The Importance of the ISO9000 Certification on the Financial Results of Portuguese Pharmacies

In the last decades, quality management has become an essential tool for companies looking to gain sustainability and competitive advantage, and thus survive an increasingly competitive market. Portuguese pharmacies were no exception, and implemented mechanisms capable of boosting their financial and operational results.This work aims to study the relationship between the pharmacies certified by ISO 9000 and non-certified pharmacies, in the year 2015 in Portugal, and the impact that this certification caused on the financial results presented by these companies in the same year.In this study, the relationship between some financial ratios of Portuguese pharmacies (Return on Equity, Return on Used Capital, Profit Margin, Solvency Ratio and Liquidity Ratio) was analyzed through a Mann-Whitney econometric test, comparing the results with a sample of pharmacies that did not obtain certification by ISO 9000.Based on this study, it is concluded that in Portuguese pharmacies the existence of ISO 9000 certification is not relevant to the financial results since only on two variables, Return on Equity and Return on Capital used, there is a significant and positive difference. In the other variables studied, the existence, or not, of the certification has no influence on the results.Finally, it is also concluded that the variable Return on Equity is strongly influenced by the existence of the ISO certification, since this ratio oscillates strongly in the comparison between certified pharmacies versus non-certified pharmacies.

Author Information
Jose Miguel Soares, ISEG Lisbon School of Economics & Management, Universidade de Lisboa, Portugal
Fernanda Mendes, European University & Laureate International Universities, Portugal

Paper Information
Conference: ECSEE2018
Stream: Economic Sustainability: Sustainable Businesses and CSR

This paper is part of the ECSEE2018 Conference Proceedings (View)
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