Recently published research from Business Monitor International, "Serbia Pharmaceuticals & Healthcare Report Q2 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 05/28/2013 --While the market is small in terms of absolute numbers, 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 RSD90.50bn (US$1.10bn) in 2013; +11.2% in local currency terms and +19.2% in US dollar terms.
- Healthcare: RSD369.65bn (US$4.20bn) in 2012 to RSD404.57bn (US$4.93bn) in 2013; +9.4% in local currency terms and -+17.3% in US dollar terms.

Risk/Reward Rating (RRR): Serbia’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 that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor reweighting 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. Serbia has a RRR score of 44.7 out of 100, making it the 17th most attractive pharmaceutical market in the Emerging Europe region. 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.

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Key Trends & Developments

- Investigators from the Serbian internal affairs ministry have initiated an enquiry into abuses at local pharmaceutical company Galenika. Government personnel will check the company's documentation pertaining to its business proceedings, bank loans, vendor relations and payment of commissions to intermediaries. The inquiry will be also aim to establish whether any omissions were made during the course of an investigation into Galenika by the Service for Combating Organized Crime, which was conducted more than two years ago. This investigation by the internal affairs ministry follows the arrest of Galenika's former director Nenad Ognjenovicn in September 2012 and forwarding of the case to the prosecutor's office for organised crime later last year.

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