Boston, MA -- (SBWire) -- 11/19/2012 --BMI View: Belgium faces a challenging economic situation, which has prompted the government to announce fiscal austerity measures that are expected to feed into expenditure on pharmaceuticals through a healthcare system that is heavily reliant on the public-sector for funding. Despite challenges in the domestic market, Belgium maintains a strong pharmaceutical industry, as evidenced by the positive pharmaceutical trade balance.
Headline Expenditure Projections
- Pharmaceuticals: EUR6.12bn (US$8.51bn) in 2011 to EUR5.97bn (US$7.70bn) in 2012; -2.5% in local currency terms and -9.5% in US dollar terms. Forecast broadly unchanged from Q312.
- Healthcare: EUR39.02bn (US$54.23bn) in 2011 to EUR40.11bn (US$51.74bn) in 2012; +2.8% in local currency terms and -4.6% in US dollar terms. Forecast broadly unchanged from Q312.
- Medical devices: EUR1.67bn (US$2.32bn) in 2011 to EUR1.74bn (US$2.24bn) in 2012; +4.2% in local currency terms and -3.3% in US dollar terms. Forecast unchanged from Q312.
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Risk/Reward Rating: Belgium is ranked sixth out of 10 countries in Western Europe, scoring close to the regional average in terms of risks and rewards. Europe is renowned for having heavily governmentfinanced pharmaceutical spending compared with many emerging markets. As a result, governments have vested interests in tightly controlling pharmaceutical prices, which is a factor that has been present for many years and has led to the industry becoming a target for austerity measures following the eurozone debt crisis. The dire fiscal situations faced by governments in the region have led to the implementation of various cost-containment measures, including price cuts and freezes, realignment of reference systems or alterations to reimbursement systems, which are forcing already cash-strapped patients to increase outof- pocket payments.
Key Trends And Developments
- In May 2012, Mylan released its atorvastatin calcium tablets in Belgium, France, Ireland, the Netherlands and the UK. Mylan said in each territory the product has secured marketing clearance from the relevant health authorities. The tablets are a generic version of Pfizer's former blockbuster drug Lipitor that is used to prevent cardiovascular disorders.
X - In March 2012, Omega Pharma agreed to acquire the non-core over-the-counter (OTC) brands of GlaxoSmithKline (GSK) in Europe for EUR470mn (US$615mn). The brands include nutritional supplement Abtei, Zantac (ranitidine), Lactacyd (lactic acid), Solpadeine (paracetamol/codeine), Beconase (beclomethasone) and Nytol (diphenhydramine). As part of the agreement, Omega will also purchase GSK's Herrenberg manufacturing site in Germany, which manufacturers some of the acquired products. The 110 employees at the plant are expected to transfer to Omega.
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New Market Study Published: Belgium Pharmaceuticals & Healthcare Report Q4 2012
New Healthcare market report from Business Monitor International: "Belgium Pharmaceuticals & Healthcare Report Q4 2012"