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Italy Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, Feb 2009, Pages: 67
Italy Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Italy's pharmaceuticals and healthcare industry.
The Italian drug sector is continuing to perform poorly due to government pressure on drug prices. As well as widespread price cuts, the authorities have employed a number of other measures including increased generic penetration and the introduction of new reference pricing guidelines. As a result a forecast for the drug sector is pessimistic. In 2009 and 2010 we expect the market to decline in real terms, although we expect it to return to marginal growth in 2011. By 2013, the market should be worth US$32.9bn, representing a compound annual growth rate of just 1.69% over the forecast period.
In such an environment it is not surprising that leading local manufacturers are looking to increase their presence on foreign markets. For example, in December 2008, Recordati announced that it had increased its profile in Turkey with the acquisition of local manufacturer Yeni Ilaç. The deal – valued at EUR48mn (US$63mn) and funded from existing liquidity – is the Italian firm's second major expansion in Central and Eastern Europe (CEE) in 2008, after acquiring FIC Medical, which has a presence in the region, in March 2008. The company hopes to achieve added revenue of EUR70mn (US$101mn) from the two acquisitions by 2011.
On the regulatory front, the Italian medicines agency (AIFA) has put forward plans to significantly expand its workforce. New agency director Guido Rasi – appointed following the pay-for-approval scandal that engulfed AIFA in 2008 – announced the project at the Novartis-organised 'From Lab to Pharmacy – Access to Innovative Medicines' conference in mid-November 2008. The Treasury Department is currently assessing the plans to recruit an extra 200 staff over the next three years. AIFA has stated the cost should not impact state finances, as its tariffs would cover the majority of the costs. As such, it appears likely the program will be given the green light. Despite potential improvements in the regulatory arena, Italy has fallen to the bottom of Business Environment Rankings for the Western European region. This is mainly due to the recent downgrading of the pharmaceutical market forecast, with the next five years looking particularly tough for drugmakers operating in the country.
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