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Belgium Pharmaceuticals and Healthcare Report Q2 2008
Business Monitor International, April 2008, Pages: 71
The Belgium Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Belgiums pharmaceuticals and healthcare industry.
Belgium’s pharmaceutical market was worth US$4.89bn in 2007 and should grow steadily over the forecast period to reach a value of US$5.67bn by 2012. Patented drugs are the leading category, accounting for almost 80% of the market; however, generic drugs are the fastest-growing sector, as the government seeks to promote these products as part of cost-saving plans. This focus on saving is beginning to pay of and this quarter the government announced that expenditure on reimbursed drugs remained within budget. This was primarily due to an increase in the uptake of lowcost drugs. In 2007, over 40% of prescriptions for reimbursed medicines were for low-cost pharmaceuticals. Breaking this down, generic medicines accounted for 23.54% of the total, while originator drugs that have lost their patents and have had their prices reduced accounted for 16.69%.
Meanwhile, drugmakers in Belgium should benefit from a European Commission (EC) decision to authorise a series of tax cuts introduced in the pharmaceutical sector. The breaks are aimed at firms that invest a high proportion of their sales in R&D or those that invest heavily in their production processes.
Belgium’s major pharmaceutical players have recorded promising results for FY07, despite the general malaise in the industry. However, Belgium’s recent political instability, which has seen the threat of the country splitting into separate French-speaking and Flemish-speaking entities, has been very damaging. Regardless of the outcome over the coming month, the author believes that it will take the political system and Belgiums international reputation a long time to recover from the affair. This view is reflected in the Business Environment Ranking for Western Europe, where Belgium remains in second last position.
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