Michael Ramroth, CFO of Biotest: “Pulled out of Greece, stay put everywhere else.”

Michael Ramroth is in a good mood. The CFO of Biotest, a Germany-based pharmaceutical company that produces drugs based on human blood plasma. After buying a production site in the US in 2007, the licence Biotest’s key product Bivigam finally got approval from authorities. Together with market entries in Russia and China, this should boost sales in 2013. Last year, however, Biotest took the controversial step to pull out of Greece. “We had not had our bills paid for four years,” says Ramroth. Now Biotest works with a distribution partner who pays in advance. The first deliveries and payments are due this month. “But we experience no problems with any other countries in Europe, so we will stay put in Portugal, Spain and the likes,” Ramroth tells CFO Insight-TV.

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