Bekhzad Yuldashev: “A business becomes truly strong when it solves the fundamental problems of its region”

A specialist in business management in the pharmaceutical industry on how to turn regional companies into internationally attractive and socially significant businesses

The global pharmaceutical market is set to nearly double over the next decade. According to forecasts by the consulting agency Precedence Research, its volume will grow from $1.77 trillion in 2025 to $3.03 trillion by 2034. Meanwhile, global supply chains are under serious pressure: the pandemic, geopolitical turbulence, and the concentration of key active substance production in certain regions have made them vulnerable and unstable. Maintaining business stability under these conditions will require pharmaceutical executives to make bold and precise management decisions, believes Bekhzad Yuldashev. Formerly Commercial Director of Samarkand England Eco Medical (SEEM) and General Director of Bayan Medical, Yuldashev brought Uzbekistan’s largest pharmaceutical enterprises to the international stage. He recently joined the jury of the prestigious American Business Expo Xmas Award 2025, where he evaluated projects in the field of medical technology. We spoke with the expert about the nature of the current transformation in pharmaceutical business, as well as how to attract EBRD financing, pass an audit at the level of Sputnik V, and maintain supply chains when global networks break down.

— The development and market launch cycle for a pharmaceutical product takes 8 to 15 years, and decisions made today won’t be reflected in the market for a long time. What do pharmaceutical executives need to do now so that their products meet the demands of the times years down the line?

— Today’s executives need decisions rooted in digital transformation and manufacturing flexibility. Near-doubling growth means that old linear supply models simply won’t hold up. My approach centers on shifting from “reacting to shortages” to “forecasting demand” through AI-driven analytics and the localization of critical production cycles. A company’s resilience today is its ability to maintain GMP quality standards while scaling processes significantly. Strategic partnerships with equipment manufacturers and modernization of production technologies are also essential to meet growing demand for personalized formulations. We are on the threshold of the era of “precision pharmacology,” where medications will be tailored to a specific patient’s genetics, metabolism, and other biological characteristics.

— Where should executives begin when they are just starting to take their companies to the international level? You have several successful scaling cases to your name — for instance, as head of the national marketing and sales division at Jurabek Laboratories, you initiated and secured a strategic partnership with the German company Orthomol.

— First and foremost, it’s important to understand that going international is not just about growing sales or finding partners. You need to build processes that can withstand external scrutiny and meet the world’s best standards. At Jurabek Laboratories, for example, we began by assessing all internal processes — from production to marketing — and gradually implemented international management approaches, staff training, and a quality control system. Only when the entire team understands the goals and standards does a company become ready to work with major international players.

— How should pharmaceutical companies from emerging markets be prepared for audit in order to successfully achieve international certification?

— Preparing for an audit at the level of Orthomol’s requires not just cosmetic changes, but a complete transformation of corporate thinking. The key element here is building a Quality by Design system. We, for instance, implemented a rigorous traceability system for every stage of the process and, more importantly, trained staff to see international standards not as external pressure, but as an internal code of ethics. For companies in emerging markets, this is the only path to becoming equal partners of Western giants.

— Another step in that direction is attracting major investment. In your time as Commercial Director of SEEM, you personally led a facility modernization project worth approximately €8 million. It was the first instance in Uzbekistan where the EBRD agreed to jointly share financial risks with a local Uzbek bank to finance a SEEM project, thereby opening the door for other regional enterprises to access international investment. What changes in management and company structure were required to successfully implement this project?

— That project truly became a benchmark for the entire pharmaceutical industry in Uzbekistan. We had to completely rebuild the financial reporting system, implement international compliance and internal control standards, synchronize production processes with the requirements of external audit, and ensure maximum transparency across all operational indicators. My role was not only to manage the budget, but to build trust between the international financial institution — the EBRD — the local bank Sanoat Qurilish Bank, and local production. In the end, we proved that a local plant can be transparent, technologically advanced, and attractive to investors by the most rigorous Western standards, while implementing a complex financial product with shared risk.

— In 2020, when logistics worldwide were paralyzed, you as Commercial Director of SEEM ensured uninterrupted supplies of infusion solutions to Afghanistan. What decisions helped you prevent a humanitarian catastrophe? And what elements of a resilient supply chain do you consider most critical for pharmaceutical companies today?

— The pandemic showed that in a crisis, the advantage goes to those who have the tools for crisis diplomatic management. Ensuring uninterrupted supplies to Afghanistan in 2020 was not merely a commercial task for me — it was a matter of preventing a humanitarian catastrophe. When borders closed, we switched to hands-on logistics management, building direct channels with government agencies. The key elements of a resilient supply chain today are diversification of transport hubs and the maintenance of strategic reserves of raw materials (APIs) within the region.

— The COVID-19 pandemic served as a catalyst for major changes in the pharmaceutical industry, from restructuring supply chains to accelerating vaccine production. Under your leadership, the Bayan Medical plant successfully passed an audit to produce the Sputnik V vaccine. How significant is that kind of recognition for a company’s standing?

— Passing an audit for vaccine production is the highest level of achievement in biological safety. For us, it was confirmation that the company belongs to an elite club of manufacturers capable of working with the most complex biotechnological products. That kind of positioning transforms a company’s status: we went from being a local player to a strategically significant international platform trusted with the development and release of life-critical vaccines. Production of the vaccine was carried out at another company’s facilities, but our participation in the audit itself represented recognition from the Uzbek government and the representatives of the Russian Sputnik V vaccine.

— In developing countries, treatment often remains out of reach due to the high cost of medications. Under your leadership, Bayan Medical launched Ironit — one of the first analogues of complex iron injections in Uzbekistan — which made it possible to cut the price of therapy by more than half. Can import substitution be considered a form of corporate social responsibility?

— You know, I genuinely believe that import substitution in medicine is not just business — it is, in essence, the highest form of social responsibility. By launching Ironit, we effectively broke the import monopoly that had been making treatment inaccessible to thousands of people. We cut the price in half while fully maintaining international quality standards. That is a direct contribution to our national healthcare system. I have always believed that a business only becomes truly strong and resilient when it solves the fundamental social problems of its region. This drug was critically important because the rate of anemia among pregnant women in Uzbekistan is very high: according to WHO data, up to 40% of pregnant women in the country suffer from iron deficiency anemia. Iron (III) hydroxide sucrose complex — the active ingredient in Ironit — is vital, since anemia in the mother directly threatens fetal development. Ensuring access to this medication is a contribution to the health of both mother and child.