July 29, 2009 -
PRLog -- Spain’s pharmaceutical market, valued at EUR15.3bn in 2008, is expected to be cushioned from the impact of the global financial crisis in the short term, with BMI forecasting nominal drug market expenditure growth of 6% in euros between 2008 and 2009. Most Spaniards access healthcare through the dominant public healthcare system, which is largely funded by taxes and so less exposed to economic cycles. However, in subsequent years, we expect growth to slow as pressure on the government’s finances forces it to enact more stringent cost containment measures. Between 2008 and 2013, BMI forecasts a CAGR of 4%, with the market reaching a value of EUR18.5bn (US$23.5mn) in 2013. Cost containment is expected to benefit the generics market as the savings needed in the public health budget are likely to come, in part, through greater use of generic medicines. In 2008, generic drug sales grew by around 3% to EUR1.14bn (US$1.63bn) in 2008, equating to 9% of the country’s National Health Service (SSN)’s prescription expenditure, according to market research firm IMS Health. In volume terms this amounted to 190mn units of generic drugs. This growth rate is slower than in previous years, but BMI forecasts growth to pick up again over the later years of the forecast period. By 2013, we expect the total amount spent on non-patented prescription drugs to have reached EUR2.3bn (US$2.9bn) equating to a compound annual growth rate (CAGR) of 15.0% in local currency terms. Meanwhile, we calculate that by 2013, generic medicines will represent 12% of total drug market expenditure. In BMI’s updated Business Environment Ratings for Q309, Spain remains in fourth position out of nine countries in the Western Europe region. Spain’s large drug market and stable economic and political system mean that it scores highly compared with its regional neighbours. The country’s weaknesses include slow population growth, which could limit drug market growth in future years, and a relatively bureaucratic political system. Another target for cost saving in the public health system should, in BMI’s opinion, be the rational use of medicines. At a meeting organised by multinational drugmaker Pfizer in May 2009 under the title Pfizer- Patient Dialogue Forums, it was revealed that compliance with treatment guidelines remains a major problem in Spain, with around 50% of prescriptions for chronic diseases being taken incorrectly. As well as being a considerable drain on the efficiency of the healthcare system, the direct consequences of nonadherence are serious. It was claimed that 10% of hospital admissions were due to poor treatment compliance.
http://www.companiesandmarkets.com/r.ashx?id=KDYD69823149283# # #
Browse thousands of market research reports covering major markets, companies and countries. Www.companiesandmarkets.com is a central source of market research reports from the world’s leading analysts and report publishers.
