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Israel Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, July 2008, Pages: 75
Israel Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Israel's pharmaceuticals and healthcare industry.
Israel’s pharmaceutical market should grow at an average of 3.3% year-on-year over the forecast period in local currency. The moderate growth rate should primarily be driven by the prescription market due to strong health insurance coverage. However, a limited budget for the basket of health services, the public reimbursement system will continue to limit the market since it will remain challenging for patented drugs to gain inclusion. Indeed, the criteria on which the committee judges remains opaque.
Israel’s drug expenditure was estimated to be worth US$1.52bn in 2007, one of the highest levels in per capita terms in the Middle East, offering strong potential returns. However, the intellectual property environment is still below international standards, the drug approvals process has a major backlog, and the reimbursement system is opaque, making for a risky business environment. Israel is ranked fifth out of 13 Middle East and Africa markets surveyed in BMI’s Business Environment Ratings.
The Manufacturers Association of Israel claims that the local pharmaceutical industry grew by 13% between 2006 and 2007 to achieve revenues of US$3.6bn. The domestic pharmaceutical industry has continued to grow impressively despite a strengthening shekel eroding the competitive advantage of exports and moderate demand growth in the domestic market. The industry remains primarily focused on generics. However, a large number of small start-ups are beginning to utilise Israel’s academic research expertise to develop a biotech industry. Meanwhile, at the other end of the scale, generics giant Teva Pharmaceutical Industries’ first two patented drugs are selling well, with more in the pipeline.
For the first time in Q308, BMI includes coverage of Israel’s US$726mn medical device market. In common with the pharmaceutical market, we expect relatively weak growth of 3.5% over the forecast period in local currency. Also in common with the pharmaceutical market, we expect the domestic medical device industry, already the strongest in the Middle East, to perform well over the medium term due as it utilises Israel’s promising research infrastructure to develop innovate devices to international quality standards.
In 2006, there were almost 300 medical device companies registered in Israel - accounting for over half of the country's life science industry. Major players include Lumenis, which manufactures laser products for the dermatology market, and Given Imaging, which produces devices for gastrointestinal disorders.
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