REMEDIUMREMEDIUM1561-59362658-3534Joint-Stock Company Chicot93210.21518/1561-5936-2020-1-2-3-50-59Original ArticleA comparative characteristic of business models of leading pharmaceutical manufacturers: aspects of commercial activitiesYasinskayaL. E.noemail@neicon.ruTrofimovaE. O.noemail@neicon.ruSaint Petersburg State Chemical Pharmaceutical University011220201-3505918032022Copyright © 2020,2020Background and research methodology: High investment activity in the Russian pharmaceutical industry creates the need to understand the characteristics of organizing and functioning of various pharmaceutical business models. Four business models of the main participants of investment processes were identified: biotechnology companies, wide profile generic companies, specialized pharmaceutical companies, manufacturers of active pharmaceutical ingredients (API). Each of the business models was described in details on the basis of at least three companies.Objective: Determination of specific features of the commercial activities of the Russian pharmaceutical manufacturers for identifying risks associated with investment activity.Research results: A detailed description of the commercial activities of domestic pharmaceutical companies was obtained in the framework of different business models. A comparative characteristic of business models was carried out by the following indicators: resource base, cost structure, suppliers structure, main customers and sales structure. All business models are characterized by predominance in the cost structure of raw and other materials and dependence on their imports in foreign currency. The structure of materials supplying for biotechnological and generic companies is diversified, while for specialized companies it is concentrated. There is a tendency for generic companies to purchase API manufacturers.Conclusion: Analysis of companies’ activity within the framework of the selected business models allows to determine their specific features, identify potential risks of investment programs, and develop measures for managing risks associated with investment projects.pharmaceutical manufacturersbusiness modelcommercial activityresource basecustomerssupplierscost structuresales channelsфармацевтические производителибизнес-моделькоммерческая деятельностьресурсная базапокупателипоставщикиструктура себестоимостиканалы продаж1.Edmunds R., Pisani J., Strang D., Swanick M. Beyond 2020: Building Strategic Coherence in the New Health Economy. Pharmaceutical Executive. March 2016. Available at: https://www. pwc.com/vn/en/industries/assets/beyond-2020.pdf.2.Кравченко Н.А., Юсупова А.Т. Российские фармацевтические компании: бизнес-модели лидеров рынка. Вопросы экономики. 2019; (8):127-138. doi: 10.32609/0042-8736-2019-8-127-138.3.Трофимова Е.О., Ясинская Л.Е. Количественный анализ продуктовых портфелей российских фармацевтических производителей и их классификация. Ремедиум. 2019;(11):8-15. doi: 10.21518/1561-5936-2019-11-8-15.4.Борзова М., Токарь А. Краткий обзор регулирования обращения фармацевтических субстанций на российском рынке. Ремедиум. 2015;(7-8):15-19. doi: 10.21518/1561-5936-2015-7- 8-15-18.