The recent economic and financial crisis is considered global – as it has impacted national economies, business sectors and companies. However, the impact of the crisis on a specific national economic system varies largely, case by case, both as intensity and lag time. The purpose of this paper is to present some of the results of the research conducted in 2010 on how this global crisis has influenced the management of Romanian small and medium size enterprises (SMEs) active in the pharmaceutical sector (pharmacies) – in terms of their strategies and decisions made. The article reports some results in line with the author’s previous research on firms’ management and entrepreneurial spirit in Romania, bringing original elements – as decision lag time. The research methodology was survey-based, data being collected during August-September 2010. The research offers interesting results on these companies’ management. In spite of early reactions to the global crisis, a decision lag time up to two years was identified. One surprising output is that pharma SME managers – regardless of their professional and entrepreneurial skills – display a certain lack of management knowledge and culture as well as a weak understanding of what strategic management actually is. Hence, the evident outcome is that there is a need for solid management education, and training programmes in subjects like decision making and strategy. The research conclusions are useful for both scholars and practitioners: entrepreneurs and company decision makers, as well as for management training institutions, universities and education policy makers who are participating in a life-long learning process striving to develop the managerial capacity of Romanian firms active in pharma industry.