New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/06/2013 -- While the market is small in absolute volume terms, relative per capita spending on medicines is expected to improve over the long term. As the country continues its economic convergence with developed Europe, drug consumption is also expected to rise. However, financial inefficiencies within the health insurance system mean that the National Health Insurance Institution (RZZO) is unable to always meet its obligations on time, leaving patients to pay for formerly reimbursed medicines or hospitals having to cover the difference.
Headline Expenditure Projections
- Pharmaceuticals: RSD81.38bn (US$0.93bn) in 2012 to RSD91.16bn (US$1.10bn) in 2013; +12.0% in local currency terms and +19.1% in US dollar terms.
- Healthcare: RSD358.07bn (US$4.07bn) in 2012 to RSD383.88bn (US$4.64bn) in 2013; +7.2% in local currency terms and +14.0% in US dollar terms.
Risk/Reward Rating (RRR): Serbia's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 is 48.5 out of 100, making it the 16th most attractive pharmaceutical market in the Emerging Europe region based on BMI's updated methodology. The country scores below the regional average, which was 52.0 for the quarter.
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The Serbian market's key selling points include its advantageous geographical position, which allows easy access to the rest of Europe, a largely untapped pharmaceutical market and the low cost and abundant supply of skilled labour - a position helped by a growing network of free trade agreements. However, Serbia will continue to be a challenging market for foreign investors, because of the prevalence of corruption, a large-scale black-market economy, and the poor state of the country's infrastructure and finances, in both public and private spheres.
Key Trends & Developments
- Hundreds of employees at Serbia's state-owned drugmaker Galenika staged a protest on June 6 2013 against the possible privatisation of the company. The protesters urged the government to adopt a strategy to retain majority state ownership of Galenika and to assure them that the rights arising from collective agreements will be honoured. Trade union leaders have submitted their demands to the government; however, the protesters were not received by any government official.
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