New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/03/2013 -- Belgium's pharmaceutical and healthcare markets are struggling in the face of costcontainment measures. However, the government has little choice but to cut back on spending if it is to meet its European fiscal deficit target. Per capita spending on pharmaceuticals is high, and Belgium is an important location for research, clinical trials and new drug development, but drugmakers will increasingly find the government is less willing to reimburse expensive, innovative medicines. Given the ongoing economic troubles in the eurozone, we forecast that Belgium's pharmaceuticals market will not return to growth until the second half of our 10-year forecast period.
Headline Expenditure Projections
- Pharmaceuticals: EUR5.96bn (US$7.57bn) in 2012 to EUR5.87bn (US$7.80bn) in 2013; -1.6% in local currency terms and +3.1% in US dollar terms. Local currency forecast virtually unchanged from Q313.
- Healthcare: EUR40.09bn (US$50.92bn) in 2012 to EUR40.70bn (US$54.13bn) in 2013; +1.5% in local currency terms and +6.3% in US dollar terms. Local currency forecast broadly unchanged from Q313.
View Full Report Details and Table of Contents
Risk/Reward Rating: In our latest Pharmaceutical Risk/Reward Rating (RRR) assessment, Belgium retains its place in the regional table, ranking sixth out of the thirteen markets surveyed in the Western European region. Belgium scores above regional average scores for every indicator, with the exception of Country Risk, where its small population size limits opportunities.
Key Trends And Developments
- Chinese inspectors have visited Belgium firm UCB as part of wider investigations into drug pricing and selling techniques, following allegations that the UK's GlaxoSmithKline bribed officials and doctors in China in return for increased sales.
- In July 2013, Belgium's Galapagos received a EUR3bn (US$3.95mn) milestone payment from Francebased Servier as part of a contract concerning the former's discovery of new molecules that are under investigation as candidates for fighting osteoarthritis.
- British drugmaker GlaxoSmithKline received FDA approval for its flu vaccine in August 2013; the vaccine is produced at the firm's Vaccines Research and Development site in Belgium.
BMI Economic View: At the political core of Europe, Belgium's economic wellbeing is closely tied to that of its European neighbours, and zero growth posted in the first quarter of 2013 does not bode well for the country's economy. That said, there are some positive signs emerging and increased confidence as a result, and we have raised our full-year real GDP forecast from 0.1% to 0.4% for 2013.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Healthcare research reports at Fast Market Research
You may also be interested in these related reports:
- Nigeria Pharmaceuticals & Healthcare Report Q4 2013
- Kenya Pharmaceuticals & Healthcare Report Q4 2013
- Croatia Pharmaceuticals & Healthcare Report Q4 2013
- Estonia Pharmaceuticals & Healthcare Report Q4 2013
- Latvia Pharmaceuticals & Healthcare Report Q4 2013
- Hungary Pharmaceuticals & Healthcare Report Q4 2013
- Singapore Pharmaceuticals & Healthcare Report Q4 2013
- Pakistan Pharmaceuticals & Healthcare Report Q4 2013
- South Korea Pharmaceuticals & Healthcare Report Q4 2013
- Mexico Pharmaceuticals & Healthcare Report Q4 2013