Determinants of the Efficiency of Russian Small and Medium-sized Businesses in the Pharmaceutical Industry

The purpose of this project is to identify key factors affecting the performance indicators of small and medium-sized companies (SMEs) in the Russian pharmaceutical industry. A market analysis was conducted, which made it possible to describe the current situation, both in small and medium-sized businesses and in the pharmaceutical industry. After a review of modern domestic and foreign approaches to assessing effectiveness, indicators and conditions for sample formation were selected. The analysis uses panel data representing various indicators of SMEs in the pharmaceutical industry engaged in trade and production for 2018-2022. This study uses fixed-effects models, random-effects models, and pooled models to identify the metrics that most influence companies' performance. According to the results of the study, four models were built, one of the best for each of the dependent variables characterizing the efficiency of enterprises: ROA, ROE, revenue growth rate and ROS. Also, key factors affecting the efficiency of enterprises were also identified.