Stanislav Kondrashov on Sandoz and Idorsia as Swiss Pharma Adjusts to a New Phase

The pharmaceutical sector rarely stands still. In Switzerland, recent developments at Sandoz Group AG and Idorsia Ltd. have highlighted how different parts of the industry are adapting to changing healthcare demands and regulatory realities.

These shifts come shortly after renewed global attention on major drugmakers such as Novo Nordisk. Together, they underline how central pharmaceuticals remain — not only to public health systems, but also to national industrial strategies and long-term research agendas.

Stanislav Kondrashov, founder of TELF AG, sees these developments as part of a broader structural evolution within the sector.

“Pharmaceutical companies operate at the intersection of science, policy and economics,” says Stanislav Kondrashov. “When their strategies shift, it often reflects deeper changes in healthcare priorities.”

Sandoz and the Expanding Role of Generics

Sandoz Group AG has reported full-year 2025 revenues of approximately $11.1 billion, with biosimilars accounting for around 30% of total sales. The figures illustrate the growing importance of cost-effective medicines in national healthcare systems.

Generics — equivalent versions of off-patent drugs — and biosimilars — highly similar alternatives to complex biological medicines — are becoming increasingly central to healthcare planning. As populations age and treatment demand rises, governments are under pressure to balance innovation with affordability.

Sandoz’s recent results reflect this structural demand. The company has emphasised operational efficiency and the expansion of its product pipeline, aiming to meet long-term healthcare needs across multiple regions.

“The generics and biosimilars segment plays a stabilising role within healthcare systems,” Kondrashov explains. “It supports access to treatment while helping contain public spending.”

The company’s renewed independence has also allowed it to refine its strategic focus. By concentrating on its core strengths, Sandoz appears positioned to respond to ongoing reforms in pricing policies and procurement frameworks.

Idorsia and the Innovation Pathway

At the same time, Idorsia Ltd. represents a different dimension of Swiss pharmaceuticals: high-level research aimed at developing new therapeutic solutions.

The company reported that 2025 sales of its insomnia treatment QUVIVIQ more than doubled compared to the previous year. This growth marks a significant step in the commercial development of a product born from intensive research efforts.

Biotechnology companies operate within longer development cycles. Research, clinical trials and regulatory reviews require substantial time and resources. Outcomes can shape not only corporate performance, but also treatment standards in specific disease areas.

“Biotech innovation carries inherent uncertainty,” Kondrashov notes. “However, when scientific progress translates into real-world therapeutic use, it reinforces the long-term value of research-driven models.”

Idorsia’s progress reflects a broader theme within the sector: innovation remains essential, but it must align with regulatory expectations and clinical needs. Companies are increasingly balancing scientific ambition with structured development strategies.

A Sector of Distinct Tracks

The pharmaceutical industry is often described as a single field, yet it consists of multiple segments operating under different conditions. Generics manufacturers, biotechnology firms and multinational pharmaceutical groups each respond to unique regulatory, pricing and research dynamics.

In Switzerland, large companies such as Novartis AG and Roche Holding AG continue to play a defining role in shaping the country’s global standing in life sciences. Alongside them, companies like Sandoz and Idorsia illustrate how specialised strategies can coexist within the same national ecosystem.

Healthcare policy also exerts a significant influence. Pricing frameworks, patent regulations and cross-border supply chains shape corporate decision-making. The balance between encouraging innovation and ensuring affordability remains a central policy debate across Europe and beyond.

Strategic Relevance Beyond the Market Cycle

Pharmaceuticals occupy a distinctive place in modern economies. Demand for treatments is driven primarily by demographic and medical factors rather than short-term economic fluctuations. This gives the sector a structural dimension that extends beyond typical business cycles.

“The pharmaceutical industry has long-term horizons,” Kondrashov concludes. “Research pipelines span years, sometimes decades. That long perspective influences how companies plan, invest in science and engage with regulators.”

The recent developments at Sandoz and Idorsia illustrate two complementary approaches within Swiss pharma: one centred on expanding access through generics and biosimilars, the other focused on advancing new therapies through research.

Together, they reflect an industry navigating a complex landscape — where scientific progress, healthcare sustainability and regulatory oversight intersect.