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Italy Pharmaceuticals & Healthcare Report Q2 2013 - New Market Research Report

Fast Market Research recommends "Italy Pharmaceuticals & Healthcare Report Q2 2013" from Business Monitor International, now available


Boston, MA -- (SBWIRE) -- 05/09/2013 -- The ongoing hospital debt situation, in addition to the Italian government's focus on dereimbursement, will offset any benefits of the recently passed legislation that encourages increased hospital provision of innovative medicines.

Headline Expenditure Projections

- Pharmaceuticals: EUR23.53bn (US$30.25bn) in 2012 to EUR22.58bn (US$30.25bn) in 2013; -4.0% in local currency terms.
- Healthcare: EUR154.20bn (US$198.25bn) in 2012 to EUR156.83bn (US$210.15bn) in 2013; +1.7% growth in local currency terms.

Risk/Reward Rating: In our Pharmaceuticals and Healthcare Risk/Reward Ratings (RRRs), Italy is ninth out of the 10 markets surveyed in Western Europe. Despite being a large market, Italy is characterised by low levels of annual growth, largely because of widespread price cuts. Additionally, the Italian economy is one of the most vulnerable economies in an already shaky eurozone. High levels of public debt, poor infrastructure and a lack of competitiveness indicate that the country will remain one of the region's laggards over the forecast period.

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Key Trends And Developments

- In February 2012, Recordati posted its 2012 financial results.. The firm recorded consolidated revenues of EUR828.3mn (US$1.12bn) for the year, which translates to a year-on-year (y-o-y) increase of 8.7%. Operating income came in at US$223mn, a y-o-y increase of 2.1%. Net income grew to US$158.7mn, up 1.8% y-o-y.
- In December 2012, Lundbeck entered into an asset purchase agreement with Recordati that will acquire a portfolio of Lundbeck's non-core products primarily related to the US. The transaction is part of Lundbeck's long-term strategy to focus on innovative products in its portfolio that address psychiatric and neurological disorders. Recordati intends to hire several of the Lundbeck employees who have primarily supported the products involved in this transaction and thereby further streamlining Lundbeck's global production capacity.

BMI Economic View: We forecast the Italian budget deficit to narrow from 3.9% of GDP in 2011 to 2.9% and 1.9% in 2012 and 2013 respectively, with the public debt load peaking at 128.2% of GDPin 2013 once Italy's contributions to the eurozone bailout funds are accounted for. Our core view remains that Italy's fundamentals do not justify a bailout, but its large public debt load and weak economy leave it vulnerable to crises of confidence.

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