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New Market Study Published: Slovakia Pharmaceuticals & Healthcare Report Q3 2011

Recently published research from Business Monitor International, "Slovakia Pharmaceuticals & Healthcare Report Q3 2011", is now available at Fast Market Research

 
July 14, 2011 - PRLog -- BMI View: Slovakia is a relatively well-established pharmaceutical market, with fairly limited long-term opportunities for real growth in per capita consumption of pharmaceuticals. While epidemiological factors will continue to provide support for the development of overall drug market values, authorities will remain committed to cost-containment in healthcare, through measures including the encouragement of the use of generic drugs. Nevertheless, and despite upcoming patent expirations, over the coming years, Slovakia's pharmaceutical market is expected to continue growing somewhat above the GDP expansion rates, as volume consumption mitigates some of the negative impacts of cost-containment.

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Full Report Details at
- http://www.fastmr.com/prod/206835_slovakia_pharmaceutical...
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Headline Expenditure Projections

* Pharmaceuticals: EUR1.66bn (US$2.20bn) in 2010 to EUR1.73bn (US$2.47bn) in 2011: +4.2% in local currency terms and +12.3% in US dollar terms. Forecast unchanged from Q211.
 * Healthcare: EUR5.24bn (US$6.95bn) in 2010 to EUR5.50bn (US$7.86bn) in 2011; +5.0% in local currency terms and +13.2% in US dollar terms. Forecast unchanged from Q211.
 * Medical devices: EUR376mn (US$499mn) in 2010 to EUR413mn (US$590) in 2011; +9.8% in local currency terms and +18.3% in US dollar terms. Forecast up slightly from Q211 due to macroeconomic factors.


Business Environment Rating: In our latest Business Environment Rating (BER) matrix for the 20 key markets surveyed in the Central and Eastern European region, Slovakia improved its position to fourth. The key reason for its composite score being higher by 2.53% quarter-on-quarter (q-o-q) is the upgrade of its industry rewards component. Nevertheless, Slovakia's risks component still remains the primary support of its favourable matrix placement, with its rewards score being only slightly above the regional average for the quarter.

Key Trends & Development
* In May 2011, the Slovak Spectator reported that the court case brought by HICEE, the Dutch owner of the Slovak private insurer Dovera, will no longer be considered by the European Court of Arbitration. The Dutch firm - itself owned by Penta International Investment Group - had sought over EUR500mn in compensation due to the legislation banning insurers from using their profits as dividend payments. However, this legislation was recently declared unconstitutional by the Slovak Constitutional Court. The government is currently in discussion over the amendment of the law, although the draft has yet to be submitted to parliament.
 * The Slovakian government may allow sales of over-the-counter (OTC) drugs outside pharmacies following the inclusion of a new proposal in the country's National Reform Programme 2011, reported PMR in April 2011. The grant will enhance competition and the quality of medicines in the pharmaceutical market, according to a government source. If approved, the proposed amendment is likely to come into force by October 2011.
 * In the meantime, the Slovakian government will introduce more drugs onto the list of drug reimbursement, increasing the current 5,409 to 5,438 in July 2011, reported PMR recently. The number of medicines for which patients are not charged co-payments will reach 1,762 drugs. However, the government will only include special new medicines in the co-payment category
 * Around the same time, it was reported that the Slovakian government will include 40% of prescription medicines - or 380 active pharmaceutical ingredients (APIs) - under its API prescription regime to be announced in October 2011. The regime will not cover ointments, syrups or combination medicines, but is expected to facilitate competition and restrict rises in the prices of medicines in the country, according to Health Minister Ivan Uhliarik.


BMI Economic View: We continue to forecast 3.2% real GDP growth for Slovakia in 2011, down from 4.0% in 2010. Though we forecast exports to sustain the recovery this year, our expectation for a rebound in both household consumption and gross fixed capital formation will provide a positive boost for the Slovak economy. In the meantime, the government remains committed to cutting of pharmaceutical expenditure, in line with its programme of fiscal prudency. We continue to expect that the centre-right coalition will be able to reduce the fiscal deficit from 7.8% of GDP in 2010 to 5.4% in 2011 and to below the European Union (EU)-mandated 3.0% of GDP level by 2013.

BMI Political View: We also hold to our view that - despite escalating ructions within the administration - that the centre-right coalition will maintain its cohesion this year. We see the current administration maintaining its mandate through to the next parliamentary elections in 2014. Therefore, recently announced pharmaceutical cost-containment measures are expected to be rolled out as planned. About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at http://www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

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.

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.

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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.

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