Recently published research from Business Monitor International, "Greece Pharmaceuticals & Healthcare Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/22/2013 -- BMI View: The Greek pharmaceutical market will continue to be characterised by mandated price reductions, state intervention in the trade of pharmaceutical goods, regressive revenue taxes, unpaid debts and drug shortages. Moreover, the Greek government will continue to shift the burden of healthcare spending onto its citizens, requiring co-payments for expensive drugs and payments for outpatient visits.
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 2013, with a painful claw-back tax in operation.
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Some relief may come to indebted drugmakers and pharmacies as the Deputy Prime Minister has indicated IMF funding may be used to relieve existing debts.
Headline Expenditure Projections
- Pharmaceuticals: EUR5.99(US$7.61bn) in 2012 to EUR5.62bn (US$7.53bn) in 2013; -6.2% in local currency terms and -1.1% in US dollar terms. Forecast broadly unchanged from Q113.
- Healthcare: EUR18.24bn (US$23.17bn) in 2012 to EUR16.86bn (US$22.59bn) in 2013; -7.6% in local currency terms and -2.5% in US dollar terms. Forecast revised downward from Q113.
- Risk/Reward Rating: Greece's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor reweighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q312 updates of the Pharmaceuticals & Healthcare reports. Greece has a RRR score of 56.5 out of 100, making it the 5th most attractive pharmaceutical market in the Central and Eastern Europe region.
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