New Healthcare market report from Business Monitor International: "Greece Pharmaceuticals & Healthcare Report Q1 2013"
Boston, MA -- (SBWIRE) -- 03/07/2013 -- BMI View: The Greek pharmaceutical market has been characterised of late by mandated price reductions, state intervention in the trade of pharmaceutical goods, regressive revenue taxes, unpaid debts and drug shortages. Moreover, the Greek government has increasingly shifted some of the burden of healthcare spending onto its citizens, requiring co-payments for expensive drugs.
While we continue to hold to our view that Germany and the rest of the EU may reduce the focus on austerity and introduce some pro-growth strategies, these are unlikely to generate any upside for the pharmaceutical industry and structural reforms within Greece will be maintained. The government remains committed to huge cuts in its public drug expenditure for 2012, with a painful claw-back tax in operation and no extra resources available to pay back existing debts.
Headline Expenditure Projections
- Pharmaceuticals: EUR6.72bn (US$9.35bn) in 2011 to EUR5.92bn (US$7.53bn) in 2012; -12.0% in local currency terms and -19.6% in US dollar terms. Forecast broadly maintained from Q412.
- Healthcare: EUR21.80bn (US$30.31bn) in 2011 to EUR20.32bn (US$25.81bn) in 2012; -6.7% in local currency terms and -14.8% in US dollar terms. Forecast broadly stable from Q412.
- Medical devices: EUR670mn (US$931mn) in 2011 to EU607mn (US$771mn) in 2012; -9.3% in local currency terms and -17.1% in US dollar terms. Forecast unchanged from Q412.
View Full Report Details and Table of Contents
Risk/Reward Rating: In our latest assessment, Greece retains its position in the RRR table but compared to Q412, its Industry Risk score and overall Risk score have worsened. The impact of claw-back taxes, the further delay to payments for pharmaceutical products, price discounting and imposition of generic substitution have contributed to the decrease in score from 49 to 45 in Q113. The country's Reward scores remain unchanged. The overall RRR score has decreased since Q412 from 57.6 to 56.5.
Key Trends And Developments
Following in the footsteps of other multinationals, Merck KgaA said it would no longer ship Erbitux (cetuximab) to hospitals in Greece. The company said that pharmacies would continue to receive supplies. Greece banned re-exports of drugs as shortages were reported in pharmacies and hospitals across the country. Wholesalers had taken advantage of drug prices in the country to export and sell drugs in European countries where prices for the same products were much higher.
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