VRIJEME JE ZA GOSPODARSTVO Mislav Vučić

Guest Mislav VučićHosted by Darko BukovićMay 3, 2026

Mislav Vučić

About this episode

What you'll hear in this conversation

Mislav Vučić, CEO of Jadran Galenski Laboratorij (JGL), leads one of Croatia's largest pharmaceutical companies, but he's quick to correct a common misconception: the pandemic has not been an automatic boon for the entire pharma industry. While vaccine producers have seen unprecedented success, the broader healthcare system has faced severe disruptions, impacting patient access, diagnostics, and long-term health outcomes. JGL itself achieved significant growth before and during the pandemic, crossing the billion-kuna revenue mark, largely driven by an export-focused strategy that now accounts for 83% of its business. Vučić explains how JGL navigated these complex market dynamics through a blend of strategic focus and operational agility. Readers will gain a clearer understanding of the nuanced challenges and opportunities within a highly regulated global industry, and how even a successful company like JGL maintains a grounded perspective on its market and its responsibilities.

Insights from the conversation

What to take from this episode

Mislav Vučić pushes back on the "common misconception that the pharmaceutical industry is thriving during COVID," stating "that's definitely not true." The pandemic has severely impacted overall healthcare access, diagnostics, and prevention, creating a "secondary cost" that will emerge in the coming years as patients delay care for other conditions.

JGL's return to 15% growth before the pandemic, followed by 11% during it, came from "a combination of focus on key things and, on the other hand, speed, agility, and flexibility." Sustained growth, even through disruptions, often hinges on disciplined focus combined with rapid operational responsiveness.

For highly regulated industries like pharmaceuticals, Mislav states, "It makes no sense to deal with research and development and production of drugs for a market of four million people." A domestic market of even several million people is insufficient; export orientation is a prerequisite for viability.

While Russia remains JGL's largest export market, its share is decreasing not because Russian sales are falling, but because other markets like Ukraine, Belarus, Kazakhstan, and B2B segments are growing even faster. True market diversification isn't just about adding new territories; it's about actively fostering disproportionate growth in emerging areas to naturally reduce reliance on any single large market.

JGL's "business to business" segment now accounts for 15% of revenue and over 30% of volume, encompassing both contract production for third parties and "out-licensing" their intellectual property and registrations. For R&D-heavy companies, B2B is a strategic channel to monetize existing portfolio products and intellectual property in markets where direct presence isn't yet feasible.

JGL Group's total revenue reached 1.019 billion kuna, surpassing the "Belupo group" within Podravka's pharmaceuticals division. Growth in specialized sectors often means outgrowing domestic competitors and becoming a regional player, measured not just by absolute numbers but by relative scale within the industry.

JGL's internal "Integra 2020" investment project was launched as a direct result of improved financial health and new business opportunities. Strategic investments in future growth and infrastructure are often contingent on first achieving a stable financial footing and proving current market traction, rather than being purely aspirational.

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