in an upcoming post. By meticulously preparing for due diligence, you demonstrate professionalism and commitment, increasing your chances of securing investment and building a successful partnership. #startup #fundraising #strategy #duediligence #entrepreneurship

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Mihai Craiu
Owner/CEO
Media Consulta International

În ultima perioadă, pe mai multe platforme și rețele de socializare, au apărut postări tip deepfake care promit îmbogățirea imediată, iar unele îl implică chiar pe omul de afaceri Ion Țiriac sau guvernatorul Băncii Naționale a României, Mugur Isărescu. Pentru a încerca să stopeze aceste fraude online, Directoratul Naţional de Securitate Cibernetică (DNSC) colaborează cu Autoritatea Naţională pentru Protecţia Consumatorului pentru a deschide un canal dedicat exclusiv protecţiei consumatorului pe platformele Meta şi unde vor fi raportate, a declarat Mihai Rotariu, coordonatorul Direcţiei Comunicare, Marketing şi Media al DNSC.

“Deja este deschis un canal cu cei de la Ministerul Digitalizării. Dacă intraţi pe site-ul Ministerul Digitalizării veţi observa platforma nofake, unde puteţi raporta astfel de iniţiative inclusiv din zona de dezinformare, nu doar din zona de scam-uri din social media. În cazul DNSC-ului, suntem în colaborare cu cei de la Autoritatea Naţională pentru Protecţia Consumatorului pentru a deschide un canal dedicat exclusiv protecţia consumatorului, unde intră şi astfel de scam-uri, astfel de tentative de fraudă. Dar mai sunt şi alte categorii, cum ar fi gambling, vânzare de produse ilegale ş.a.m.d. Deci vom putea raporta mai coordonat, mai eficient şi reţelele de social media se vor putea apleca asupra acestui conţinut mult mai rapid pentru a le suspenda“, a spus Mihai Rotariu, la o întâlnire cu presa organizată de ING Bank România.

El a explicat că există reclame care au durată de viaţă o zi sau maximum două, iar dacă nu sunt identificate în momentul în care sunt active, utilizatorii le văd în news feed şi accesează acele link-uri. Întrebat când va avea loc lansarea canalului, el a menţionat că au fost transmise către compania Meta contactele necesare pentru activarea canalului respectiv, iar până la finalul săptămânii canalul ar putea fi activ.

Specialiștii ne îndrumă să avem grijă: fraudatorii au adevărate centre de cercetare, iar roboții care îi întruchipează pe Isărescu sau Țiriac te pot face să rămâi fără bani

Fenomenul deepfake a luat amploare în lumea financiară, chiar și în România. Un angajat din domeniul financiar al unei companii multinaționale a fost păcălit să plătească 25 de milioane de dolari unor escroci. Aceștia au folosit un video generat de inteligența artificială (deepfake) pentru a se da drept directorul financiar al companiei într-o videoconferință, potrivit poliției din Hong Kong.

Totodată, Autoritatea de Supraveghere Financiară (ASF) atrage atenția publicului să nu dea curs, sub nicio formă, unor propuneri telefonice de investiții sau de transferuri de fonduri venite din partea anumitor persoane care susțin că reprezintă ASF și care folosesc o aplicație care generează, în mod fraudulos, apeluri care se identifică cu numărul de TelVerde al Autorității 0800 825 627.

„Reiterăm faptul că Banca Națională a României nu face recomandări și propuneri de investiții. În cazul în care ați dat curs unor astfel de anunțuri false, raportați imediat aceste situații autorităților competente”, transmite BNR.

Mihai Craiu
Owner/CEO
Media Consulta International

This guy turned a neglected factory into a $2B foodie powerhouse.

And it all started with a piece of junk mail.

Hamdi Ulukaya is the founder of Chobani. It’s the yogurt brand bringing Greek style to the dairy aisle.

This business is so good it’s got me salivating.

I told y’all about Chobani a few months ago. In case you missed it, here’s the recap.

→ The year is 2005. Hamdi’s busy building a cheese business. Things are okay. But not great.

→ That’s when he spots a flyer in the mail. There’s a yogurt plant for sale close by. It’s 100 years old. Being sold off by Kraft.

→ The price tag is $1 million. He wants to buy it. Now he just needs to find a milly.

→ The US government gladly loans him the cash. Kraft throws Hamdi the keys. Time to make yogurt.

→ After 2 years in the kitchen, the yogurt is tasting good. Thick and creamy. Just a little tangy.

Hamdi calls it Chobani. Now he needs to break into the yogurt aisle.

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Our dairyman makes some key decisions early:

• Chobani will be mid-priced, in between American and European brands.
• Chobani will be stocked beside other yogurts, not in the gourmet section.
• Chobani will be sold in a wider cup, signalling that the stuff inside is different.

In 2007, the yogurt lands in a Long Island grocery store. It sells out fast.

Hamdi’s hustling to keep the shelves stocked. But it’s not easy. Customers are scooping it up. Indie grocers keep banging on his door.

Then ShopRite calls. Next Kroger wants it. And Whole Foods too.

By 2010, sales surge to $100M.

Chobani is a hit.

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The only thing more delicious than the yogurt is the marketing. Hamdi and crew didn’t spend any serious money on paid ads until sales were well past $1B.

Instead, they leaned hard on their customer community.

• They were early with social media. Chobani joined Instagram in 2011. Just a few months after the app launched.
• They pushed hard on Facebook. Engaging with local shoppers. Gaining over a million followers.
• They leaned into bloggers and influencers before it was cool. Squeezing into the feeds.

Hamdi built his customer community in real life and online.

Dominating the yogurt aisle, one creamy cup at a time.

marketing #brand #growth

P.S. At Influicity, we build customer communities that drive growth. I love sharing stories like Chobani who demonstrate how it’s done.

P.P.S. If you liked this, then you’ll love my book. It comes out next week. It will teach you how to build a brand people are obsessed with. Grab the first chapter now at the link in my profile.

Mihai Craiu
Owner/CEO
mediaconsulta.co.uk

În perioada 26-29 iunie 2024, Bruxellesul va găzdui cea de-a 36-a sesiune anuală a Crans Montana Forum. Acest eveniment prestigios reunește lideri din domeniul public, privat și al societății civile pentru a evalua starea planetei și a deschide noi căi către un viitor mai bun.

Printre invitați, alături de numeroși CEO, proprietari de afaceri și persoane influente în domeniul lor de activitate, se numără și Mihai Craiu, CEO al Media Consulta International. Cu o experiență de 20 de ani pe piața românească, Media Consulta International este unul dintre liderii companiilor independente de publicitate cu capital integral românesc. Sub conducerea lui Mihai Craiu, compania operează în cinci linii de business:

1. Divizia de Publicitate Full Service, care generează 55% din profitul raportat și are clienți majori precum Grupul PremiqaMed din Viena Austria, Banca Transilvania, Perfect Tour, , Fabrica de Peste si Salate- Negro 2000, Fabrica de sucuri naturale Ana Are, Vinurile dobrogene Clos des Colombes, Worwag Pharma pana in 2021, grupul Varta
2. Divizia Barter Media Bank, responsabilă pentru 8% din profit.
3. Divizia de Licitatii Guvernamentale și Evenimente Speciale, contribuind cu 10% din profitul companiei.
4. Divizia Hospitality, care gestionează investiții proprii în unități din Spania, Franța și SUA, aducând 5% din profit.
5. Divizia de Real Estate și Digital Outdoor, în colaborare cu grupul chinez Nexnovo din Shenzen, cu o contribuție de 22% din profit pe clădirile proprii din București.

Mihai Craiu și echipa sa au transformat viziunea în realitate, consolidând Media Consulta International ca lider în piața publicitarilor independenți din România. Invitația sa la Crans Montana Forum 2024 este o recunoaștere a contribuției semnificative a companiei la dezvoltarea mediului de afaceri și a relațiilor internaționale.

La Forumul Crans Montana 2024, Mihai Craiu a fost invitat sa participe alaturi de nume importante la nivel global precum:

• SAS Prințul Jean de Luxembourg, Președinte onorific al WDA-World Diplomatic Academy
• M. Abdoulaye Diop, Ministrul Afacerilor Externe și Cooperării Internaționale, Mali
• M. Morissanda Kouyaté, Ministrul Afacerilor Externe și Integrării Africane, Guineea
• Dna Josefa Sacko, Comisar al Uniunii Africane pentru agricultură, dezvoltare rurală, economie albastră și mediu durabil
• M. Amar Hamid El-Awad, Director General, Green Energy & Environmental Services, Qatar
• M. Alpha Barry, Ministrul Afacerilor Externe al Burkina Faso (2016-2021), proprietar al Radio Oméga
• M. Christian de Boissieu, Profesor Emerit de Economie la Universitatea Panthéon-Sorbonne
• M. Ahmedou Ould Abdallah, Emisar Special al doamnei L. Mushikiwabo, Secretarul General al Francofoniei pentru monitorizarea situației din Ciad
• M. Michel Salameh, Director General Adjunct, Middle East Security Services, Liban

Acești participanți sunt implicați în diverse sesiuni și evenimente organizate de Crans Montana Forum, care adună decidenți de nivel înalt din guverne și afaceri pentru a discuta probleme majore ale timpurilor noastre.

La finalul articolului, vă invitam să citiți invitația primită, care va fi introdusă în contextul acestui summit de prestigiu.

Banca Comercială Română (BCR) derulează în această perioadă campania „Alege bine pentru tine”, ce aduce pe piața de banking din România una dintre cele mai bune oferte comerciale din ultimii ani. Inițiativa se înscrie în strategia BCR de a sprijini deciziile de viață ale clienților săi cu produse financiare echilibrate și inteligente. Peste 300.000 de produse din oferta campaniei au fost deja alese de clienți, în aproximativ două luni de la lansare. Detalii despre această campanie, dar nu numai, a oferit Dana Dima, Vicepreşedinte Executiv Retail şi Private Banking BCR, într-o ediție specială a emisiunii „Punctul pe i”, moderată de jurnalistul Cristian Hagi la Tomis TV. Aceasta a vorbit și despre două obiective prioritare ale băncii, educație financiară și digitalizare, dar și despre cum vede orașul Constanța, economia sa și perspectivele.

„Noi suntem o bancă care acum aproape cinci ani am declarat oficial că vrem să schimbăm lumea bankingului. Atunci când am implementat ecosistemul George, am spus că trebuie să facem ceva ca încrederea în digital să se întâmple în România. Din acest motiv, am implementat în agenții tot ceea ce înseamnă deschiderea funcțiilor digitale de produse, de la credite până la produse de asigurări sau de pensii direct în George, în unități. Din acest motiv, considerăm că un spațiu că acesta poate fi un model de relaxare în care clienții pot întâlni digitalul alături de colegii noștri și pot învăța ce înseamnă digital.”, a declarat aceasta, referindu-se la investiția în sedii noi și moderne ale băncii, ca cel în care a fost filmată emisiunea.

În ceea ce privește campania „Alege bine pentru tine”, Dana Dima a subliniat că este cea mai mare campanie comercială derulată de către o bancă în România. 

„Încercăm să întâmpinăm necesitățile și nevoile clienților noștri prin toate produsele pe care le punem la dispoziție. Oferim premii mari și substanțiale. Peste 2.600 de premii. Premiul cel mare îl reprezintă două studiouri la mare, în stațiunea Mamaia, avem cinci bucătării total utilate, avem peste 2000 de bilete la cele două mari concerte ale anului și, bineînțeles, fondul de urgență la care noi ținem foarte mult, este un produs de economisire: 2.000 de lei oferiți clienților – sunt 500 de premii de acest gen – și 1000 de telefoane mobile.”, a spus vicepreședintele BCR.

Mai important însă decât această campanie este educația financiară pe care banca o oferă clienților.

„Dincolo de această campanie comercială despre premii, vorbim aici despre mult mai mult. Vorbim despre educație și despre educație, pentru că toți clienții noștri care pășesc unitățile noastre pot beneficia de un plan financiar gratuit, în care poți să setezi obiective, Peste 100.000 de români au realizat acest lucru deja în ultimele două luni și jumătate. Ceea ce este interesant este că acest dialog pe care noi îl purtăm împreună cu clienții noștri setează cumva un alt model de viață, un model în care ne gândim la pasul următor, la familie, la educație, la obiectivele noastre în viață și ne bucură că, alături de aceste discuții, campania comercială vine și oferă produse speciale cu costuri foarte bune pentru români. Vă dau câteva exemple, avem creditul de consum cu cea mai bună dobânda fixă, nu „de la…” ci fixă pe toată perioada de creditare, de 6,25 %. Este o dobândă extraordinar de bună. Ne bucură că foarte mulți români au apelat la acest credit pentru a își reduce costul, pentru că în general, după cum știm, piața a evoluat și fiecare dintre noi a aplicat pentru anumite credite care au avut anumite dobânzi. A fost și este un moment extraordinar prin care românii și-au consolidat și au refinanțat și și-au redus costurile.”, a declarat aceasta.

Pentru acest tip de credit, se poate aplica și online.

Dana Dima a declarat că mai mult de 70 % dintre români în această perioadă au aplicat și pentru produse care par să nu fie neapărat la îndemână.

„Vorbim de asigurările care sunt deja digitalizate în George, asigurări care au prime de asigurare gratuită pentru partea de început, fie de venit, fie de locuință. Au aplicat inclusiv pentru produse de investiții, acele produse de investiții recurente, omorând mitul, ca să spunem așa, „nu am bani, deci nu pot să investesc, nu pot să economisesc”, pentru că acest produs oferă posibilitatea să îți pui 100 de lei de exemplu deoparte în fiecare lună și randamentul pe care îl ai să fie unul substanțial. Bineînțeles, o poți face astăzi, mâine sau poți să sari peste o lună, deci nu este obligatoriu să ai în fiecare lună, dar e important comportamentul și, nu în ultimul rând, ai acces la banii tăi oricând. Este un produs în care poți subscrie gratuit și poți sau deficit de economisire.”, a punctat vicepreședintele BCR.

Produsul bancar cel mai cunoscut de către români este depozitul bancar.

„Avem o dobândă de 6,7 % pe 5 luni. De asemenea, foarte mulți români au apelat pentru acest produs, dar ne place să spunem că viața românilor nu se întâmplă doar în zona de depozite și de credite. Cardul de credit a devenit un produs vedetă în această perioadă, pentru că dincolo de gratuitatea acordării oferă un cashback, adică bani înapoi. 10 % în benzinării, pentru orice cumpărătură efectuată cu cardul, și înseamnă o sumă substanțială, și 5 % pentru tot ceea ce înseamnă cumpărături în hipermarket-uri, acestea adăugându-se programului de cashback din George, „Banii înapoi” pe care îl avem pentru toate cardurile BCR. Dincolo de campania comercială, este un program de investiție pe care îl facem în zona de persoane fizice, oferind aceste beneficii care pot ajuta la schimbarea unui comportament, la încrederea pe care românii o pot avea în anumite produse financiare, care fie reduc costuri, fie generează economie și atunci poți începe să economisești.”, a precizat Dana Dima.

Vicepreședintele BCR a vorbit și despre Portul Constanța.

„Știm că București este capitala, dar din punctul nostru de vedere, această zonă de port reprezintă o nouă capitală pentru noi, pentru ceea ce înseamnă extinderea internațională și. Indiferent că noi vom continua și vom dezvoltat, sper din tot sufletul ca și alte companii să facă, pentru că este nevoie.”, a punctat aceasta

În ceea ce privește perspectivele Constanței, vicepreședintele BCR privește orașul și județul cu mult optimism.

„Atunci când te uiți la un oraș, nu te uiți neapărat la ceea ce se întâmplă în momentul de față, ci te uiți la unde poate să ajungă. Pentru noi, Constanța reprezintă marea, marea reprezintă soare, soarele reprezintă optimism. Ca atare, privim Constanța cu mult optimism, dincolo de partea de legătură a portului, care reprezintă un potențial de dezvoltare fantastic de mare. Există o infrastructură de bază care poate fi dezvoltată foarte bine și inteligent. Constanța poate să ajungă unul dintre orașele principale ale țării. În Constanța există o șansă fantastică. Infrastructura se poate dezvolta extraordinar. Perspectiva industriei este evidentă, nu numai portul, dar și zona Cernavodă, toată zona din apropiere. Cred că trebuie doar un program care să ducă Constanța sus, dar potențialul de crește poate deveni mult mai puternic decât al multor orașe din țară, care deja au început.”, a conchis vicepreședintele BCR.

Media Consulta International has expanded its operations into various European markets and diversified its business, establishing offices in several European capitals and emerging as one of the key players in the Romanian government contracts market, which has won through transparent procedures organised by SEAP.

“The year 2023 saw a 20% increase in turnover in Romania, reaching a tripled consolidated business volume in European markets compared to the previous year, with exposure in 5 diversified business directions,” says Mihai Craiu, the company’s CEO.

With 20 years of experience in the Romanian market, Media Consulta International is one of the leaders among independent advertising companies with solely Romanian capital invested. Under the leadership of Mihai Craiu as CEO/owner, the company currently operates in 5 business lines:

• The Full-Service Advertising Division generates 55% of reported profit and serves major clients such as PremiqaMed Group from Vienna, Austria, Banca Transilvania, Perfect Tour, and others.
• Barter Media Bank Division is responsible for 8% of profit.
• Government Procurement and Special Events Division, contributing 10% of company profit.
• Hospitality Division manages its investments in units in Spain, France, and the USA, contributing 5% of profit.
• Real Estate and Digital Outdoor Division, in collaboration with the Chinese Nexnovo group from Shenzhen, with a contribution of 22% of the profit on its buildings in Bucharest.

According to reports from listafirme. ro, Media Consulta International has been stable and profitable in its 20 years of existence. With positive capital and active and diversified financing lines, the company has become a leader in the independent advertising market in Romania and a trusted government partner, winning significant contracts over the past ten years.

As Iulian Comanescu declared in a podcast in 2009, Mihai Craiu aimed to become a leader in a state advertising market with few professional players, as Media Consulta International.

” Media Consulta focuses on business with the state and explicitly states that it aims to become a leader in the state advertising market, which is between 60 and 100 million,” said Mihai Craiu in 2009.

Fifteen years later, his company achieved this goal, evidenced by hundreds of projects carried out for the corporation called the Government of Romania, hundreds of recommendation letters, and appreciations received in writing from government partners.

The company has been involved in various projects and initiatives, such as creating the local television station Dobrogea TV, which was successfully sold to Grup Servicii Petroliere from Constanta, and the Tudor Vornicu Television School, which was sold to the Scandinavian Broadcast Systems/Prima TV group.

Media Consulta International is also engaged in creating online content, including the relaunch and diversification of Săptămâna Financiară in various formats, such as the TV show and podcast, and through its communication channel on YouTube – Saptamana Financiara – YouTube.

Media Consulta represents an entrepreneurial business model with a considerable capacity to respond to the demands of any client. It can mobilise rapid and efficient responses in an umbrella structure with up to 300 independent employees, each with its own autonomous service company created for this purpose.

Internally, the company has 12 employees and 40 permanent collaborators for all business lines; internationally, it has 10 employees and 20 independent collaborators exclusively dealing with promotion, sales, and other related services.

The company has offices in France and covers the entire French Riviera, Spain, Italy, the UK, and Germany.

Media Consulta International’s macroeconomic indicators, such as solvency, ROI, ROE, and liquidity, place the company among the largest players in its field.

Financial stability, own capital, professional knowledge, expert teams involved in projects, external relations from different markets and cultures, and international financing lines are essential elements in building Media Consulta International’s budget, which has a well-trained team, consisting of experienced business consultants and marketing, advertising, audit, and financial strategy specialists with accumulated experience of over 15 years, specialised courses, and recommendations from clients and state institutions.

Recently, the company won a significant contract for a TV and radio advertising campaign for the Ministry of Economy, Entrepreneurship, and Tourism, financed by European funds with an offer of 499,000 lei (100,000 €).

The contract bears the generic name “Quality and Performance Management within MEEMA, for reducing administrative burden and developing innovative SMEs—Administrative Capacity Operational—POCA.” It involves educating and interconnecting entrepreneurs through a digital platform to provide them with a wide range of relevant resources and information for small and medium-sized enterprises, startups, and scale-ups.

The Ministry aims to promote its digital platform IMM MENTOR as a resource and information centre, a single point where all the information an entrepreneur may need to conduct their business sustainably will be available: how to start or develop a company, business events, fairs, legislation, funding sources, business opportunities, strategic planning, management and sales efficiency, SME efficiency through market research tools, client and supplier recommendations with the help of artificial intelligence, investor requests, opportunities provided by economic advisors from the MEAT external network, and others.

The Media Consulta International company has the most transparently won tenders on SEAP with the corporation called the government of Romania for advertising contracts. Among these stand out those for promoting the city of Craiova, successfully led by Lia Olguța Vasilescu, and those with the Ministry of Economy, with ANRE or INSP, as well as with APIA.

With nearly 12 years of experience in the Intact trust and media and communication field, Mihai Craiu, the owner of Media Consulta, is recognised as a lobbyist, creator, and integrator of communication strategies. His company offers various services, including business strategy, legal and fiscal consultancy, strategic investments and sustainable plans, marketing and sales strategies, public relations, etc.

“My dream as an entrepreneur was to offset the hundreds of thousands of euros paid to the Romanian state as taxes and taxes paid by me and my company annually—with the profits obtained by working on government contracts—which is a state policy worldwide at the level of major governments,” Mihai Craiu declared.

In conclusion, Media Consulta International is a success story in entrepreneurship. It has a solid reputation and the capacity to deliver quality solutions for clients, consolidating its position as a leader in advertising and communication in Romania and Europe.