REMEDIUMREMEDIUM1561-59362658-3534Joint-Stock Company Chicot95210.21518/1561-5936-2020-4-5-6-66-78Original ArticleA comparative characteristic of business models of leading pharmaceutical manufacturers: aspects of investment activitiesYasinskayaL. E.noemail@neicon.ruSaint Petersburg State Chemical Pharmaceutical University041220204-6667818032022Copyright © 2020,2020In addition to a detail analysis of various domestic pharmaceutical company’s business models there were investigated companies investment programs, as well as their capital structure and specificity of manufacturing processes that affect the companies investment activity.Objective: Analysis of the investment activity of the domestic pharmaceutical manufacturing companies working in the frame of different business models, as well as determination of their investment activity risks triggers.Research methodology: The analysis was conducted for four business models (biotechnology companies, generic companies, specialized pharmaceutical companies, manufacturers of active pharmaceutical ingredients) on the base of at least three companies in each business model. The database included the information on company’s investment activity for the period from2013 till 2018.Results: Biotech companies focus their long-term investment programs both on R&D projects and market entry to developed countries with a strong regulation system. Long- or medium-term investment programs of generic companies focus on creating huge production capacities, while short-term investment budgets allocate for marketing. Specialized companies, including in the framework of their collaboration with foreign manufacturers, realize their investment programs aimed at developing their own portfolio. Manufacturers of active pharmaceutical ingredients invest in renovations or building manufacturing facilities having a goal to meet GMP standards. Domestic pharmaceutical companies are characterized by an intricate multi-stage owner capital structure, which can negatively affect on attracting external investors.pharmaceutical manufacturersbusiness modelinvestment activityinvestment programsфармацевтические производителибизнес-модельинвестиционная деятельностьинвестиционная программа1.Инвестиции в России. 2019: Статистический сборник. М.: Росстат; 2019. 228 с.2.Ясинская Л.Е., Трофимова Е.О. Сравнительная характеристика бизнес-моделей лидеров фармацевтического производства: аспекты коммерческой деятельности. Ремедиум. 2020;(1-3):35 doi: 10.21518/1561-5936-2020-1-2-3-50-59.3.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.Ясинская Л.Е., Трофимова Е.О. Государственная финансовая поддержка фармацевтической и медицинской промышленности. Ремедиум. 2016;(10):6-16. doi: 10.21518/1561- 5936-2016-10-6-15.