Boston, MA -- (SBWIRE) -- 05/22/2013 -- BMI View: The strength of Israel's R&D capabilities has been witnessed this quarter with an FDA approval of local company Brainway's Deep TMS (transcranial magnetic stimulation) medical device and positive Phase II clinical trial results for Neurim Pharmaceuticals' insomnia treatment. As leading Israeli generic drugmakers face increasing competition in light of global generic uptake, we expect to see a greater focus towards innovative medicines development and expansion of the country's biotechnology sector.

Headline Expenditure Projections

- Pharmaceuticals: ILS7.38bn (US$1.95bn) in 2012 to ILS7.76bn (US$2.16bn) in 2013; +5.2% in local currency terms and 10.4% in US dollar terms. Forecast higher than Q113 in US dollar terms based on revision to currency exchange rates.
- Healthcare: ILS69.75bn (US$18.47bn) in 2012 to ILS73.95bn (US$20.54bn) in 2013; +6.0% in local currency terms and 11.2% in US dollar terms. Forecast higher than Q113 in US dollar terms based on revision to currency exchange rates.

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Risk/Reward Rating:

Israel's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system, which ranks pharmaceutical markets according to 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. Israel has a RRR score of 56.4 out of 100, making it the third most attractive pharmaceutical market in the Middle East and Africa region.

Key Trends And Developments

February 2013

Local Israeli drugmaker Neurim Pharmaceuticals reported positive results from a Phase II study evaluating the efficacy and safety of piromelatine (Neu-P11). The product is a novel investigational multimodal sleep medicine developed for the treatment of patients with primary and co-morbid insomnia. January 2013

Israel-based Teva Pharmaceutical Industries' Nuvigil (armodafinil) failed on statistical grounds in a Phase III clinical trial for the treatment of major depression associated with bipolar disorder. The drug, which is being tested as an adjunct therapy to anti-depressants, failed in the second of three Phase III studies after yielding positive results in the first trial. The company has committed to continue Nuvigil's third trial, whose results are expected in late 2013.

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