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Western Europe’s Pharmaceutical Market To Touch $245.3 billion By 2012
Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which forecasts that there is likely to be a $40.1 billion growth in the pharmaceutical market in 11 countries in Western Europe.
By: Urmila Doraswami
“The Outlook for Pharmaceuticals in Western Europe to 2012” finds that according to 2007 data, Austria, Belgium, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Switzerland, and the UK represent a total market of over 365 million people and a combined GDP of US$14.4 trillion.
While the pharmaceutical market is currently valued at $204.7 billion, over the next five years, it will rise rapidly to touch the US$245.3 billion mark, predicts the report.
Western Europe is a wealthy society and the market for drugs is already mature. But the report notes that health funding agencies are facing a multitude of pressures which make them unable to meet the demands of modern healthcare. A primary reason is the high cost of new therapies which provide relatively small health benefits. This factor coupled with a rise ageing populations needing longer and more intensive medical treatments as well the unplanned influx of immigrant workers have put immense strain on healthcare systems. There is also the high cost of branded medicines which is forcing countries like Spain and France to opt for the use of generic drugs.
The report acts as a regional collection and provides a comprehensive pharmaceutical market analysis for each country with five year forecasts in keeping with the trends in that country. It identifies the areas that manufacturers can break into, as well as areas for potential growth if they are already operating in the region.
For instance, the study says Germany is both the largest pharmaceutical market and the largest market for generics in Europe. Though government policy has put a damper on domestic consumption, the export market will continue to expand say the report’s authors.
France, on the other hand, has seen high levels of pharmaceutical spending as the State plays a key role in expenditure on health. This has led to over-consumption of drugs, particularly antibiotics, and the development of drug resistance has manifested itself. The report highlights that there has now been a concerted campaign to cut down on antibiotics as well as psychotropics, vasodilators and vein tonics which were also used without restraint. Interestingly, the report says new drugs have often not reached French citizens because of a complex regulatory system.
The UK, home to two of the sector’s biggest players GlaxoSmithKline and AstraZeneca, is one of the leading pharmaceutical producers and exporters. Analysts take into account the introduction of a new pharmaceutical pricing scheme that came into effect in 2005 which encourages companies to document R&D development.
The report contains statistical data on imports and exports of drugs and details the demographic indicators, identifying the principal causes of death and morbidity. It also has an overview of the healthcare systems in each country including sources of funding.
“The Outlook for Pharmaceuticals in Western Europe to 2012” is available from Report Buyer. For more information go to: http://www.reportbuyer.com/
Report Buyer product ID: ESP00321
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