Boston, MA -- (SBWIRE) -- 06/11/2014 -- BMI View: The drop in SSN pharmaceutical expenditure in 9M13 serves as a warning for the continuation of a fall in spending on medicines for the rest of the year. Our bearish outlook takes into account the government's aim to slash public healthcare costs - hitting drug companies, pharmacies and patients with its cost containment measures. The government aimed to slash public healthcare costs by EUR900mn ( USD 1.2bn) in 2012, EUR1.8bn ( USD 2.4bn) in 2013, EUR2.0bn ( USD 2.7bn) in 2014 and EUR2.1bn ( USD 2.8bn) in 2015.
Headline Expenditure Projections
- Pharmaceuticals: EUR20.91bn (USD27.60bn) in 2013 to EUR19.88bn (USD26.04bn) in 2014; -4.9% in local currency terms and -5.6% in US dollar terms.
- Healthcare: EUR153.79bn (USD203.00bn) in 2013 to EUR155.78bn (USD204.07bn) in 2014; +1.3% growth in local currency terms and 0.5% in US dollar terms.
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Risk/Reward Rating: In our Pharmaceuticals and Healthcare Risk/Reward Ratings (RRRs), Italy is 13th out of the 15 markets surveyed in Western Europe. Despite being a large market, Italy is characterised by low levels of annual growth, largely due to of widespread price cuts. Additionally, the Italian economy is one of the most vulnerable economies in an already shaky eurozone. High levels of public debt, poor infrastructure and a lack of competitiveness indicate that the country will remain one of the region's laggards over the forecast period.
Key Trends And Developments
In April 2014, the president of the European Generic medicines Association (EGA) Nick Haggar stated that he was seeking to collaborate with the Italian government on the sustainability of the healthcare sector. Haggar invited the Italian authorities to increase collaboration through the Italian trade association Assogenerici to increase patients' access to treatments and free up the healthcare budget for therapeutic innovations. The collaboration aims to build a sustainable and reliable business environment in Italy for high-quality generic and...
OVERVIEW OF THE PHARMACEUTICAL MARKET IN ITALY
The sharp drop in public pharmaceutical expenditure in Italy in the first four months of 2012 serves as a warning for the continuation of a fall in spending on medicinesduringthe remainder of the year. BMInotes that this does not bode well for drug makers selling their products in Italy as the success of the implemented policies may encourage the enforcement of further cost-containment measures, which,together with the ongoing public hospital debt situation, seriously hampers the country's attractiveness as a location in which to sell drugs, despite its favourable demographic characteristics.
Headline Expenditure Projections
Pharmaceuticals: EUR24.90bn (US$34.63bn) in 2011 to EUR23.54bn (US$29.89bn) in 2012;
-5.5% in local currency terms (-13.7% in US dollar terms).
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