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"Greece Pharmaceuticals & Healthcare Report Q3 2011" now available at Fast Market Research

Fast Market Research recommends "Greece Pharmaceuticals & Healthcare Report Q3 2011" from Business Monitor International, now available

 
PRLog - Jul. 19, 2011 - Greece's pharmaceutical market remains a challenging environment for both local and international  drugmakers. The implementation of pharmaceutical price erosion mechanisms, tighter public healthcare  spending and a poor economic environment result in a weak outlook for the industry. Greece's weak drug  market outlook is reflected in BMI's Q111 Pharmaceutical & Healthcare Business Environment Ratings  (BERs). The country's overall BE rating is 57.3, ranking it seventh in the region and well below its  historically high position.    Supported by the latest market data, BMI believes 2010 will see an outright contraction in total  pharmaceutical sales (with a forecast of -8.13% year-on-year (y-o-y) in local currency terms) to  EUR6.04bn (US$8.03bn) - a contraction from EUR6.57bn (US$9.20bn) in 2009.    According to the latest inflation figures from Eurostat, pharmaceutical prices contracted by an average of  16.20% between June and October 2010, compared with drug prices in 2009. BMI expects y-o-y price  contractions to last until June 2011. As a result, we project limited drug market growth of just 1.38% in  2011 to EUR6.11bn (US$7.45bn).  More encouragingly, in October 2010, the Health Ministry's General Secretary Nikos Polyzos announced  that Greece will clear all hospital debts to medical suppliers from 2005 till September 2010 by the end of  the year. As of October 2010, debts from 2005, 2006 and the first half of 2007 had 'almost been paid off'  at a cost of EUR1.5bn (US$2.0bn). However, BMI notes that there is a significant discrepancy between  official hospital debt and the amount claimed by Greek pharmaceutical associations.    Amid a broad range of structural reforms relating to the pharmaceutical industry, the government is  planning to axe the state-guaranteed profit of around 35% on the goods pharmacists sell. The changes to  legislation are intended to restrict the number of pharmacies in the country. Additionally, it has been  proposed that the VAT rate on drugs will rise from 11% to 23%. BMI notes that while the cuts to the  state-guaranteed profit margins for pharmacists may lead to a reduction in consumer prices, the expected  rise in VAT on drugs will more than compensate for any price reductions as a consequence of increased  price competition.    BMI's Country Risk team believes that Greece's international credit conditions are unlikely to return to  pre-2008 levels in the foreseeable future, we expect both consumer and investment spending to be more  subdued over the longer term, anchoring the Greek economy on to a lower growth path than that leading  up to the global credit crisis. Although Greece will continue to post real convergence gains with the EU,  we stress that a significant degree of integration has already occurred, with income per capita settling at a  level similar to that of Spain. Moreover, we believe that broad political and economic stability will  remain in place, which will continue to accentuate Greece's attractive investment climate going forward.
About Business Monitor International

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Full Report Details at
- http://www.fastmr.com/prod/208455_greece_pharmaceuticals_...
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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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Source:Fast Market Research
Phone:1.800.844.8156
Zip:01267
State/Province:Massachusetts - United States
Industry:Health, Medical, Research
Tags:pharmaceutical, drug, Healthcare, state-guaranteed, weak, greek, notes, debts, pharmacists, hospital
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