{"id":3371,"date":"2025-09-24T16:42:33","date_gmt":"2025-09-24T14:42:33","guid":{"rendered":"https:\/\/ratingagency.cerved.com\/?p=3371"},"modified":"2025-09-24T16:47:38","modified_gmt":"2025-09-24T14:47:38","slug":"sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche","status":"publish","type":"post","link":"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/","title":{"rendered":"Sostenibilit\u00e0 e rischio di credito delle imprese farmaceutiche"},"content":{"rendered":"\n<p class=\"has-border-color has-white-border-color\" style=\"border-width:5px\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Un\u2019analisi condotta da Cerved Rating Agency evidenza una correlazione positiva tra sostenibilit\u00e0 e solvibilit\u00e0 delle imprese che operano nel comparto<\/em><\/h3>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-e53a1342 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Il settore farmaceutico italiano si trova oggi al centro di un contesto economico e geopolitico complesso, caratterizzato da tensioni commerciali, instabilit\u00e0 normativa e crescente protezionismo. In questo scenario, <strong>la sostenibilit\u00e0 e la solidit\u00e0 finanziaria<\/strong> delle imprese farmaceutiche diventano elementi chiave per affrontare le sfide future.<br><br>Secondo l\u2019analisi condotta da <a href=\"https:\/\/ratingagency.cerved.com\/\">Cerved Rating Agency<\/a>, il comparto farmaceutico mostra una <strong>solvibilit\u00e0<\/strong> superiore alla media nazionale, con una percentuale significativa di aziende classificate come <strong>investment grade<\/strong>, sia per le grandi (88%), sia per le PMI (57%). Il settore si distingue quindi per una bassa probabilit\u00e0 di default, anche tra le PMI, grazie a fondamentali solidi e una forte vocazione all\u2019internazionalizzazione. Il paniere di analisi \u00e8 formato da 103 imprese, di cui 75 di grandi dimensioni e 28 di piccole, rappresentative di pi\u00f9 del 70% del fatturato del comparto e 40 mila lavoratori.<\/p>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"461\" src=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3.png\" alt=\"\" class=\"wp-image-3372\" srcset=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3.png 900w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3-300x154.png 300w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3-768x393.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-border-color has-white-border-color\" style=\"border-width:30px\"><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading is-style-heading-sidebar-section\">RESOURCES<\/h4>\n\n\n\n<div class=\"wp-block-download-with-form-download-with-form\">\n\t\n\t<div class=\"wp-block-button is-style-fill dwf_container\">\n\t\t<h4 style=\"margin-bottom:16px;\">Presentazione Pharma UP Speech<\/h4>\n\n\t\t<button class=\"wp-block-button__link wp-element-button\" data-name=\"Presentazione-Pharma-UP-Speech\" id=\"dwf_btn_download_3383\" data-mediaid=\"3383\">Download<\/button>\n\t<\/div>\n<\/div>\n<script>\n\tvar dwf_download = (url, fileName, type = \"text\/plain\") => {\n\t\tlet dwf_a = document.createElement(\"a\");\n\t\tdwf_a.style.display = \"none\";\n\t\tdocument.body.appendChild(dwf_a);\n\t\tdwf_a.href = url\n\t\tdwf_a.setAttribute(\"download\", fileName);\n\t\tdwf_a.click();\n\t\twindow.URL.revokeObjectURL(dwf_a.href);\n\t\tdocument.body.removeChild(dwf_a);\n\t}\n\n\tvar dwf_uuid = () => {\n\t\tvar d = new Date().getTime();\n\t\tif (typeof performance !== 'undefined' && typeof performance.now === 'function') {\n\t\t\td += performance.now();\n\t\t}\n\t\tvar uuid = 'xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx'.replace(\/[xy]\/g, function(c) {\n\t\t\tvar r = (d + Math.random() * 16) % 16 | 0;\n\t\t\td = Math.floor(d \/ 16);\n\t\t\treturn (c === 'x' ? r : (r & 0x3 | 0x8)).toString(16);\n\t\t});\n\t\treturn uuid;\n\t}\n\n\tfunction getQueryParams() {\n\t\tconst params = new URLSearchParams(window.location.search);\n\t\treturn {\n\t\t\tutm_source: params.get('utm_source'),\n\t\t\tutm_medium: params.get('utm_medium'),\n\t\t\tutm_campaign: params.get('utm_campaign')\n\t\t};\n\t}\n\n\t\/\/ Funzione per costruire la nuova URL con i parametri UTM\n\tfunction buildUrlWithUtm(baseUrl, queryParams) {\n\t\tlet url = new URL(baseUrl, window.location.origin);\n\t\tif (queryParams.utm_source) {\n\t\t\turl.searchParams.append('utm_source', queryParams.utm_source);\n\t\t}\n\t\tif (queryParams.utm_medium) {\n\t\t\turl.searchParams.append('utm_medium', queryParams.utm_medium);\n\t\t}\n\t\tif (queryParams.utm_campaign) {\n\t\t\turl.searchParams.append('utm_campaign', queryParams.utm_campaign);\n\t\t}\n\t\treturn url.toString();\n\t}\n\n\tdocument.querySelector('#dwf_btn_download_3383').addEventListener('click', (e) => {\n\t\tvar dwf_userId = localStorage.getItem(\"dwf_userId\");\n\t\tif (!dwf_userId) {\n\t\t\tdwf_userId = dwf_uuid();\n\t\t\tlocalStorage.setItem(\"dwf_userId\", dwf_userId);\n\t\t}\n\n\t\tasync function dwf_get_FileData($mediaId) {\n\t\t\tlet dwf_url_download = '\/api\/dwf\/download\/' + $mediaId + '\/' + dwf_userId;\n\t\t\ttry {\n\t\t\t\tlet res = await fetch(dwf_url_download);\n\t\t\t\treturn await res.json();\n\t\t\t} catch (error) {\n\t\t\t\tconsole.log(error);\n\t\t\t}\n\t\t}\n\n\t\tasync function dwf_render_fileData() {\n\t\t\tlet mediaId = e.target.dataset.mediaid;\n\t\t\tlet fileName = e.target.dataset.name;\n\t\t\tlet fileData = await dwf_get_FileData(mediaId);\n\t\t\tconst queryParams = getQueryParams();\n\t\t\tif (fileData['blocked']) {\n\t\t\t\twindow.location.href = buildUrlWithUtm('\/fileDownload\/' + mediaId + '\/' + dwf_userId, queryParams);\n\t\t\t} else {\n\t\t\t\tdwf_download(fileData['fileUrl'], fileName);\n\t\t\t}\n\t\t}\n\t\tdwf_render_fileData();\n\t})\n\t<\/script>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading is-style-heading-sidebar-section\">TOPICS<\/h4>\n\n\n<div class=\"taxonomy-category is-style-box-terms wp-block-post-terms\"><a href=\"https:\/\/ratingagency.cerved.com\/category\/credit\/\" rel=\"tag\">Credit<\/a><span class=\"wp-block-post-terms__separator\"> <\/span><a href=\"https:\/\/ratingagency.cerved.com\/category\/esg\/\" rel=\"tag\">ESG<\/a><span class=\"wp-block-post-terms__separator\"> <\/span><a href=\"https:\/\/ratingagency.cerved.com\/category\/research\/\" rel=\"tag\">Research<\/a><\/div><\/div>\n<\/div>\n\n\n\n<p style=\"border-radius:0px\">Nonostante la sua solidit\u00e0 il settore \u00e8 per\u00f2 esposto a rischi crescenti . Tra i principali <strong>fattori di vulnerabilit\u00e0 si riscontrano<\/strong>: regolamentazione stringente e mutevole, tensioni commerciali internazionali, crisi geopolitiche e fattori ESG, in particolare ambientali.<br><br>L\u2019esposizione al <strong>mercato statunitense<\/strong>, che rappresenta una quota crescente delle esportazioni farmaceutiche italiane, \u00e8 un elemento strategico ma anche fonte di incertezza. Le recenti modifiche tariffarie tra UE e USA, con un aumento medio dei dazi al 15%, potrebbero influenzare negativamente la redditivit\u00e0 e il rischio di credito delle aziende esportatrici. Va comunque sottolineato come gli accordi commerciali fra UE ed USA sui farmaci dovrebbero prevedere alcune esenzioni che potranno variare a seconda della natura del prodotto e dalla loro composizione chimica.<\/p>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"945\" height=\"527\" src=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-4.png\" alt=\"\" class=\"wp-image-3374\" style=\"width:736px;height:auto\" srcset=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-4.png 945w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-4-300x167.png 300w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-4-768x428.png 768w\" sizes=\"auto, (max-width: 945px) 100vw, 945px\" \/><\/figure>\n\n\n\n<p>Fonte: elaborazioni Cerved Rating Agency su fonte ISTAT<\/p>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<p>Per fronteggiare queste sfide, le aziende leader del settore stanno adottando strategie mirate. Ad esempio: <strong>razionalizzazione dei costi e outsourcing<\/strong> dei processi non core, riorganizzazione del portafoglio prodotti e focus sul core business, investimenti in R&amp;S, soprattutto in biotecnologie e terapie avanzate, <strong>adozione dell\u2019intelligenza artificiale<\/strong> nei processi di ricerca, espansione internazionale e diversificazione dei mercati, sostenibilit\u00e0 ambientale e supply chain pi\u00f9 resilienti, gestione del capitale umano in risposta al contesto geopolitico.<br><br>L<strong>\u2019analisi ESG<\/strong> evidenzia una buona performance nelle dimensioni Social e Governance, con attenzione al benessere dei dipendenti, alla sicurezza sul lavoro e alla trasparenza aziendale. Tuttavia, la <strong>dimensione ambientale<\/strong> mostra margini di miglioramento, soprattutto in termini di gestione energetica e dei rifiuti, certificazioni ambientali e monitoraggio della supply chain.<\/p>\n\n\n\n<p style=\"margin-top:0;margin-right:var(--wp--preset--spacing--80);margin-bottom:0;margin-left:var(--wp--preset--spacing--80)\">Le misure di sostenibilit\u00e0 hanno un ruolo sempre pi\u00f9 importante nella valutazione del rischio di credito; tra queste, i ratings ESG e i loro fattori sottostanti. Cerved Rating Agency conduce da anni un osservatorio su merito creditizio e sostenibilit\u00e0, con l\u2019obiettivo di monitorare l\u2019evoluzione della performance finanziaria e di sostenibilit\u00e0 delle imprese italiane. I dati mostrano come <strong>le aziende con punteggi ESG pi\u00f9 elevati presentino una probabilit\u00e0 di default significativamente inferiore<\/strong>, confermando il legame tra sostenibilit\u00e0 e solidit\u00e0 finanziaria \u2013 una correlazione che, pur non costituendo <em>prova<\/em> di un rapporto causale, \u00e8 con questo coerente perch\u00e9 ne sarebbe conseguenza. Questo fenomeno \u00e8 osservato anche per le imprese del settore farmaceutico: imprese farmaceutiche con classe di sostenibilit\u00e0 alta presentano un rischio di insolvenza di quasi <strong>tre volte inferiore<\/strong> alle imprese con classe di sostenibilit\u00e0 bassa. Inoltre, tale fenomeno appare confermato anche per le PMI.<\/p>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"458\" src=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-5.png\" alt=\"\" class=\"wp-image-3376\" style=\"width:747px;height:auto\" srcset=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-5.png 900w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-5-300x153.png 300w, https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-5-768x391.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<p class=\"has-border-color has-base-border-color\" style=\"border-width:30px\"><\/p>\n\n\n\n<p>Il <strong>settore farmaceutico italiano si conferma, dunque, pi\u00f9 solido e meno rischioso<\/strong> rispetto alla media nazionale, ma deve affrontare <strong>un contesto globale in rapida evoluzione<\/strong>. La sostenibilit\u00e0, l\u2019innovazione e la capacit\u00e0 di adattamento saranno determinanti per mantenere la competitivit\u00e0 e la stabilit\u00e0 finanziaria. In particolare, il rafforzamento delle pratiche ambientali e la gestione strategica dell\u2019internazionalizzazione rappresentano leve cruciali per affrontare le sfide future.<br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Un\u2019analisi condotta da Cerved Rating Agency evidenza una correlazione positiva tra sostenibilit\u00e0 e solvibilit\u00e0 delle imprese che operano nel comparto Il settore farmaceutico italiano si trova oggi al centro di un contesto economico e geopolitico complesso, caratterizzato da tensioni commerciali, instabilit\u00e0 normativa e crescente protezionismo. In questo scenario, la sostenibilit\u00e0 e la solidit\u00e0 finanziaria delle [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_slider_image_ID":0,"_reading_time":"","footnotes":""},"categories":[37,38,3],"tags":[],"element":[5,8],"class_list":["post-3371","post","type-post","status-publish","format-standard","hentry","category-credit","category-esg","category-research","element-analysis","element-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sostenibilit\u00e0 e rischio di credito delle imprese farmaceutiche - Cerved Rating Agency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sostenibilit\u00e0 e rischio di credito delle imprese farmaceutiche - Cerved Rating Agency\" \/>\n<meta property=\"og:description\" content=\"Un\u2019analisi condotta da Cerved Rating Agency evidenza una correlazione positiva tra sostenibilit\u00e0 e solvibilit\u00e0 delle imprese che operano nel comparto Il settore farmaceutico italiano si trova oggi al centro di un contesto economico e geopolitico complesso, caratterizzato da tensioni commerciali, instabilit\u00e0 normativa e crescente protezionismo. In questo scenario, la sostenibilit\u00e0 e la solidit\u00e0 finanziaria delle [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\" \/>\n<meta property=\"og:site_name\" content=\"Cerved Rating Agency\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-24T14:42:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-24T14:47:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"461\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"federicozotti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"federicozotti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\"},\"author\":{\"name\":\"federicozotti\",\"@id\":\"https:\/\/ratingagency.cerved.com\/#\/schema\/person\/42f916876531b7559d993a9138aa8456\"},\"headline\":\"Sostenibilit\u00e0 e rischio di credito delle imprese farmaceutiche\",\"datePublished\":\"2025-09-24T14:42:33+00:00\",\"dateModified\":\"2025-09-24T14:47:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\"},\"wordCount\":617,\"publisher\":{\"@id\":\"https:\/\/ratingagency.cerved.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ratingagency.cerved.com\/wp-content\/uploads\/2025\/09\/image-3.png\",\"articleSection\":[\"Credit\",\"ESG\",\"Research\"],\"inLanguage\":\"it-IT\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\",\"url\":\"https:\/\/ratingagency.cerved.com\/sostenibilita-e-rischio-di-credito-delle-imprese-farmaceutiche\/\",\"name\":\"Sostenibilit\u00e0 e rischio di credito delle imprese farmaceutiche - 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