Análisis de los indicadores de solvencia financiera del sector farmacéutico ecuatoriano utilizando el modelo Z-Altman Score.

Abstract

In this research, the solvency profile of the main companies in the pharmaceutical sector of Ecuador was built for the period 2016 to 2020, using the Z Altman-Score model. The units analyzed were: Difare S.A., Fybeca (FARCOMED S.A.), Farmaenlace, Quifatex and Leterago del Ecuador, the first two companies correspond to units that act with market power and the next three are intermediate-sized units that operate like Difare and Fybeca with contractual models of subsidiaries, franchise and own capital. Theoretical evidence has been found that the size of the firms and the business structure have an influence on the solvency levels and their subsequent prevalence of bankruptcy. It has also been found that, in Ecuador, the legal framework does not have an established corporate bankruptcy process, but it has defined Concordat models and exceptional Agreements to manage bankruptcy in an orderly manner. The results show that all the organizations analyzed have little probability of bankruptcy in the near future. The COVID19 pandemic has contributed to the fact that the companies analyzed in this study show, on average, a profile of low probability of risk, due to the prioritization of spending on health in households, which has allowed the growth of sales and the expansion of service lines. That are emerging as permanent given that the health crisis has not completely diminished. To eliminate this bias, it is suggested to replicate the analysis in a post-COVID scenario.