Recently published research from Business Monitor International, "Moldova Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/12/2013 -- BMI View: Given the high level of reliance on out-of-pocket payments, the growth of the Moldova's pharmaceutical market is expected to be shaped by the prevailing economic conditions, both at home and abroad, on account of the importance of remittances to the country's GDP. For 2012, we expect the market's value to increase at a local currency rate of 6.7%, although this will translate into negative US dollar growth, on the back of a weak leu.
Headline Expenditure Projections
- Pharmaceuticals: MDL2.47bn (US$211mn) in 2011 to MDL2.64bn (US$204mn) in 2012; +6.7% in local currency terms and -3.0% in US dollar terms. Forecast unchanged from Q412.
- Healthcare: MDL9.06bn (US$773mn) in 2011 to MDL9.64bn (US$747mn) in 2012; +6.4% in local currency terms and -3.3% in US dollar terms. Forecast unchanged from Q412.
- Medical devices: MDL669mn (US$57mn) in 2011 to MDL735mn (US$57mn) in 2012; +9.8% in local currency terms and -0.2% in US dollar terms. Forecast unchanged from Q412.
View Full Report Details and Table of Contents
Risk/Reward Rating: Moldova's Pharmaceutical Risk/Reward Rating (RRR) score, which assesses the country's attractiveness to multinational drugmakers, remains unchanged at 41.8 for Q113. The score places the country second from the bottom in the regional matrix assessing 20 key markets in Central and Eastern Europe. Moldova's risks and rewards are relatively evenly balanced, although both remain considerably lower than the regional averages.
Key Trends And Developments:
- In September 2012, Moldova's government released a draft law that is likely to ban direct-toconsumer (DTC) advertising for medicines in the country. The draft law now permits drug advertising only through pharmacies and specialised medical journals. The decision against DTC drug marketing has come in the wake of increased overall medicine use in the country that resulted in elevated antibiotic resistance.
- In a related development, in October 2012, the Moldovan Ministry of Health banned the free sale of 80% of drugs in the country. The drugs sold through pharmacies are now sold on prescription. The ban follows an increasing number of Moldovans getting seriously ill or hospitalised due to misuse of self-medication, Minister of Health Andrei Usatii said. Improper use of the drugs accounts for 30% of hospitalisation cases in the country, according to the ministry.
BMI Economic View: The downside risks to our economic outlook remain elevated as the eurozone crisis continues, while extreme weather has damaged the agricultural sector. Nonetheless, we hold to our below-consensus forecast for real GDP growth of 2.4% in 2012, based on an assumption of improved domestic demand in H212, although we have cut our target for 2013 to 4.5%, from a previous 5.8%.
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