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Dr. Panovski: A Leader in the Macedonian Aesthetic Industry

r. Panovski, one of the largest pharmacies in Macedonia, ranked 102nd on the Most Successful list and 125th on the Largest list in 2023. This achievement is due to the consistent offering of safe and high-quality medical products that introduce innovations to the Macedonian market. They also feature products for aesthetics – specifically, minimally invasive products.

Dr. Panovski, one of the largest pharmacies in Macedonia, ranked 102nd on the Most Successful list and 125th on the Largest list in 2023. This achievement is due to the consistent offering of safe and high-quality medical products that introduce innovations to the Macedonian market. They also feature products for aesthetics – specifically, minimally invasive products.

Among other products, they are importers of Croma - Saypha® fillers, high-quality dermal fillers and hyaluronic acid masks for impeccable care and beauty.

Growth in Demand for Minimally Invasive Aesthetic Products

The minimally invasive aesthetics market is experiencing explosive global growth, with demand for procedures such as fillers, Botox, and biostimulators significantly increasing each year. In the past decade, the number of minimally invasive treatments has grown by over 60%, driven by trends for a natural look, quick recovery, and improved accessibility to aesthetic procedures. Expectations are that the global market for minimally invasive aesthetics will exceed $20 billion by 2027, with rising popularity among both younger and older generations.

In Macedonia, the minimally invasive aesthetics market is also experiencing significant growth, with increasing interest in procedures like hyaluronic fillers and Botox. More people are choosing these treatments because of their effectiveness and short recovery time, making them a popular choice for those seeking safe, quick, and natural results. According to local clinics and experts, demand for aesthetic services has increased by around 30% in recent years, mirroring global trends and indicating a shift in awareness and interest in skin care and rejuvenation across different age groups.

Croma (Croma-Pharma® GmbH) – Visionaries in European HA Syringe Production

Founded in 1976 by the pharmacist couple Gerhard and Karin Prinz in Vienna, Croma is a family-owned company based in Austria, where they also have their manufacturing facility for hyaluronic acid (HA) syringes. With 550 employees, 15 subsidiaries in Europe and Brazil, two joint ventures, and 60 exclusive export partners, Croma distributes its products in 80 markets worldwide, including the USA/Canada, China, and Australia/New Zealand. Croma also operates as a manufacturer of hyaluronic acid for orthopedic and ophthalmologic purposes.


Croma utilizes an innovative cross-linking technology ("macro") developed in-house to create a particularly stable HA matrix. In this process, a special production step carefully aligns the hyaluronic acid (HA) chains. The HA gel is then cross-linked using BDDE (cross-linking agent) to form a three-dimensional matrix. Through this process, the HA chains are bonded, resulting in greater viscosity, cohesiveness, and stability.

Croma-Pharma offers advanced solutions for minimally invasive aesthetics, including hyaluronic fillers, botulinum toxin, and PDO threads. They use a unique technology for HA matrix stability and strict aseptic manufacturing conditions, ensuring high quality and innovation for their products, which are distributed globally.

These innovative products are one reason why Dr. Panovski is a company making strides in the market.

Multi Shped: Growth Through Green Logistics, Trust, and International Partnerships

Multi Shped strengthens its logistics presence through reliable deliveries, green investments, and strategic partnerships with firms like Militzer & Münch. As part of the 200 LARGEST AND SUCCESSFUL, the company affirms its leadership in 2025.

TDR Skopje Shows Stable Growth and Increased Profitability in Tobacco Trade

In 2023, TDR Skopje achieved revenue of 3.11 billion MKD and profit of 22.3 million MKD, recording a 9.69% revenue increase and a significant 54.96% boost in profitability.

Renewable Energy Supply RES Achieves Record Growth and Enters Top 50 Largest Companies in North Macedonia

In 2023, Renewable Energy Supply RES achieved revenues of 5.95 billion MKD and profit of 279.8 million MKD, entering the top 50 largest companies in North Macedonia with record growth.
Annual edition

The publication “200 Largest and most successful” is a very useful source of information that gives a precise image of the financial and business operations of the 200 largest and most successful companies in Macedonia to every investor.

The securities market is basically moved by information and it is in the Stock exchange’s highest interest that more data about the operating of the companies are available to public so that they can bring the right investing decisions.

MACEDONIAN STOCK EXCHANGE, Skopje

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