Now Available: Greece Pharmaceuticals Competitive Intelligence Report Q4 2010

Nov. 20, 2010 - PRLog -- Greece's pharmaceutical has consolidated around stronger drugmakers in recent years, from a base of around 270 active companies in 2003. Pharmaceutical manufacturing is one of the key sub-sectors of the chemical industry in Greece, employing around one-third of all staff and accounting for the same share of sales and investment, according to IOBE (Foundation for Economic and Industrial Research) data. In 2005, the pharmaceutical industry employed over 4,400 staff in more than 60 production units, some of which have been shut down since under competitive and pricing pressures.

About 30 domestic firms account for around 80% of demand by volume, although a handful of multinationals represent two-thirds of the market in value terms. However, the new pricing and reimbursement system works in favour of the local industry, as it automatically cuts the price of offpatent brands when generic medicines hit the market. Under the new policy, generics are to be priced at 80% of the price of the originator drug, while hospital drugs are to get a mandatory 13% discount on the wholesale price. Nevertheless, multinationals will continue to account for the lion's share of the total.

Greece's domestic pharmaceuticals industry -- which was previously relatively manufacturing-oriented but now is concentrating on trading medicines produced abroad -- has consolidated and has steadily lost market share to foreign manufacturers. To compensate for the situation, the largest and best-financed domestic firms are increasingly looking to export markets in south-eastern Europe and the CIS as an outlet for their GMP-certified, low-cost generic products. Among local firms, privately owned Vianex is the key player in the pharmaceutical sector.

In other efforts to boost the local pharmaceutical industry, the government put an end to the situation in which Greece treated locally manufactured medicinal products unfavourably compared with imported drugs. The development is expected to increase employment in the pharmaceutical sector and reduce the dependency on imports. According to the Ministry of Development, 7,000 jobs have been lost from the local pharmaceutical industry in recent years.

The world's five leading multinationals (Novartis, Pfizer, Merck & Co, Sanofi-Aventis and GSK) have reported substantial growth in the Greek market in recent years, reflecting the strong position of researchfocused multinationals against local companies. An increase in sales of existing products has been the key driver of growth, with companies consistently introducing new and improved products. Other large foreign players, such as Italian firm Recordati, have also sought to establish a local base. Recordati Hellas SA, a new subsidiary, was created in September 2005, mostly as a trading post for both in house and third party products under licence products, forecasting EUR10mn in sales over the medium term.

The pharmaceutical market has been witnessing a shift in power and in 2009, Novartis and Sanofi- Aventis held the top places, according to primary research firm IMS Health. This was due to the market placing a greater emphasis on lower sales volumes at higher values. Novartis has increased its share of the market, ahead of Pfizer.

Subsidiaries of US companies also account for a substantial proportion of local production in Greece. Newly developed medications such as antibiotics, sulphonamides, pro-vitamins and vitamins are considered to be the best sales prospects for the Greek market. US imports of innovative medical equipment and products in Greece are considered to be of superior quality and technology. There is a steady growth of imports from the US in this sector, which is likely to continue.

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Report Table of Contents:

Competitive Landscape Analysis
- Competitive Landscape
- Table: Leading Pharmaceutical Companues by Sales in Greece
Company Profiles
- Vianex
- Lavipharm
- Elpen
- Genesis Pharma
- Genepharm
- Pharmathen Pharmaceuticals
- Alapis
- GlaxoSmithKline
- Pfizer
- Novartis
- Sanofi-Aventis
- Merck & Co
- Abbott Laboratories
Market Attractiveness Analysis
- Greece - Market Summary
- Regulatory Regime
SWOT Analysis
- Greece Pharmaceuticals And Healthcare Industry SWOT
Risk/Reward Rating
- Pharmaceutical Business Environment Rating
- Table: Central and Eastern Europe Pharmaceutical Business Environment Ratings for Q410
Business Development Directory

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.