Bloomberg BusinessWeek recently highlighted the growing trend of CFOs transitioning into CEO roles. How has the role of the CFO evolved in recent years?
The role of the CFO has evolved significantly, expanding far beyond traditional responsibilities, according to Natalia Torbus, chief financial officer at Novartis Bulgaria. In an era defined by rapid change, growing challenges and highly competitive markets, the CFO must not only oversee the organization’s financial framework but also serve as a strategic advisor. This shift has brought our role closer to that of the CEO. However, the transformation is ongoing, and in today’s volatile, uncertain and unpredictable environment, it is essential that we continue to develop the skills and capabilities required to navigate through complexity.
What are the key strategies a CFO should implement in a large healthcare organization?
The pharmaceutical industry faces numerous challenges, including rapidly evolving technologies, increasing regulatory constraints and growing pricing pressures. To position the company for success, CFOs must master the art of agile resource allocation, enabling organizations to swiftly adapt to unforeseen changes. At Novartis Bulgaria, we focus on building highly agile, cross-functional teams capable of responding quickly to market dynamics across diverse therapeutic areas. We prioritize brands with strong growth potential and ensure effective resource management to create value for the company, stakeholders and society.
How do you address the balance between driving financial growth and ensuring the delivery of life-saving treatments?
I am confident that the right mix of strategies can successfully balance our business objectives with ethical considerations. The evolving role of the CFO requires the integration of creativity, empathy and a sense of vulnerability into our work. Despite ongoing pricing pressures, Novartis remains committed to implementing ethical pricing strategies. By focusing on sustainable long-term growth and a patient-centric approach, we ensure that our treatments are both profitable for the company and accessible to society. Our true business success is driven by our commitment to delivering life-saving innovations to patients and improving healthcare outcomes, rather than solely by financial results.
How do you envision the role of artificial intelligence in the pharmaceutical industry?
In today’s business landscape, artificial intelligence tools have transitioned from being optional to essential resources. As CFO, it is crucial to adopt these technologies to optimize financial processes and free up resources for more strategic tasks. In 2024, Novartis introduced a new AI-driven solution that utilizes advanced algorithms to analyze large datasets, identify trends and forecast future financial outcomes with greater precision. By no longer being absorbed by time-consuming, traditional forecasting processes, we have developed robust long-term strategies. Leveraging advanced technologies, we shifted our focus from routine operational tasks to a deeper analysis of our capabilities, market opportunities and competitive positioning, ensuring that our plans are not only ambitious but also actionable.
What can we expect from Novartis in the coming years?
We are committed to improving patient access to innovative therapies in key therapeutic areas, including oncology, hematology, cardiology, neurology, dermatology and immunology. Our pipeline features new molecules, targeted therapies, gene therapies and treatments for rare diseases, all of which have the potential to significantly elevate standards of care for patients in Bulgaria.
