Richter appoints new CEO; Bogsch remains chairman

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The board of Gedeon Richter appointed COO Gábor Orbán as the drugmakerʼs new CEO at a meeting on Monday, Richter announced. Orbán will replace Erik Bogsch, who asked to be relieved after holding the position for 25 years, effective from November 1, 2017.

Stepping down after a quarter of a century: departing CEO Erik Bogsch.

Bogsch will remain chairman of the board and will also assume the newly created position of Executive Chairman, focusing on commercial activities as well as international, public and government relations for the company, state news agency MTI reported.

The challenge for Richterʼs management, in the boardʼs assessment, is "to counter the headwinds in the highly competitive generic and branded markets by building an innovative product portfolio and thereby sustaining the company’s growth record."

To meet this challenge, two "distinct but equally important" management tasks must be carried out at the same time, Richter said.

The first is "to efficiently operate the supply chain in traditional markets while remaining competitive in the fields of R&D, manufacturing, quality assurance and logistics, in the face of price erosion generated by both authorities and competitors, having at the same time to deal with cost pressures from various sources."

The second is "to continue implementing the specialty pharma strategy by strengthening the recently established international sales network in Western Europe and overseas, while continuously broadening the high added-value innovative product portfolio," the board added.

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