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Netherlands Pharmaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 72
The Netherlands Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on the Netherlands pharmaceuticals and healthcare industry.
The drug market in the Netherlands is continuing to develop, aided by favourable economic conditions and a modern health sector, often cited as one of the most effective systems in the world. Over the forecast period we expect sales to expand at a compound annual growth rate (CAGR) of 2.46%, which is modest compared with the more dynamic markets further east, but is in line with the mature Western European market. The main drivers will be the generics sector, which is benefiting from increasing government support. However low consumption patterns, in direct opposite to nearby France, are continuing to have a deflationary impact on the overall sector.
The Netherlands’ healthy economy and stable political environment are key assets and should help to underpin the drug market. According to the Country Risk team GDP should grow by 3% in 2007, ahead of most of the Eurozone economies. Meanwhile the gradual liberalisation of the over-the counter (OTC) should help the pharmaceutical sector to develop. In July 2007, the government mandated the sale of some OTC products in supermarkets and hypermarkets without the presence of a pharmacist. Although only low-dosage products, considered to have minimal risk, will be available, it should still present considerable upside to sector growth. The author forecasts that OTC drugs will reach a value of US$0.89bn by 2012.
The report, however, has downgraded growth forecasts for the generics drug sector following planned price cuts. A two-year multiparty agreement will force a 10% reduction in the prices for off-patent branded drugs and their generic equivalents. Meanwhile, drugs with patents set to expire in 2008 will face a 50% price cut. Even though a fall in price often causes a spike in volume sales, the author still believes the measures will have a negative impact.
Meanwhile, the Netherlands takes sixth position in the Business Environment Rankings for the Western European Region. We have completely overhauled the methodology in Q108 giving greater weight to regulatory factors affecting the drug market, while utilising a more nuanced analysis of country-specific economic and political factors. The Netherlands’ position derives mainly from stagnant growth in
its drug market and low per-capita spending.
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