A Spanish pharmaceuticals maker, Faes Farma has a direct presence in 16 countries, a joint venture in China, and agreements with more than 40 licensees. Iker Etxezarreta Fraile joined as CFO last July after stints as director, Equity Capital & Financial Planning at telecom provider Téléfonica, and vice president, Corporate Treasury at medical equipment manufacturer Werfen.
Global Finance: What have been your main priorities at Faes Farma thus far?
Iker Etxezarreta: One of my main priorities has been strengthening internal governance and improving communication across the different financial areas. Finance works best when it operates in a coordinated and transparent way across the organization.
Another key step has been positioning the Financial Planning and Analysis (FP&A) function as a true strategic partner for the business. Our objective is to help connect the past with the future, using financial analysis not only to explain results but also to support strategic decision-making.
We also are focusing on capital allocation and reinforcing the group’s liquidity position in line with our strategic ambitions and debt levels. Maintaining financial discipline while ensuring flexibility is essential to support the company’s long-term growth.
GF: What do you spend most of your time on now?
Etxezarreta: A significant part of my time is dedicated to understanding the teams and the people I work with. Building strong teams requires knowing where the talent is and how people can develop within the organization.
Another major focus is the continuous and incremental improvement of processes. Finance must evolve constantly to become more efficient and better aligned with the needs of the business.
I also spend a lot of time understanding the company’s present and future needs so we can adapt our financial strategy accordingly. This includes developing a dynamic capital funnel and ensuring we identify internal talent while also attracting the right external talent when necessary.
GF: How important is it for you to have a good team?
Etxezarreta: For me, having the right team is the most important factor. A strong team combines solid technical capabilities with a healthy sense of curiosity. People who are willing to ask questions, learn continuously, and challenge assumptions tend to generate much more value for the organization.
At the same time, good teams create and share knowledge. Building know-how within the company and encouraging collaboration lets the organizatio strengthen its capabilities over time.
Finally, commitment is key. People need to feel engaged and see a clear professional path ahead of them. When individuals are committed, and supported in their career development, the team becomes much stronger and more resilient.
GF: Can European governments do more to boost innovation?
Etxezarreta: Europe has gone through several major shocks in recent years, from the Covid-19 pandemic to the war in Ukraine, and now new geopolitical tensions. These events have exposed structural challenges in the European economy.
In several sectors, Europe is already losing competitiveness, sometimes in ways that may be difficult to reverse. Automotive, energy, and telecommunications are clear examples.
For the pharmaceutical industry, Europe needs a stable innovation ecosystem with the right incentives if it wants to compete effectively with regions such as the US or China. Strengthening public–private collaboration frameworks will be essential to ensure that Europe continues to generate innovation in healthcare.
GF: How do you see AI affecting your work?
Etxezarreta: AI will reshape the corporate landscape in the coming years. The level of disruption we are going to see is significant and, in many ways, unavoidable.
In my case, as someone who is also responsible for the technology area, I see more opportunity than risk. Companies that position themselves correctly will gain a clear advantage while those that fail to adapt may fall behind.
That said, it is important to move beyond the hype and focus on understanding where AI truly creates value for each company and each sector. In many cases, one of the most effective ways to accelerate digital transformation is by attracting digital-native talent. At Faes Farma, within our scale, we are making solid progress in this area.
