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Healthcare, Regulatory and Reimbursement Landscape – Spain
The Increasing Elderly Population and the High Unemployment Rate are Challenges for the Government of Spain
The major causes of the high unemployment rate are:
• High unemployment benefits provided by the government, which do not put a lot of pressure on those unemployed to find work again.
• Wage rigidity, due to labor legislation and weak coordination between unions and employers.
• The high rate of dropouts after secondary education
In 2010, the Spanish pharmaceutical market was ranked fifth in Western Europe. Pricing in Spain is strictly regulated as the average price of the pharmaceutical products is lower than in most of the developed markets, such as the US and Germany. However, the prices of new drugs are in line with other European countries.
The pharmaceutical market was valued at approximately $18.9 billion in 2010. From 2005-2010, the market grew at a CAGR of 7.9% and is projected to grow at a CAGR of approximately 3.9% from 2011- 2020. In Spain, the right to health protection and healthcare for all citizens is provided under Article 43 of the Spanish Constitution of 1978.
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In Spain, the market for drugs is dominated by prescription medicines. in 2004-2005, in value terms, the prescription drugs accounted for 92%, and in volume terms 85%, of the total sales. It is estimated that new pharmaceutical medicines and biologic medicines will be entering the market in the next few years. Another important characteristic of the Spanish pharmaceutical market is the limited penetration of generic drugs. in Spain, the market share of generics is half of the overall share of generics in the European Union.
In Spain, due to the reference price system, the prices of branded drugs are kept very close to the reference price, which becomes the cap for reimbursement. Therefore, branded drug prices come closer to generic drug prices. This causes the generic drugs to lose their main price advantage.
Global Markets Direct, the industry analysis specialist, has released its new report, “Healthcare, Regulatory and Reimbursement Landscape - Spain”. The report is an essential source of information and an analysis on the healthcare, regulatory and reimbursement landscape of Spain. The report identifies the key trends in the healthcare market of Spain. The report also provides insights on the demographic, regulatory, reimbursement landscape and healthcare infrastructure of Spain. Most importantly, the report provides valuable insights on the trends and segmentation of pharmaceutical and medical devices market.
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