G7 Italia 2024 - DE

From strength to strength

German Chancellor Olaf Scholz’s recent meeting with President Sergio Mattarella at the Quirinale Palace in Rome marked the beginning of a productive new partnership following the signing, last year, of an extensive action plan between the two nations.

he five-point action plan – touching on issues connected to foreign and defence policy, the economy, EU, climate and culture – was finalised at last November’s intergovernmental summit in Berlin and is designed to boost the countries’ bilateral links. The agreement is already proving to be a catalyst for collaboration. In Rome, President Mattarella’s assertion that Italy was enjoying "extraordinarily solid” relations with Germany was echoed by Chancellor Scholz, who expressed his hope that the deal would “bring new cooperation plans and new partnerships.”

The economies of the two countries are closely interconnected, together generating more than €160bn-worth of trade in 2023. Despite a slowdown in its economy over the last 12 months,

Germany remains Italy’s most important economic partner. It is thought that further cooperation, especially in the field of advanced manufacturing technologies, could lead to significant gains, and plans are already underway to foster these fresh opportunities. Building on the success of Italy’s ‘Industria 4.0’ and ‘Piano Transizione 4.0’ initiatives, the government has introduced a new incentive scheme, ‘Piano Transizione 5.0’, which will focus primarily on fostering green and digital innovation. The plan includes a €5bn fund set aside for technology-focused investments, including artificial intelligence (AI), augmented reality (AR) and industrial internet (II) projects. This is in addition to the existing funding pot that forms part of the country’s ambitious post-pandemic National Recovery and Resilience Plan.

“We have been an important part of the circular economy since our founding.”

MATTHIAS LEPPERT COO, MARANGONI S.P.A.

One such innovative Italian business is Marangoni, a global leader in safe and sustainable tyre retreading. “The experiences from our own production, alongside those of our partners, are the basis for continuous improvement of materials and technologies,” comments COO Matthias Leppert. “We have been an important part of the circular economy since our founding and define this as our DNA.”

Italian manufacturing revenues for 2023 are expected to have reached a record €1.16bn – €250 million more than 2019 figures. With new plans afoot to improve the resilience of the EU trading bloc, including urgently prioritising digital and green transitions, the partnership between Italy and Germany could play a key role in strengthening the internal market and furthering progress along the path of environmental transition. PROUD

From left to right: Italy holds the G7 presidency in 2024; Chancellor Olaf Scholz and Italian Prime Minister Georgia Meloni; Italy's business capital Milan. Photos: Shutterstock

Interwoven economies: tracing Italy-Germany trade and investment ties

The economic relationship between Italy and Germany has significantly influenced European growth and prosperity over the decades.

Italy and Germany have been central to European economic dynamics since World War II, beginning with their founding roles in the 1951 European Coal and Steel Community. This partnership was strengthened by the creation of the European Economic Community in 1957, now the European Union (EU).

Germany has consistently been Italy's largest trading partner.

Germany has consistently been Italy's largest trading partner, with significant trade in machinery, automotive parts, chemicals, textiles, and agricultural products. The adoption of the euro in 1999 further intertwined their economies.

Investments have flowed both ways, with German firms investing in Italy's

manufacturing and tech sectors, and Italian companies tapping into Germany's market, especially in fashion, automotive, and food industries.

Despite challenges like the Eurozone crisis, where Germany's involvement

in bailouts impacted Italy, the countries have maintained strong economic ties. These ties not only support significant trade and investment between the two nations but also play a crucial role in the broader EU economy.

TIMELINE

1 951

Italy and Germany co-found the European Coal and Steel Community, fostering post-war economic cooperation.

1 957

Both nations help establish the European Economic Community, promoting economic integration and reduced trade barriers.

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Adoption of the euro enhances economic interdependence, facilitating smoother trade and investment.

2008-2012

During the Eurozone crisis, Germany's role in European bailouts impacts Italy's economy, testing bilateral ties.

2020-P resent

Despite global challenges, Italy and Germany maintain robust economic relations, supporting mutual and EUwide prosperity.

Photo: Unspslash

Growth through innovation

Despite a challenging global climate, official statistics from February this year revealed the Italian economy grew by 0.5% in the last quarter of 2023 – outpacing many of its EU peers.

The general outlook for the country’s businesses in 2024 is equally positive.

The Bank of Italy is forecasting 0.6% growth this year, as the government continues to focus on post-pandemic recovery through its implementation of the EC-backed National Recovery and Resilience Plan (NRRP) – a scheme that will distribute more than €190bn-worth of loans and grants over the next two years.

Italy is the second-largest manufacturing country in Europe, with intra-EU trade accounting for half of its exports. Italy’s automotive, manufacturing and pharmaceutical sectors have been especially strong in recent years. Pharma revenues alone are expected to top €15bn this year, driven by a strong focus on research and development and advanced healthcare infrastructure. The automotive sector is buoyant, too. Historically fuelled by vehicle and component manufacture, the industry is now being shaped by the market for electric vehicles and the increasing demand for advanced safety, connectivity and driver-assist fea -

Founded in 2003, Epta is a global leader in commercial refrigeration systems. Placing environmental principles at the heart of its operations, the company positions itself as a Green Transition Enabler to the retail world leading the path to sustainable innovation, with high-performance, technologically advanced products that ensure energy and economic efficiency.

Since succeeding his father in 2011, CEO Marco Nocivelli has expanded the firm’s global reach to more than 100 countries and reaching a turnover of 1.4 billion in 2023. “Our aim is to grow through sustainable innovation,” Nocivelli says, “strengthening our leadership in commercial refrigeration across our global network.” A recent joint venture

Despite tough trading conditions, we continue investing because there is room for us to grow.

Paolo Nocentini , President and CEO, Savino Del Bene ”

tures. The government is backing a plan to increase vehicle production within Italy, focusing on improving efficiencies and on creating opportunities for green transition investments to help stimulate growth and innovation in the sector.

In fact, innovation is likely to be a key factor in Italy’s continued economic growth. Organisations in every sector are already seeing the benefits of harnessing the advanced manufacturing technologies that improve output and reduce costs. Italian businesses are investing billions in the automation, robotics and IoT systems needed to optimise workforce and production processes.

“Our aim is to grow through sustainable innovation, strengthening our leadership in commercial refrigeration.”

Marco Nocivelli, Chairman and CEO, Epta Group

with Viessmann Refrigeration Solutions, and the acquisition of HEIFO, have consolidated the firm’s market position in Central and Northern Europe. As pioneers in carbon footprint reduction, Nocivelli considers it is Epta’s responsibility to serve as industry role models. With 270 R&D employees and a dedicated Innovation Centre, advances include using recyclable materials in its products, natural refrigerant gases, and remote monitoring to enhance efficiency, durability and longevity.

“We want to challenge the market,” Nocivelli says. “We want to be at the forefront with new ideas and products that provide value to our clients.”

Italy has plenty of business success stories – companies that have grown from regional roots to become international trailblazers. Global shipping and logistics company Savino Del Bene has a 125-year pedigree, having expanded a local freight business into an impressive logistics operation with 300 locations in 60 countries worldwide and annual revenues of €4.5bn. “Our growth focuses on our company’s reach, and this is through expanding our networks,” explains President and CEO Paolo Nocentini. “Despite tough trading conditions, we continue investing because there is room for us to grow; Italy is first in these activities, but we are also investing in Germany and France.”

Bringing a circular approach to the tire industry

Marangoni S.p.A. is a world leader in the green tire industry, allying pioneering techniques and innovative products to create a circular economy for the sector.

With a presence in more than 100 countries, Marangoni S.p.A. is a global force in the tire industry. Focused on innovation and embracing a circular economy, the firm is the only international company to specialize in tire retreading, a greener and more sustainable approach to tire use.

“Retreading is a form of reviving a tire with premium quality material,” explains President and Chairman Vittorio Marangoni, emphasizing the environmental focus that underpins his vision for the firm. With 70% savings in raw material and energy usage, the benefits of retreading are clear. “The world is moving towards zero environmental impact, and retreading is one of those systems that could bring that goal closer to reality.”

With over 1,000 employees, including a significant presence in Germany, Marangoni sees technology and sustainability as the twin pillars of the company’s future. Having already integrated automation into its physical processes, the firm is now examining ways AI can help increase quality and drive process efficiency. “Our strength lies in the tools we use in the business because it focuses on innovation to ensure we are the best in the sector.”

Photo: Pexels

FOCUS ON MARANGONI

Vittorio Marangoni, President & Chairman

FOCUS ON EPTA

Ansaldo Energia specialises in the design, construction, commissioning, servicing and maintenance of turbogas power plants. Drawing on 170 years of industry experience, the company’s portfolio now extends to the nuclear and renewables sectors, with established credentials in environmental sustainability and carbon-neutral energy solutions. Germany is a key market for Ansaldo Energia. In 2023, RWE selected the company to supply two important hydrogen-ready turbogas plants to support Germany energy transition. Each plant, once complete, will have the capability to power over half a million German households. “Our flagship GT36 turbine brings extreme stability to the grid,” explains CEO Fabrizio Fabbri. “The

“We continue to maintain our leverage of being a leader in the sector.”

Fabrizio Fabbri, CEO, Ansaldo Energia

unit provides flexibility that’s second to none within the current technologies, and we continue to maintain our leverage of being a leader in the sector.” Ansaldo’s nuclear division is pioneering new technologies, with the goal of achieving carbon-free energy from advanced fission reactors, while reducing radioactive waste. But there is much still to accomplish during the transition to cleaner energies. “Our turbogas fleet is already tested to burn hydrogen between 40 and 70%, with the goal to reach 100% by 2030. Recently we successfully tested the GT36 burner at 100% hydrogen,” says Fabbri. “The utilisation of natural gas and hydrogen is crucial for developing the economy around decarbonisation.”

Founded in 1972, Alcantara S.p.A is the Italian Company globally producing and marketing the unparalleled luxury material under the registered trademark Alcantara®. Over the years, the Company has established a number of prestigious collaborations with global brands operating across a range of different platforms of application and in different areas of design, art, fashion and lifestyle products This quintessential Italian company represents a unique fusion of local craftsmanship and cutting-edge technology, championing innovation, while preserving tradition and heritage.

“We deliver between 10% and 15% of our overall sales to Germany, in -

“There is an opportunity to expand our penetration through our current markets.”

Eugenio Lolli, CEO, Alcantara

creasing to 30% if we include shipments to German OEMs globally,” explains CEO and MD, Eugenio Lolli. “We can see growth in our present customers, and there is an opportunity to expand our penetration through our current markets.”

The company’s R&D centre is one of the largest of its kind in Europe, complete with in-house prototyping capabilities – a factor that has enabled Alcantara to further consolidate its credentials. “We are in the business of inspiring designers and customers to make something special every day,” says Lolli. “My vision for Alcantara is to become a source of beauty and innovation with a serious and certified commitment to sustainability.”

Charting

a course for elegant, sustainable innovation

Founded more than 60 years ago, Sanlorenzo represents the last word in maritime luxury, with exceptional yachts crafted to the highest specification. Executive Charman Massimo Perotti talks about what it takes to forge a reputation as a global leader in a high-stakes market.

” Each of our boats is made-to-measure by hand with the highest quality of craftsmanship and skill.

MASSIMO PEROTTI CHAIRMAN AND CEO

Q: How would you describe your vision for Sanlorenzo?

To create a brand as a specialised yacht manufacturer – our clients love the brand because of its quality and durability, and each of our boats is made-to-measure by hand with the highest quality of craftsmanship and skill. We employ around 800 people and have an ecosystem of over 1000 specialised local artisans. Naturally, this customisation is reflected in our price. However, this is a distinctive sign of quality and sophistication; it is an element of our success.

Q: How are you leveraging innovation to increase growth and strengthen your market position? Our business model focuses on being exceptional and exclusive. Every year, we aim to bring innovative products to the market – for example, our catamaran, the Bluegame multihull BGM75, establishes a completely new concept for motor catamarans. But we also ensure that our design and brand remain recognisable; we want people to look at our boats and immediately know it is a Sanlorenzo. We aim to maintain our

elegant branding, as the real value of the company is profit, not revenue.

Q: What is Sanlorenzo’s development strategy over the next two years?

In the 20 years that I have been with Sanlorenzo, we have grown revenues from €42m to €840m. For 2023, we targeted a 13% increase in revenues and 21% increase in EBITDA, revised upwards after the first half-year results. For 2024 and 2025 we expect to return to our sustainable growth rates, namely high single digit for revenues. This year we are working on new product lines across our yacht, superyacht, and catamaran divisions.

Q: What is the yachting industry doing to address the issue of sustainability?

The percentage of global greenhouse gas, or CO2-equivalent, emissions coming from the shipping industry as a whole is 3% - of which the yachting industry accounts for only 0.2%. In 2008, the International Maritime Organisation imposed rules that would lead to net zero by 2100 –this has been brought forward to 2050. Sanlorenzo will be investing in the research and development of state-of-the-art technology for sustainability, as we enter a new era with our customers and society.

Q: How is Sanlorenzo tackling the transition towards lower-emission solutions?

We have similar problems and struggles as the automotive industry, as we must rethink materials and processes for building yachts by 2035. We have an agreement with Siemens Energy and Rolls-Royce to build a 50-metre yacht equipped with a machine that uses renewable green methanol fuel technology. We would be the first yacht-builder to produce 100kwh through fuel cell technology to support the boat's electricity needs. Our goal is to build the first carbon-neutral yacht

and make it available for commercial production by 2030.

Q: How do you plan to promote your green agenda more widely?

On September 2023 Bluegame’s HSV (Hydrogen Support Vessel) was unveiled at the Cannes Yachting Festival. This ‘chase boat’ uses hydrogen propulsion and foils to reach a speed of 50 knots with zero emissions and will ‘fly’ alongside the New York Yacht Club’s American Magic challenger in this year’s America’s Cup. Also featured at the same festival, the Bluegame catamaran is the first sustainable multihull, recording half the consumption of a semi-displacement yacht with comparable volumes. This shows our dedication to a sustainable future and demonstrates how sustainability and innovation go hand in hand.

we expect the Asia Pacific region to grow the most, but Italy and Germany are our biggest markets today in Europe.

Q: How do your international strategies differ?

Customer preferences are heterogeneous, yet many prefer our SD line because of its performance, efficiency, speed, and safety. German clients have an extremely refined taste and are very experienced, they enjoy spacious accommodation, and they value reduced fuel consumption. Meanwhile, our Bluegame customers prefer this line because they want to go fast in the sea while being safe. The SP110 is very popular because it has the sleek design of an open boat and usage of the open salon.

Q: With the global luxury yacht market projected to reach $12.8 billion by 2031, how important is international expansion for Sanlorenzo?

We expand our global market through our brand representatives, but the space we are closely watching is the Asia Pacific. We are considering opening showrooms and service points in all of the main markets in Asia. In the next decade,

Q: What are the fundamentals of your management style?

Our business approach focuses on working together with artisans and having great teamwork. I want to ensure my employees have the best possible life –working hard, making money, and enjoying time with their families. We approach business with a lot of care, and we put people at the centre.

Photo: Sanlorenzo S.p.a.

Pioneering health, the Italian Way

Investment, innovation and collaboration help Italy’s pharmaceutical industry thrive in a competitive global marketplace.

Italy’s buoyant pharmaceutical market has been characterised by strong growth, investment and innovation in recent years, bolstering the nation’s position as a global leader in the sector. Generating a production value of €49 billion in 2023, the industry employs more than 68,000 people, contributing around 2% of GDP. Yet its importance to both Italy and Europe transcends economic value.

“We strive for technological and organisational innovations that increase business productivity.”

MARCELLO CATTANI PRESIDENT, FARMINDUSTRIA

“This is an industry that helps citizens live longer and better,” explains Marcello Cattani, president of industry association

F.I.S.

S.p.A. was founded in 1957 as a specialist producer of chemicals for the pharmaceutical industry, driven by a strong focus on innovation. Today, FIS has become the development and manufacturing partner of choice for bluechip pharmaceutical brands all over the world looking to source custom and generic API synthesis – a position recently consolidated when the company was acquired by Bain Capital Private Equity. FIS has a strong focus on R&D, with significant ongoing investment plans, as evidenced by its collaborations with prestigious European universities and research

Farmindustria, who views the sector as a key asset for Italy – one that requires nurture in the face of global competition and changing intellectual property legislation.

With bilateral pharmaceutical trade valued at €15 billion in 2022, synergies with German counterparts form the backbone of a vital relationship – one Cattani wants to leverage further: “The cooperation with the German sister association, their industries and manufacturers is of critical importance,” he says. “We must continue to push for more awareness of the value and potential of the European pharmaceutical industry.”

“We offer our clients reliable solutions in the shortest time.”

Michele Gavino, Vice Chairman, Fabbrica Italiana Sintetici

groups. “The economic climate has been turbulent in the past two-tothree years,” explains Vice Chairman Michele Gavino. “Following a growing level of uncertainty, also due to in particular geopolitical tensions, our attitude is to find opportunities for growth in different markets globally”.

This vision has shaped a future-focused organisation that prizes its enduring commitment to quality, safety and sustainability. “We have remained one of the leading CDMO companies because we can provide solutions to save people’s lives,” adds Gavino. “We offer our clients reliable and flexible solutions in the shortest time.”

MARCELLO CATTANI PRESIDENT, FARMINDUSTRIA

How would you define your vision for Farmindustria?

As the president of Farmindustria, it’s my responsibility to ensure we pursue our goals as an industry that is innovative, highly technological and strategic for national security, the health of citizens, economic growth, employment and efficiency in public spending.

For a picture of the value of our industry to the country, just think research and development. In 2022, the pharmaceutical industry in Italy invested €1.9 billion in R&D, and €3.3 billion if we add investments in manufacturing, achieving 22% growth over the last five years – a 4% compound annual growth rate.

What role does innovation play in the industry?

Farmindustria is strongly committed to digital transformation. This doesn’t mean just to ddigitalize current rules and procedures, but also to create a new connected care system.

Accord Healthcare is a rapidly growing pharmaceutical company in Europe. They started with only 50 staff in 2010 and now have over 2,000 employees in the EMENA region. Accord Healthcare is dedicated to providing essential medicines to patients worldwide through its range of generic, biosimilar, and value-added products.

Associate Vice President Massimiliano Rocchi explains that their goal is to offer people more options for a better quality of life. Accord EMENA is proud to support over 95% of patients in the EU. Although Accord has some of the largest pro -

“We strive for technological and organisational innovations that increase business productivity.”

We strive for technological and organisational innovations that increase business productivity and promote the economic growth of the country by focusing on the goal of better treatments for citizens and greater efficiency of the whole health system.

“One of our key motivations is to constantly improve previous products and push forward for innovation.”

Massimiliano Rocchi, Associate VP (Italy-Greece-Swizerland), Accord Healthcare

duction capabilities in the world, they remain agile and focused on innovation. Rocchi says their main motivation is to continuously improve previous products and drive innovation forward. Accord Healthcare has recently expanded into the pharmaceutical retail market and plans to launch oncology treatments in Italy in Q1 2024. They are determined to continue meeting patient needs in a dynamic industry. Accord has come this far due to having the right people who are committed making it better in the healthcare sector.

Photo: Pexels

FOCUS ON FABBRICA ITALIANA SINTETICI

- Fabbrica Italiana Sintetici

FOCUS ON ACCORD HEALTHCARE

Parma-based biopharmaceutical company Chiesi Group has a well-deserved reputation for innovation across three primary research areas: respiratory issues, rare diseases and specialty care. With the benefit of over 85 years of industry expertise, Chiesi has built robust supply chains for its pharmaceuticals, medical devices and digital apps in dozens of countries worldwide.

“Innovation is pivotal,” explains CEO Giuseppe Accogli. “We are amplifying our internal innovation with significant investments in R&D, and expanding our external innovation through networks, including startups and global innovation centres.” This visionary approach is embodied

“We are amplifying our internal innovation with significant investments in R&D.”

Giuseppe Accogli, CEO, Chiesi Group

by the Chiesi’s focus on patients, people and communities, and exemplified by changing its legal status to a Benefit Corporation in Italy, the US, and France. As a certified B Corp since 2019, Chiesi is part of a global community of businesses that meet high standards of social and environmental impact.

Germany is a key locus for the group’s expansion – Chiesi’s workforce here has grown six-fold over the last 20 years and is currently generating more than €350 million in sales. “Our open innovation centre is actively scouting for collaborations globally,” adds Accogli. “Germany offers a rich environment for R&D.”

Fo unded in Sicily in 1935, SIFI has become internationally renowned for its ground-breaking ophthalmological innovations, including notable advancements in eye-drop formulations and cataract refractive surgery. With an established presence in Europe and Central America and JV partnerships in China and recently in the UAE, the company continues to expand into emerging markets, while consolidating commercial partnerships closer to home.

SIFI’s success over the decades has depended on its proficiency to stay competitive in a niche market. SIFI’s core strength has also been the capacity to develop innovative formulations around licensed compounds used in other areas of medicine in a compliant manner for ophthalmic patients. “This mindset allowed us to launch a few first-in-kind products,” explains CEO – and grandson of one of SIFI’s original founders – Fabrizio Chines. “We get in earlier into the game, before the big multinationals, and execute a fast transition from product development to manufacturing.”

SIFI, part of the burgeoning Italian pharma industry – a sector worth over

“The target for the company is to become a European leader in ophthalmology.”

Fabrizio Chines, Chairman & CEO, SIFI Group

€34bn and growing - is expected to see further corporate expansion, thanks to recent R&D breakthroughs. These include a revolutionary new treatment for acanthamoeba keratitis, Polihexanide 008, which will be distributed across 26 European countries. “We are already working in Germany with research institutions like Heidelberg,” adds Chines. “The target for the company is to become a European leader in ophthalmology.”

Acanthamoeba keratitis is on our radar.

And we won’t let it go until it’s under control.

As a company with a longtime commitment in ophthalmology, at SIFI we have a mission: not leaving any patient unseen, especially when they live a long and hopeless nightmare of misdiagnosis and improper treatment.

AK is a rare but potentially blinding infection of the cornea caused by an amoeba found ubiquitously in nature that causes an excruciating, continuous pain. Until now there was no standardized and approved therapy. It’s time to help AK patients see their future again.

CHANGING THE PARADIGM IN A CANTHAMOEBA K ERATITIS

Agri-food: blazing a trail for Italian exports

With Italy’s agri-food exports for 2023 hitting the €64bnmark – an impressive 6% improvement on the previous year’s figures – Italian producers find themselves perfectly placed to drive even greater gains by focusing on fresh commercial opportunities.

Italian food and beverage sales have risen steadily in recent years, despite the challenges presented by the pandemic, widespread inflation and escalating energy prices. This resilience is due, in part, to the highly successful ‘Made in Italy’ initiative – a government-backed scheme designed to raise the country's profile on the global stage, and to protect and promote authentic Italian products by celebrating traditional practices. The brand links the country’s reputation for quality artisanal foodstuffs to emerging interest in products that comprise a healthy Mediterranean diet, including pasta, rice and vegetables.

Italy’s organic farming sector is also burgeoning, a factor which has helped boost the country’s eco-credentials. It is currently ranked among the top global exporters of organic products – only narrowly trailing Germany and France in the EU. The acreage dedicated to organic farming is increasing every year; currently 17% of agricultural land is earmarked for organic production, compared to the European average of just 9%. With organic foodstuffs carrying a price premium, Italian producers are able to capture more of this lucrative, and expanding, niche market.

A third of Italy’s agri-food exports go to Germany – in fact, food and beverage exports to

Germany rose by more than 10% in 2023. Specialist food producers are enjoying particular success as the demand for traditional ingredients grows. Established truffle expert Urbani Tartufi has an impressive legacy spanning more than 170 years. It is harnessing new technologies to supply a fast-paced global market, at the same time focusing on sustainability – an essential element of long-term prosperity. “There are 75 countries globally where we export truffles, and every one of them cooks in a different way,” explains CEO, Olga Urbani. “Germany is a crucial market in Europe for us, and one of the best markets globally because people are educated about the different kinds of truffles.”

Germany is a crucial market in Europe for us, and one of the best markets globally.

Continues on page 20

Olga Urbani , CEO, Urbani Tartufi ”

Foto: Urbani Tartufi

Fabrizio Fabbri

CEO, ANSALDO ENERGIA

Ansaldo Energia stands as a beacon in the power generation industry, renowned for its comprehensive and integrated role encompassing the construction of turnkey power plants and the production of hightech power equipment.

Q: Ansaldo Energia aims for carbon neutrality while ensuring universal access to energy. How do these objectives shape the company's core values and branding?

How are you personally ensuring that Ansaldo Energia leverages these innovations to maintain its position at the forefront of the energy sector?

The legacy of the company is crucial because I am working with a company with 170 years of history. Ansaldo has been around even before Italy was born as a nation in 1861. It has overcome the test of time and provided commodities needed at that time. The company DNA ensures we listen to our customers and use their issues as our challenge. This mindset allowed Ansaldo Energia to think outside the box and become innovative. It is something unique and makes me proud of this company. If I look at the company today, we have three legs on energy production: turbine production and service, nuclear, and green technologies. We continue to work in the nuclear field despite the country deciding to exit that sector 40 years ago.

In addition, we are now exploring green technology and Italy and Germany are taking it seriously. This attitude makes the synergy between the two countries strong because they are both industrial countries and their supply chain are fully integrated. We need to ensure we can provide continuous and reliable energy for the country because our factories work 24/7. We have energy-intensive sectors, and their needs should be met to remain globally competitive.

Our economy is different from other economies that focus on trade and logistics. In addition, having an efficient and sustainable energy source

is crucial to competitiveness and being a leader in our sector. It also gives us independence as we have seen how geopolitical issues could affect our energy source and economy. We need to be self-reliant and the only way to do so is by diversifying, flexibility, and efficiency.

” Germany is a crucial market because of its dimension and Italy's synergy with the German market.”

Q: With a revenue of $1,237M in 2022 and operations spanning continents such as the Middle East, Asia, Europe, China and CIS Countries, what gives Ansaldo Energia its competitive edge in the energy sector? How do you intend to drive growth and increase market share in the upcoming years?

The Middle East is a fascinating market because they are investing a lot in electrification and renewable energy while also switching from oil to gas. Their goals are in line with our plans through the use of our flare gas turbines, which could be a game changer as it drastically reduces pollution preventing the gas release into the atmosphere while producing electric energy. We are working with some countries to utilize flare gas instead of release it into the atmosphere.

Ansaldo Energia wants to innovate the technology with our gas and steam turbines, hydrogen and electrolysers. In the framework of our development program for anion exchange membrane electrolysers (AEM), we have reached an important milestone by successfully concluding the tests on short stack prototypes of full-size geometry, which will lead to a commercial stack of 1 MW.

In addition, we will continue to push the limit of our gas turbines. Our turbogas fleet is already tested to burn hydrogen between 40 and 70%, with the goal to reach

100% by 2030. Recently we successfully tested the GT36 burner at 100% hydrogen.

Q: In 2023, RWE selected Ansaldo Energia’s GT36 turbine to support Germany's energy transition, with the capability to power over half a million households in Germany. Can you share with us your thoughts on the importance of Germany and Italy’s ongoing energy collaborations and any further plans for Ansaldo Energia to grow its presence in the German market?

France and Germany are two of the biggest countries in Europe, but France branched off to using nuclear power on its own. However, they are still a market we could look into regarding providing maintenance, a space for flexibility and maintenance. Germany is a crucial market because of its dimension and Italy's synergy with the German market. The two countries have similar needs, and we can adhere to the demands of the German market because of these similarities. In addition, Germany and Italy are complementary countries as Italy focuses on problem-solving, while Germany provides the structural process. Germany's philosophy of doing things right is the same as ours. We are currently working with Tecnicas Reunidas on two RWE hydrogen-ready turbogas plants in Germany, which is an exciting project. The unit provides flexibility, second to none within the current technologies, and we continue to maintain

our leverage of being a leader in the sector. The GT36 turbogas, our flagship, showcases an exceptional level of proven flexibility, boasting an astonishing ramp rate of 100MW per minute, both in ramping up and deloading, which brings extreme stability to the grid. We are working with the German Marbach 3 Power Station for our F-Class gas turbines, while we recently delivered unit 6 of the Irsching power plant in Bavaria to our customer Uniper. This plant is equipped with an AE94.3A gas turbine, with a power of 300 MW capable of feeding 200,000 homes.

Q: The Marghera Levante plant is recognized as the most efficient thermoelectric power plant in Italy. How does this milestone contribute to the security of the Italian energy system, and what implications does it have for Ansaldo Energia's role in Italy's energy transition?

The Marghera Levante plant has become our threshold around feedback on efficiency. Currently, this machine is working at over 60% efficiency and can provide up to 800 megawatts. In terms of the future evolution of this unit, we can bring it up to 70% of hydrogen in the fuel feed. I was reading an article about building a pipeline from Germany to Italy to produce hydrogen through wind power and export the hydrogen to Italy. It is crucial that the technology is flexible for future innovations, and it can accommodate change to become more sustainable.

Eugenio Lolli

CEO AND MANAGING DIRECTOR, ALCANTARA S.P.A.

Eugenio Lolli, CEO and Managing Director of Alcantara SpA, articulates his strategic vision for enhancing the brand's global presence and reinforcing its commitment to sustainability.

Q: You were appointed Chief Executive Officer and Managing Director of Alcantara on 29th June 2023. What vision and strategy do you bring to the role?

Alcantara is a company, product, and brand name. We offer beautiful and versatile products in industries like interior design, fashion, and consumer electronics. Our availability shows the company's flexibility, and how we adapt to the demands of the time.

Our headquarters is in Milan, but our production is in Umbria. We maintain our production within Italy because it is crucial for our roots to remain within the Italian environment. Our flexibility is from our access to a lot of knowledge from Italian companies that the company works with.

Meanwhile, maintaining our brand is crucial because we market through our customers. We don’t sell directly to final customers, and our brand must be top of mind when clients consider products. My vision for Alcantara is to become a source of beautiful, luxurious, and sustainable products. We have a strong relationship with designers and fulfill their ideas. Our materials give a premium design and feel, and we are investing in

conceiving and designing new concepts for our customers.

Q: Alcantara is one of the foremost brands representing "Made in Italy." Given its unique and proprietary technology, how do you view the company's current market position, and what are your plans to reinforce its global standing?

Italians have a beautiful country that we need to protect, and Alcantara must make our products through sustainable means that protect the environment. We have a network of partners within Italy capable of supporting us in making exquisite products and materials. We work with Italian suppliers that could provide us with high-end accessories and skills, even though they are small companies. The brand ‘Made in Italy’ means leveraging the Italian network and craftsmanship crucial for differentiating ourselves from competitors. There is a unique balance between advanced technologies and artisan manufacturing where heritage and modern technology don’t have to compete but should complement each other. Alcantara also stands for innovation and preserving tradition and heritage.

”

My vision for Alcantara is to become a source of beautiful, luxurious, and sustainable products.”

Q: Sustainability is a guiding principle for Alcantara. Can you provide insights into the company's forthcoming green initiatives and how they align with your mission of making every day extraordinary?

We were one of the first Italian companies to dabble in sustainability, and we first measured our carbon footprint in 2009. Since then, we have been conscious of our emissions, and thanks to these undertaken actions, we obtained the Carbon Neutrality certification. Carbon Neutrality certification is based on offsetting of greenhouse gas emissions through the acquisition of carbon credits from Certified and Verified Offset Projects. While acknowledging that carbon offsetting is not the final solution, nevertheless we believe that carbon credits are a useful tool to accelerate the fight against climate change beyond our value chain, and to measurably reduce global emissions.

Q: Given the company's initiative towards introducing a new material made of 68% certified post-consumer recycled polyester, how do you plan to leverage this innovation to enhance growth and market position?

Our research and development center is one of the biggest in Europe in the sector, with in-house prototyping capabilities. One of our most important clients presented our post-consumer recycled polyester mechanically recycled and certified in February 2023, which shows the company's relationship between technology and craftsmanship. For this version, Alcantara obtained from ICEA the certification of conformity with the Recycled Claim Standard (RCS), developed by Textile Exchange, one of the most important non-profit organizations that promote responsible

and sustainable development in the textile sector.

Q: Alcantara's collaboration with the BMW Group for the new XM plug-in hybrid model is noteworthy. How does this partnership reflect the company's stance on innovation, and can we expect more collaborations of this kind in the near future?

BMW is one of the clients we are proud to work with, especially with a headline that is the first of its design. However, we have also worked with other BMW designs like the i8 and M4, both played with eye-catching colors. We also worked with BMW and Garage Italia Customs on a custom codesign to celebrate the Memphis Design Group. We want to continue working on collaborations with BMW, especially for innovative ideas that might be a challenge to bring to life.

Q: Today, Alcantara identifies itself as the "lifestyle partner chosen by international luxury brands." Given this positioning, how do you envision further enhancing the brand’s image and global outreach? What images and values do you want the brand to convey?

I want Alcantara to be known for being a high-quality material that is a source of beauty while being sustainable. We are in the business of inspiring designers and customers to make something special every day. We want to be part of something beautiful and precious. I want our customers to find functionality and emotions in our products when they interact with our materials.

We are working with German industries, including the fashion and automotive industries. We work with companies like Hugo Boss and RIMOWA. We also have good working relationships with other European countries, especially German-speaking ones like Austria. We also have growth opportunities in the US and China. The US has been one of our core clients, but we started penetrating the Chinese market for a while now. As of the moment, we are working with several Chinese brands.

Marco Nocivelli

CHAIRMAN AND CEO, EPTA GROUP

Deeply rooted in Italy's entrepreneurial history, Epta has emerged as an independent global player in commercial refrigeration. Leading this transformative journey is Marco Nocivelli, Chairman and CEO.

Q: Epta, founded by your father Luigi Nocivelli, has a rich history and a strong foundation in the European commercial refrigeration sector. As the current leader, how would you like your company to be perceived by clients, and what images and values do you want your brand to evoke? Thanks to a strategy of progressive and sustainable growth, Epta is now present in more than 100 countries, reaching a turnover of 1.4 billion in 2023. Our aim is to further our growth by strengthening our leadership in commercial refrigeration across our global network and creating more industrial and commercial synergies. While we have a global scale, we know our local approach has been one of the key factors to our success and keep this rooted in our values.

The company's focus on projects that combine environmental and energy savings has guided the process of developing solutions using CO2 or propane, two natural refrigerant gases with zero climate impact on the environment, or GWP (Global Warming Potential). What is interesting is that such systems impact the environment 4,000 times less than those using conventional refrigerants or hydrofluorocarbons and offer high efficiency with appreciable energy savings of about 20%. The continuous striving for ever higher and more ambitious standards in the world of commercial refrigeration, both in terms of energy savings and environmental responsibility, led Epta to present the XTE (Extra Transcritical Efficiency) last year. This system is designed to guarantee even more efficient operation of transcritical CO2 systems, all year round, even in mild and cold climates in fast changing climate conditions. We offer our clients a fully integrated solution, providing them with services including custom design, system en-

geneering, installation and maintenance. We have also renewed our commitment to retailers by proposing a new concept for the retail outlet, with a view to an increasingly hightech future. The most advanced digital technologies take concrete form in the new Epta connectivity solutions now available on refrigerated units and commercial refrigeration systems. In turn, this technology makes advanced diagnostics platforms possible, enabling us to remotely monitor each product and allowing us to take preventive measures and keep items in top condition, guaranteeing customers product longevity.

”

Our aim is to further our growth by strengthening our leadership in commercial refrigeration across our global network and creating more industrial and commercial synergies.”

Q: Epta recently announced two important strategic strengthening operations in northern and central Europe, and in particular the German market. How crucial therefore is international expansion to the company’s medium to long-term growth plans?

We are looking for companies that are in line with our values and can help us strengthen our local presence in their area. In July 2023, we announced a joint venture with Viessmann Refrigeration Solutions, creating the new leader in commercial refrigeration in Central and Northern Europe. Epta has taken over the new company, which has a consolidated turnover of over EUR 400 million and more than 1,600 employees. The joint venture agreement is proving to be extremely successful, as is enabling Epta and Viessmann Refrigeration Solutions to significantly strengthen our combined offer and presence in the region.

A further step in the strategic plan was

the announcement of the acquisition of HEIFO's refrigeration business. In this case, the deal involved the transfer of the refrigeration business with a turnover of around EUR 25 million in 2022 and more than 120 employees from HEIFO to a newco wholly owned by Epta. Among the opportunities generated by the operation is the consolidation of our position as a one-stop supplier for the retail segment and the entire food and beverage sector, thanks to the incorporation of HEIFO's high expertise in the industrial refrigeration and structured network of technicians.

Q: Innovation is at the heart of Epta, with about 270 R&D employees and an Innovation Centre dedicated to exploring future technologies. How are you personally involved in driving innovation at Epta, and how is the company leveraging these new technologies to increase growth and market position?

Technology enables increased durability and longevity through targeted maintenance work. In the last three years, we have worked on expanding our network and market reach and we set up a learning center to train internal and external staff in the latest technologies. With the shortage of skilled workers, we also think it’s imperative to teach the younger generation about commercial refrigeration. As the leader in the industry, we need to be role models not only for the sustainability of the planet but to ensure our people have access to upskilling and organizations to support their future.

Q: The group was named sustainability leader for the third consecutive year by Il Sole 24 Ore and Statista. The group also shares objectives and aspirations with the European Commission in terms of net zero by 2030, which aligns with the company's mission and vision. Can you tell us more about your contribution in this space?

We are proud of our achievements because it is proof of our hard work, but at the same time, it gives us a responsibility to be role models. For us, awards are reminders to uphold our track record and strive to be better because we have to prove that the award is well-deserved.

With this approach in mind, last year Epta announced a partnership with EcoVadis, the only universal sustainable ratings provider. The collaboration is aimed at shaping a responsible ecosystem across the supply chain, setting and achieving goals through the business.

We are also very confident and supportive of the new F-GAS regulation, which was published on February 20 th 2024 and came into force on March 11th , and on which we are already aligned thanks to our natural solutions. F-Gas Regulation will phase out the consumption of HFC-Gases in Europe by 2050 with reductions in quotas already starting next year, pushing the market in a positive evolutionary direction of greater respect for the environment and combating climate change.

Vittorio Marangoni

PRESIDENT AND CHAIRMAN, MARANGONI S.P.A.

Since taking the reins in 2016, Marangoni’s presidentVittorio Marangoni – has honed the strategic initiatives to address market challenges, diversify products, and revolutionize its management approach.

Q: Can you discuss the values and branding that underpin Marangoni's unique portfolio of services, and how you intend to leverage them to further enhance the company's image and value proposition?

There are a lot of advantages to using and producing retreaded tyres, especially around their environmental effects. Retreading is a form of reviving a tyre with premium quality material. This technology allows us to recover the materials and structure of the tyre with minimal energy use in the process and less waste production. In the past, tyres were made out of natural rubber, a rare material, and retreading was used to prolong the life of a tyre. Retreading has become an economically advantageous alternative to new tyres. We are looking at the same business, the truck and bus tire replacement market, but with an additional environmental advantage. By saving a good amount of tyres, we save around 70% of raw material and 70% of the energy used in the process. We continue with our retreading business because of the environmental

impact it would have, but we are not limiting ourselves to that service. We have developed a new tread, which proved to be at the best level for rolling resistance. These tyre classifications measure the rolling resilience, impact, and tyre consumption of a vehicle, and were tested in Prüflabor Nord, Germany. We are also researching biomaterials to make bio-compounds and bio-tyres, which solve the problem of rubber left on the road during consumption. The world is moving toward zero environmental impact, and retreading is one of those systems that could bring that goal closer to reality.

Q: What is your growth strategy to increase the company's global market share?

The retreading industry has become more stable in the past years compared to a decade ago because of the effects of globalisation and cheap Asian tyres. The growth of the retreading industry in Europe isn't just linked to Asia producing higher quality tyres, but people are now more conscious of the environment. The quality of retreaded tyres is as

”

Germany and Italy were considered two very different entities in the past, but now we all share one European identity.”

good as new tyres, and we assure our customers that they are getting a premium. Tyres are not cheap, and based on their life cycle, it is better to retread tyres than buy new ones. Our three main markets are the US, Europe, and Latin America. Our focus is increasing market share and competition through new technology that would make the retreading process more efficient. We are still working on defining our branding, technology, and products in the US and Latin America. We are also looking at penetrating the Asian markets, but they are not as interested because they still have access to low-quality cheap tyres. In addition, we cater to markets in Africa that steadily grew in the past years.

Q: A subsidiary in Germany, Marangoni Retreading Systems Deutschland GmbH, indicates a notable focus on the German market. Could you elaborate on the strategic importance of this market for Marangoni and any specific plans for growth in this region?

We entered the German market with the help of the rubber company Ellerbrock. This company has a 100year history and produced rubber, even before the World Wars broke out. Marangoni bought their company more than thirty years ago to bring our technology and increase our product portfolio. That was the first time we decided to implement this international strategy. Right now, Germany hosts the biggest company of the group, and our staff there serves most of the European market and several foreign subsidiaries.

Germany and Italy were considered two very different entities in the past, but now we all share one European identity. Our German branch

is more focused on leading, controlling, and keeping efficient our production footprint. Meanwhile, the Italian branch focuses on innovation, finding solutions, store management, and new products. Having these two offices is advantageous because of their attitude and market accessibility; even if there are two teams, there are no boundaries from working for a common goal, and that is a stronger European Union.

Q: How are you leveraging this commitment to innovation to enhance growth and solidify Marangoni's market position, and what is your role in this strategic direction?

Currently, we have eleven active patents and ongoing research and development in the R&D centre in Rovereto across all business areas. There are three main lines of innovation - environmental sustainability, rolling resistance, and raw materials. We have an R&D centre in Italy where we analyse and produce new compounds and major materials. In addition, we also have a factory that produces machinery for the retreading industry. We are also working on our business models, and one of our proposed plans is selling tyres through payper-use. Cheap tyres don't ensure the same mileage as retreaded tyres, so people would pay less using our tyres compared to buying new ones. We want to communicate that we are globally renowned specialists in retreading to our customers. If we don't innovate and take opportunities, then the industry wouldn't grow as we are the trendsetter. People misjudged us and thought we couldn't keep up with the times, but we found ways to be relevant again following the quest for sustainability.

We are collaborating with AZuR Network Germany about the tire sustainability. We also have ongoing collaborations with the University of Trento, but we take every opportunity to work with international partners. Retreading has a meaning in the future, it may be the same business, but it can adapt for different reasons.

Paolo Nocentini

PRESIDENT & CEO, SAVINO DEL BENE

Paolo Nocentini, President & CEO of Savino del Bene, offers insights into the strategic decisions and visionary leadership that have propelled the company to global prominence in the logistics sector.

Q: Could you share your vision and the key strategic decisions that have shaped the company's trajectory?

I have dedicated my whole life to the company. At that time, my father told me I had to work so my brothers could study because I was the oldest. I wanted to go to school but needed to help the company despite not having any vision yet. I started working the telephone switchboard, then I was promoted to work inside the office. Over the years, we transformed the company from a local business to a global logistics operator. The business has changed a lot from its humble beginnings, and even how we manage it has changed following technology advancements. The environment we were working around then has also evolved over the years, particularly the conditions in which our employees work. We have more than 300 global offices in 60 countries, and the crucial strategy to get where we are today started 40 years ago, which is to be adaptable and close to our customers. We learned to be flexible to the demands of the times, and we grew from there. An example is when we started servicing the American market following the end of the world wars, around moving goods for the department stores. Until now, we are moving around 20% of Italy’s exports from Italy to the US. At that time, it pushed us to create an office in the US to get closer to our clients and build a relationship. We weren’t thinking of globalisation then, we just needed to be close to the people who pay the bills. But now, we have over 1000 people working in the US for business because the relationship

has been successful. Building this relationship is an investment for the future of the company as it allows us to venture to other markets.

Q: What strategies are in place to sustain and enhance Savino Del Bene's market growth in the coming years?

Our growth focuses on our company's reach, and this is through expanding our networks. Last year, we made at least six acquisitions in Europe, one in the US, one in Spain, one in Sweden, one in the Czech Republic, one in Turkey, and one in Italy. We are active in air, ocean, and land freight.

”

My goal isn't to become an important public figure but to find ways to ensure the company remains relevant and competitive.”

We just opened an office in Patagonia, south of Argentina, because of additional incentives in relation to tax and freight routes. Despite tough trading conditions, we continue investing because there is room for us to grow. Of course, Italy is first in these activities, but we are also investing in Germany and France.

Q: Given your significant presence with five offices in Germany, how significant is the country to your growth plans? Can you identify any opportunities for German investors and partners?

The trade between the two countries is around €140b in trade turnover. However, we are not working on the road business between the two countries, which is what that number consisted of. Our focus is on the ocean and air freight, which our German branch is used for, while Italy has its bubble. Our office in Brazil ships little to

Italy, but the main route is from Brazil to the US because the business relationship between the US and South America is strong. The opportunities in Germany and France are growing the global business. There are two ways to grow - acquisition or through partnerships. The acquisition is more immediate, but inside growth takes more time. However, it isn’t easy to find the right formula on the first try, and we make mistakes and learn from them and move on to the next until we find the person we need. The acquisition of TSI Bortesi & Co in August 2023 provides opportunities, especially around networking. Our subsidiaries are also doing well, but although we might buy the trade at the same price, the commercial action is different.

Q: What personal role do you play in fostering an environment that encourages innovative solutions?

Santino Del Bene IT is an inhouse development company that works with cutting-edge information systems to make everything run smoothly. We are a company that employs over 100 people to create a new system for the business. We prefer our system instead of buying the technology because we feel more secure with in-house technology. In the past, even big companies like DHL struggled with IT issues, and they had to spend millions to fix it because they used third-party technology. If we use our technol -

ogy, it would be easier to investigate if there are any problems. In addition, using outside instruments could mean spending more because they overcharge. An in-house platform is open to change to the needs of the company. However, it is not easy to develop a system that is compatible with other systems. It is ambitious, but we are 30% done with the system.

Q: Your professional journey has seen you rise from switchboard operator to Chairman & CEO in the span of 22 years and were presented with the order of the Cavaliere del Lavoro in 2016. How have your previous experiences and successes informed your leadership style at Savino Del Bene?

My goal isn't to become an important public figure but to find ways to ensure the company remains relevant and competitive. I work well with the vice president, and our relationship continues to strengthen over time. I have no plans to sell the company because if we do so, then our culture and identity will disappear, which is crucial for our growth. Over the years, I learned how to compromise with a lot of things. Although it might be hard due to differences, we need to keep everything together and find ways to grow. Nowadays, things are a bit harder to manage because we have over 6000 employees, and we need to structure the organisation to cater to the demand.

Marcello Cattani

PRESIDENT, FARMINDUSTRIA

Marcello Cattani, President of Farmindustria, discusses strategic objectives for the association, significant decisions, and the impact of global trends on Italy's pharmaceutical industry since his appointment in 2022.

Q: Since your appointment as President of Farmindustria in July 2022, could you share your key strategic objectives and vision for the Association and the significant decisions taken so far?

As the president of Farmindustria, I am in charge of ensuring we pursue our goals as an industry that is innovative, highly technological and strategic for national security, the health of citizens, economic growth, employment and the efficiency of public spending. This is why we must make its value known as we are doing along with other stakeholders at the national and international level.

My vision, together with our member companies, is that due to geopolitical and demographic factors, we are experiencing an epochal transformation, with international competition and innovation that is running incredibly fast thanks to new technologies, big data and artificial intelligence. Therefore, this is the time to develop a new vision that allows Italy and the EU to grow and to bridge the competitive gap with other countries quickly, in a patient-centered system aimed at the future.

For a picture of the value of our industry for the country, just think Research & Development: in 2022, the pharmaceutical industry in Italy invested €1.9 billion in R&D, and €3.3 billion if we add investments in manufacturing, with a +22% growth over the last five years, a +4% compound annual growth rate (CAGR). 10% of total employees are in R&D activities, with a +7.8% growth in the last five years. Investments in R&D by pharma companies represent about +7% of total R&D investments in the country, currently one of the main contributions to the R&D ecosystem in Italy.

Pharmaceutical R&D is conducted in network with innovative SMEs, startups, science & technology parks, academia, non-profit institutions, both in private and public partnership.

In this global competition we need more Europe in the world and also more Italy in Europe to attract investments, innovation, to secure and rebuild strategic supply chains and to reduce the dependency on extra-UE areas as regards active ingredients and intermediates.

It is then urgent to revise the proposal for the revision of the European phar-

”

In 2022, the pharmaceutical industry in Italy invested €1.9 billion in R&D, and €3.3 billion if we add investments in manufacturing.”

maceutical legislation presented by the EU Commission. A proposal that weakens intellectual property and therefore competitiveness and quality of care, with risks also for the health of citizens.

Q: You have underlined the commitment of Italian pharmaceutical companies to digital innovation. How is Farmindustria leveraging this focus on digital technologies and services to increase growth and economic position? What role are you personally playing in making Farmindustria more innovative?

Farmindustria is strongly committed to “digital transformation”. This doesn’t mean just to digitalize current rules and procedures, but also to create a new “connected care” system. We have created an internal Committee composed of CEOs and Country Managers of our member companies to study the impact of technologies on the productivity of the healthcare sector and to encourage institutional stakeholders to adopt new organizational models (“digital by design”). Farmindustria is carrying out partnership projects with public and private institutions to multiply the use of Decentralized Clinical Trials, facilitate access to Digital Therapeutics, collect Real World Data to allow a correct "secondary use" of data, analyze these data with Artificial Intelligence and Machine Learning systems and to facilitate therapeutic pathways to the benefit of patients. We are working on the adoption of digital platforms to monitor patients remotely with telemedicine services, and we want to foster collaborations between industry, research centers, start-ups and venture capital to create “open innovation” initiatives. Equally important, the integration of factory production, logistics

and supply chains with robotics and industrial Internet of Things.

Q: The sector Farmindustria represents has a remarkable industrial value with €49 billion in production and €47.6 billion in exports in 2022, making it a leader in Europe. What are the most important countries with which you have commercial exchanges? How significant is the German economic influence?

Germany is one of the main trading partners: in 2022 pharmaceuticals exchanges between Italy and Germany reached €15 billion (17.3% of total).

Furthermore, German owned-companies have a relevant presence in Italy, both for pharmaceutical R&D and manufacturing. Another example of great synergy between Germany and Italy is found in the integration of supply chains between companies that are global leaders.

Our major trading partners are Belgium, which functions as a European hub for pharmaceutical trade, of course Germany and then the USA, followed by Switzerland and several main EU countries (The Netherlands, France, Ireland). Germany is also leading the digital innovation space across the European market, while Italy is still lagging.

We would like all of Europe to learn from the tragic experience of COVID-19, for instance how faster approvals, streamlined procedures and better investments can lead to the creation of lifesaving treatments, as we have seen with the pandemic. We are working on building the infrastructure to improve clinical trials and to find use for the secondary data we produce.

Italy, Germany, and France are dependent on China and India for APIs imports. We need to reinforce our supply chains and manufacturing to become less dependent on extra-EU supply chains, especially those that are subject to growing instability. This requires a strengthening of European autonomy in production, manufacturing, and distribution. The cooperation with the German sister association, their industries and manufacturers is of critical importance.

Massimiliano Rocchi

ASSOCIATE VICE PRESIDENT (ITALY-GREECE-SWITZERLAND), ACCORD HEALTHCARE

Accord Healthcare’s Massimiliano Rocchi explores the company’s branding strategies, global access to essential medicines, and the role in advancing pharmaceutical innovation.

Q: Accord Healthcare is committed to making essential medicines accessible globally. How do these values shape your branding and the images and values you wish to communicate to clients, customers and stakeholders, and how do you see the company contributing to the future of pharmaceutical innovation?

Accord Healthcare started in 2002 under Intas Pharmaceuticals India, but has headquarters in the UK and in Italy since 2008. Accord is one of the fastest growing pharmaceutical companies in Europe with one of the largest market footprints of any European generic company. It has a fully integrated pan-regional platform and boasts some of the largest production capabilities globally. Intas initially focused firmly on manufacturing, before deciding to branch out commercially in Europe. This expansion ensured Intas covers all aspects, from the raw materials to the distribution of the products. Recently, the pandemic taught us the importance of having this ability to react quickly to different levels of demand.

We opened secondary sites in Europe before the pandemic to better understand the local demand, which allowed us to grow our market share in the region because we were at the forefront of new launches. To give this some context, the growth of Accord has been extraordinary to more than 2,000 staff in the EMENA region from a base of 50 in 2010.

Our work with our hospital customers has been some of the key elements of our success, which began by working with hospitals to deal with patent coverage. The key elements of our success were our unique vertical integration and the ability to be ahead of the market demand in Europe.

In 2017, we also added the Teva Pharmaceutical portfolio, which produces generic products that allowed Accord to reach more people and grow our brand in the UK. Generic products are vital for us as they make our portfolio more extensive, especially considering the demand for such products. We are

currently ranked as number 7 status in the Top Generics company in Europe. Over the past 15 years, we started with pure generic products, but we are continuously adding specific products for certain medicine branches like oncology. Now Accord has an established portfolio of over 50 oncology and oncology-related treatments and is one of the largest suppliers of chemotherapy products in the EMENA region.

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Accord is one of the fastest growing pharmaceutical companies in Europe with one of the largest market footprints of any European generic company.”

Q: With Italy being one of Europe's leading pharmaceutical producers, boasting a production value of over 34 billion euros in 2021 alone, how is Accord Healthcare positioned in this competitive market? What are your strategies for enhancing the company's market share?

We are currently competing with Germany with production, CMOs, and manufacturing in the hospital and retail markets. When we started our subsidiary in Italy, we focused on building our market presence through tenders since the majority of the hospital market is public hospitals. The reason for our success is increasing the range of our offer and winning more tenders to sell our products to all 20 regions present in Italy. We also decided to enter the retail market through a different business model because we use a pharmaceutical company to create business and commercial relationships. We worked with pharmaceutical retailers, agents, and people who would market our products. In addition, the retail market is strongly polarized, and we are up against five big companies and other smaller pharmaceutical companies.

It is harder to penetrate the retail market compared to the hospital market, but we acknowledge there is an opportunity to grow because we have a good and effective strategy to enter that market. We believe we can offer a good platform where pharmacists could perform better. We have a robust proposal for them that could allow us to increase the number of our customers in retail pharmacies. We will launch products for oncology by the first quarter of 2024 in Italy. Accord is also able to provide the national health system with various opportunities, from basic products like paracetamol to more advanced life-saving drugs.

Q: Receiving the 'Company of the Year, EMENA' award at the 2023

Global Generics Awards for the second consecutive year is a significant achievement. How does this recognition reflect your strategies and accomplishments within the Italy, Greece, and Switzerland markets?

I am the vice president of EGUALA, and our agenda is for the government or public procurement agencies to change how they consider the adjudication criteria. The key criterion to win a tender is to offer the lowest price, but one of our learnings after the pandemic is that the lowest price is not always the best way to manage public tenders. Although there are different reasons, like economic and financial reasons, these

adjudication criteria put severe risks on the confidence of procurement. In addition, there are also discussions around shortages and how we could avoid them. Meanwhile, we are discussing moving from the lowest-priced tenders to others that could balance or change the way we consider adjudication. However, one of the biggest problems we face is the payback mechanism. Pharmaceutical companies need to refund the Ministry of Health for the excess expenditures in the hospital markets. For 2022, excess expenditure was around €2.6b, which is 50% on regions and the other on pharmaceuticals, which means pharmaceutical companies involved in the hospital market need to give back €1.3b to the national system. We are already struggling with this issue, and it was made tougher by generic companies responsible for decreases in expenditure. We are responsible for significant savings for the pharmaceutical sector in the hospital market, but the payback system significantly decreases our profits. We are doing everything we can to convince our political counterparts to change the system because pharmaceuticals could decide to leave or no longer invest in Italy. As a manufacturer, we need to decide which is the best or more convenient way to split and distribute our capacity - if Italy is on the lower end of our economic and financial interest, then it would be set aside.

Fabrizio Chines

CHAIRMAN & CEO, SIFI GROUP

Established in 1935 in Sicily, SIFI has embarked on a mission to improve lives through trailblazing advancements in ophthalmology. At the helm is the dynamic and analytical Chairman and CEO, Fabrizio Chines.

Q: How has your vision for SIFI to become a European leader in ophthalmology shaped your strategic focus as CEO?

SIFI was started by two pharmacists, one of whom was my grandfather, and their mission revolved around improving people’s lives through meaningful innovation in eye care. As the third-generation leader of the company, I strive to continue with that legacy.

The success of our company over the decades was because of our capability to stay competitive in a niche market, which was less addressed by big pharma. The core strength of SIFI has been the capacity to develop innovative formulations around licensed compounds used in other areas of medicine in a compliant manner for ophthalmic patients.

We are also more open to taking risks when it comes to innovation. This mindset allowed us to launch a few first-inkind products in our industry. One example is that SIFI was the first to launch eyedrops using hyaluronic acid in the 90s. Nowadays, that is the standard of care for the treatment of dry eye – as well as being used in cosmetic products - but at that time, it represented

a significant innovation. We were also among the firsts to launch nutraceuticals to address Age-related Macular Degeneration (AMD) about 30 years ago. More recently, we created a new category, the so-called Extended Depth of Focus (EDOF) intraocular lenses, in the cataract refractive surgery field. Our R&D strategy includes finding inventors with innovative ideas and working with them to create a product or a solution. We get earlier into the game, for example through licenses of patents, before big multinationals would do, because they tend to innovate through acquisition of clinical stage biotech companies once the product under development is closer to the market or has already generated revenues.

Q: With a direct presence in several countries including Italy, Spain, France, and Mexico, Germany is one of your next strategic targets. What is your strategy to grow your presence there?

The target for the company is to become a European leader in ophthalmology. We are currently in this position in the Italian pharma retail market, but we try to grow in existing and other geographies

while consolidating our core business in Italy. We have a portfolio of products addressing most needs of ophthalmic patients and we reach them by detailing to ophthalmologists and selling them through the distribution channels of wholesalers and pharmacies.

”

The core strength of SIFI is the capacity to deploy innovative formulations.”

SIFI will step up its efforts in Germany in 2024, making direct investments to prepare for the launch of polihexanide 008 - our orphan drug candidate to treat acanthamoeba keratitis. However, we are already working in Germany with research institutions like Heidelberg University in the clinical and pre-clinical development of our advanced technology intraocular lenses. These products have been promoted and distributed to hospitals by a local partner, acting as our national distributor for many years and allowing German patients to benefit from our innovation. We have also recently secured several national marketing authorizations for our legacy drugs, like antibiotics, anti-inflammatories and anti-glaucoma. We look forward to exploiting these opportunities after we establish our direct presence through an innovative and differentiating product like polihexanide 008.

Q: What other strategies are you employing to increase your overall market share?

We feel that the ophthalmology field is an attractive market for current and future investments, and SIFI is expecting growth through international expansion. In addition, we grew about 20% in the past year, most of which was from foreign markets through foreign subsidiaries that generated additional revenue from the market share uptake. Our portfolio is selectively chosen on a country-by-country basis, and we have not entered all major European markets at the same time because that would be too risky. We will focus our go-to-market strategy on disruptive innovation to

penetrate into new Countries, filling up the niches for unmet patient needs, as explained earlier for Germany. We currently have a joint venture in China relating to advanced technology intraocular lenses (AT-IOL), which is in the development phase. It will likely be the first product launch in mainland China in 2025. China has a huge market potential in terms of growth rates, and it makes sense for a company like ours to partner with local players to bridge the cultural gap and knowledge of the local market instead of trying to establish a proprietary distribution network in the country.

Q: Could you explain how SIFI is leveraging innovation to increase growth, and the role you are personally playing to make SIFI more innovative?

Beyond development of new drugs and devices, we embraced the challenge of digital transformation. There are two angles to it – one is related to processes for Industry 4.0, which we have invested in, and the other is focusing on digital processes when it comes to interacting with healthcare providers or patients. We have made advancements in being more inclusive, like low-vision patients using their smartphones to hear the product leaflet. There is also a wider push to improve the interaction between our representatives, doctors, and patients through a digital ecosystem.

We are also looking at digital therapeutics and products. Ophthalmology provides a fantastic environment to improve the outcomes of patients suffering from various diseases. We are first developing a companion app related to the acanthamoeba keratitis project that will further improve patient outcomes.

Germany is the European leader in providing market access to digital therapeutics and this is a space in which Italy is lagging behind. SIFI has always focused on solving therapeutic conditions for ophthalmologists, and we are working to bring innovative digital products, despite being a different area of competences and knowhow. We approach this challenge through an open innovation model and this is reflected in SIFI being the exclusive ophthalmic partner in an Italian digital health accelerator funded by Cassa Depositi e Prestiti to identify digital therapeutics and health technologies.

Giuseppe Accogli

CEO, CHIESI GROUP

As the CEO of Chiesi Group since 2023, Giuseppe exemplifies the leadership skills necessary to spearheads transformative acquisitions while fostering a robust organizational ethos, firmly establishing his stature in the international pharmaceutical domain.

Q: Could you highlight the aspects that differentiate Chiesi from its competitors?

The company’s mission is crucial in understanding its uniqueness and diversity. At Chiesi, we believe we must generate a positive impact on our planet and on the people who inhabit it. The company aims to accelerate the transformation towards a sustainable healthcare industry culture and patient centric mindset.

Being a family-owned company affords us the luxury of a long-term view, allowing us to think generationally, beyond mere quarters. This approach underscores focusing on patients, people, communities, and the environment, with the resulting financial success being utilized to re-invest back into R&D. We are absolutely committed to integrate sustainability into strategic considerations in our operations. Notably, as a company we have adopted a Benefit Corporation legal form and have been re-certified as a B Corp in 2022. Moreover, we have committed to achieve Net-Zero emissions by 2035 for which we have made multi-million-euro investments to reduce the carbon footprint of our spray inhalers (pMDi) by 90% compared to the current ones with a novel formulation.

Q: What are the key priority areas you have identified for a transformative push?

An essential aspect of my transformative journey involves instilling a culture of innovation, both internal and external. We are amplifying our internal innovation, with significant investments in R&D, and expanding our external innovation through networks, including start-ups and global innovation centers. Product innovation is not our sole focus; it extends to holistic solutions, potentially including new services, devices, and digital apps. Innovation must also permeate throughout the way we work. I aspire for Chiesi to operate as a large, agile startup, prioritising speed, and urgency, while fostering a psychologically safe atmo-

sphere where making mistakes is part of the learning curve. Innovation, in its multi-faceted form, is the engine that drives Chiesi to the next level.

Q: How does the tangible impact on lives and communities influence Chiesi's mission and operations?

We think of patients first and foremost as people, not only as recipients of care. Patients do not exist in isolation, rather they form part of the same communities and live in the same environment as we all do. We recognize that human and planetary health are interdependent. This is why in Germany we have launched the annual congress WeACT Con, where we provide an open forum for co-creation, discussion, and networking. In an open debate environment, we strive to showcase examples of best practices regarding the transition towards a sustainable healthcare system across the different areas involved - politics, health care, health insurance companies, research, and the economy.

Q: Chiesi was the leading Italian pharma company for the number of patents filed in 2023 in the European patent office. Can you discuss your product innovation and upcoming developments?

We are proud to have filled over 6,200 patents worldwide and with 43 new registered patents, in 2023, Chiesi was the first Italian pharmaceutical company in Europe for patent deposits.

We are also proud of our solid portfolio in the respiratory area (Air) and we have also plans to expand it geographically. In 2023, Chiesi enriched its AIR portfolio thanks to the partnership with Affibody AB to develop and commercialize innovative treatments for respiratory diseases. Additionally, we signed a License Agreement with Haisco Pharmaceutical to develop, manufacture, and commercialise a novel solution for bronchiectasis.

While our growth as a company has been significantly shaped by our focus on respiratory therapies, we are now ex-

panding our rare diseases Business Unit (Rare) that employs over 650 employees and achieved more than €500 million in turnover last year despite having been launched just three years ago. The €1.2 billion acquisition of Amryt Pharma speaks to our commitment and ambition in the rare and ultra-rare space where we have now doubled our portfolio. Another essential element in our support to patients is the area of speciality care (Care), which includes remarkable products including one that helps premature newborns breathe by preventing lung collapse. Since its launch in 1992, it has significantly reduced mortality rates among premature babies. In the neonatal area we also recently closed a partnership with Oak Hill Bio for the development of an investigational drug candidate to treat complications of extremely premature birth.

Q: How has Chiesi adjusted its global operations and strategic focus in terms of product growth and which markets are being prioritized?

When considering markets, Chiesi has evolved from Italy and Europe to now having a presence in more than 100 countries. Our next step involves determining the future scope of our critical mass and presence in priority geographies like the U.S. and China. Germany plays a crucial role, being one of the top three countries globally for us. Specifically, we have grown here from 74 employees in 2002 to over 400 today and generating more than €300 million in sales. We also take pride in the diversity of our workforce in Germany, where 65% of our colleagues are women.

Q: Do opportunities exist for establishing or expanding R&D centers in Germany?

Absolutely. Germany is research-friendly, and our open innovation center is actively scouting for collaborations globally, including in Germany. Moreover, Germany is already an important country for Chiesi in terms of participation in international study projects such as regulatory studies, as well as conducting local studies. Furthermore, Chiesi also supports study projects of the medical-scientific community in Germany. Though the future role of R&D in Germany isn’t fully defined yet, in the shortterm I plan on fostering innovation by facilitating the exchange of ideas between the innovative landscape in Germany and our internal resources.

Q: Reflecting on your multi-disciplinary experience, what key areas have you identified as crucial for Chiesi to navigate through its next phase of growth?

I’ve emphasized to our organization that I bring a pair of ears, without a pre-determined playbook. While I pull from my experience, it is pivotal to listen and align with what is needed here.

Three vital components will drive our company: the mission, the people, and the culture. While our mission is robust, my focus will be on talent attraction and development, and fostering a culture of innovation self-empowerment.

Essentially, I’m aiming for a company where everyone thinks and acts like a CEO, steering us towards our objectives without being strictly tied to a hierarchy and bureaucracy.

Olga Urbani

URBANI TARTUFI, CEO

Olga Urbani, CEO of Urbani Tartufi, shares insights on preserving traditional values while innovating for modern markets and discusses the strategic growth and significance of international markets for the company.

Q: Urbani Tartufi's legacy spans over 170 years with a strong emphasis on the "Made in Italy" brand. How do you ensure this heritage is preserved in your branding and values while adapting to modern market demands? We actively put effort into connecting with our heritage, and we proudly market our products because our truffles come from a region in Italy. Everyone who participates in the business, the Truffle Academy, and the Truffle Museum are proud of our truffles because it is part of their identity. Our people are also the ones who cultivate this brand. Truffle Land, a new company created by my son, produces 100,000 truffle trees. The cultivation of truffles was non-existent in the past but is now very common. Younger people are getting more involved with growing truffles because it is a job that gets people out and about in nature. We are trying to cultivate more trees because it is also part of our sustainability efforts, both for the environment and the job security of future generations.

In the past, young men left Italy to look for jobs, but since we started with truffle culture, they bought trees from us to cultivate instead of leaving Italy. They could earn up to €50,000 a year for one acre of land, which is more than what they would earn from a regular desk job. We are working on advertising truffle farming as a very attractive career choice that provides a sustainable job and a good salary.

Q: What growth strategies are you implementing to increase your market share?

We used to reach 70% of the worldwide market, but with emerging companies, we have seen changes in the market. However, we remain the biggest supplier in the world, with over 100 million invoices per month per year. Our biggest competitor has around 25 million invoices per month, while smaller companies provide invoices under five million.

Some of the changes in the market include buying and selling in restaurants, food service, and retail. Some companies only ca -

ter to specific customers, but we try to dabble in everything. We are building the infrastructure for the new technology to keep up with the now fast-paced global market, and we are working with Industry 4.0, blockchain, and sustainable measures.

” We remain the biggest supplier in the world, with over 100 million invoices per month per year.”

Q: How significant is the German market for Urbani Tartufi?

We have around 22 offices globally from Europe, Asia, and America. America has six branches in major cities like New York, Los Angeles, San Francisco, and Las Vegas. Anywhere we put a branch, we grow. I sent my younger son to London, and he is working on expanding our market in the UK. We currently have an office branch and warehouse in London, and he is convincing existing UK clients to continue their patronage while trying to attract new ones. We started selling to Germany at the end of the 1800s, and the first exports went to France. We have had sales invoices to Germany since 1911 with big companies that use truffles in their food. Germany is a crucial market in Europe for us, and it is one of the best markets for truffles globally because people are educated about the different kinds of truffles. Clients can choose the truffle they need, which allows us to penetrate restaurants, supermarkets, and industries that use truffles in their products. Germany remains one of our core markets. I find it fulfilling working with the Germans because they are precise, serious people. I wish my children would continue working with German clients because once we win them over, it tends to be a long-lasting relationship.

Q: With the launch of your new Filosofia Naturale line, what are the anticipated impacts on your market growth, and what significance does this hold in the context of Urbani Tartufi's 170th anniversary?

The Filosofia Naturale line is opposite to all we have done until now because it is a product line with no chemical aromas and is organic. However, the taste isn’t as strong and aggressive when imbued with chemicals. Initially, I felt like I was betraying my roots, but we need to innovate, and this is just one of the many products we could start providing to our customers. This move was successful because people now are more mature - they know what they want and prefer healthier choices. They want to know what they eat and put in their body, which is why this line is perfect for people who are conscious of what they eat.

” Germany is a crucial market in Europe for us, and it is one of the best markets for truffles globally because people are educated about the different kinds of truffles.”

The idea for the line came from famous chef Archie Ston after visiting us from Los Angeles. He wanted to work with us to go truffle hunting at night and cook in the woods. At that time, he cooked for us just eggs with truffles without any salt or other condiments, but the taste brought forth a strong emotion of being part of the forest and the land. That was the moment I decided to create products with no chemical additions. It was as if bringing nature to the customers.