Boston, MA -- (SBWIRE) -- 06/05/2013 -- Despite an upward revision we continue to view Estonia's pharmaceutical market as a relatively modest prospect in comparison to other regional markets. An ageing population and sedentary lifestyles have contributed to the increasing cardiovascular and oncologic burden on the state healthcare system, and, over the long term, growth is expected to be steady due to base effects. Nevertheless the size of the market will remain comparatively small.

Headline Expenditure Projections

- Pharmaceuticals: EUR259mn (US$329mn) in 2012 to EUR269mn (US$328mn) in 2013; +4.1% in local currency terms and +0.0% in US dollar terms. Forecast slightly higher than in Q113, on account of new market data.
- Healthcare: EUR1.01bn (US$1.28bn) in 2012 to EUR1.09bn (US$1.33bn) in 2013; +8.1% in local currency terms and +3.8% in US dollar terms. Forecast slightly higher than in Q113, on account of new historical data.

Risk/Reward Ratings: Estonia's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is the case for all countries in BMI's proprietary system, which ranks pharmaceutical markets according to their attractiveness to multinational drugmakers. A minor re-weighting 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 Q313 updates of the Pharmaceuticals & Healthcare reports. Estonia has a RRR score of 51.2 out of 100, making it the 11th most attractive pharmaceutical market in the Emerging Europe region, which covers 20 key markets.

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Key Trends And Developments

- On a positive note for patients, as of the start of October 2012, the limit on reimbursement for pharmaceuticals dispensed under the 50% category has been lifted. Prior to the changes, the country's Health Insurance Fund (HIF) reimbursed patients for half of the cost of the medicine, but only up to the EUR12.79 limit per single prescription. The change was made in order to improve access to medicines for the treatment of Alzheimer's disease, some anti-depressants, cardiac therapy medicinal products, anti-fungal medication and contraceptives. The move is calculated to have made an average prescription some 22% cheaper.
- According to November 2012 local press reports, Estonia is expected to revoke a ban on online sales of drugs, as part of a reform aimed at changing the law on selling pharmaceuticals in the country. Under the new law, it would be mandatory for pharmaceutical companies to follow the same rules as regular pharmacies. Moreover, pharmaceutical companies must deliver the drugs within three working days once the order has been confirmed.

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