GlaxoSmithKline (GSK) the multinational pharmaceutical consumer health care company, was, in 1991, one of the first British companies to set up business in Bulgaria. It was also the first such company to operate under a local legal entity. Currently, its main office is on Sofia's Tsarigradsko Chaussee.

Renowned for its high ethical standards and procedures and strong values, it has proved a pioneer in Bulgaria's health care. One of its most effective campaigns was its promotion of vaccinations. Its 2010 initiative followed a measles outbreak in Bulgaria that developed into a project to improve communication between vulnerable minority groups and the state.

Illiana Paunova, general manager of GSK Bulgaria, notes that Bulgarian employees increasingly have a "can do" attitude. "Their quality of thinking and innovation are inspirational," she says. GSK's employees are encouraged to spend time abroad on secondment, allowing them to gather new skills.

Paunova notes Bulgaria's favourable economic environment. These include competitive tax rates – Bulgaria is the only EU state that has introduced a flat tax of 10 per cent – and its double tax exemption treaties with 68 countries. Aside from the flat tax, other alluring incentives are its low average labour costs, the fixed exchange rate to the euro and Bulgaria's strategic location.

Last year, GSK celebrated 20 years on the Bulgarian market. One of its most impressive investments in Bulgaria is the multi-market distribution warehouse that ensures delivery of pharmaceutical products to countries in the Balkans, Caucasus and Central Asia.

Looking to the future, Paunova hopes that Bulgaria will develop "a patient-centric healthcare" sector that will allow people to do more, feel better and live longer.

Website: www.gsk.com/