Recently published research from Business Monitor International, "Lithuania Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/15/2013 -- BMI View: We continue to hold our subdued outlook for the Lithuanian pharmaceuticals market during the next few years, on account of the changing economic and demographic situation. We expect limited low single digit growth in 2012, with the market expected to increase by a local currency margin of 2.5% year-on-year (y-o-y) to reach LTL1.68bn (US$618mn) in 2012 at consumer prices. However, in US dollar terms, the market's value will shrink by 6.3%, indicating the challenges facing companies operating in the market.
Headline Expenditure Projections
- Pharmaceuticals: LTL1.64bn (US$659mn) in 2011 to LTL1.68bn (US$618mn) in 2012; +2.5% in local currency terms and -6.3% in US dollar terms. Forecast slightly up from Q412 on account of new macroeconomic data.
- Healthcare: LTL6.99bn (US$2.81bn) in 2011 to LTL7.29bn (US$2.68bn) in 2012; +4.3% in local currency terms and -4.7% in US dollar terms. Forecast slightly up from Q412 on account of new macroeconomic data.
- Medical devices: LTL679mn (US$273mn) in 2011 to LTL749mn (US$276mn) in 2012; +10.3% in local currency terms and +0.8% in US dollar terms. Forecast slightly up from Q412 on account of new macroeconomic data.
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Risk/Reward Rating: In our Q113 Pharmaceuticals Risk/Reward Rating (RRR) matrix, Lithuania is 15th, out of the 20 markets surveyed in Emerging Europe, below its Baltic peers. Although Lithuania boasts a largely risk-free operating environment, its muted rewards prospects will continue to impact its standing in the regional matrix. Globally, Lithuania ranks 60th out of 95 markets surveyed.
Key Trends and Developments
- In October 2012, Seimas of the Homeland Union-Lithuanian Christian Democrats (TS-LKD) faction George Razma appealed the government to reconsider additional funding of LTL60.0mn (US$22.7mn) for healthcare institutions in the country. Lithuanian patients have to pay extra for medical services that should be available for free, Razma said. The additional funds are expected to partially solve the issue of lack of funding for treatment services. Razma asked the government to evaluate the proposal after considering the difficult situation of Lithuania's hospital system.
BMI Economic View: We have revised up our growth outlook for 2013 economic growth on account of improved financing conditions and signs of a tightening labour market. However, Lithuania's construction sector remains a long way off from a meaningful recovery, and coupled with a weak external climate, we maintain a tepid outlook for the economy over the coming years.
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