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Netherlands Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Oct 2008, Pages: 75
This Netherlands Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Netherlands' pharmaceuticals and healthcare industry.
Growth in the drug market should be solid over the forecast period, especially considering the Netherlands is a mature market. Pharmaceutical expenditure was US$7.94bn in 2007, but should rise to a value of US$9.5bn in 2012, representing a real growth rate of 2.8% per year. However, growth will slow towards the end of the forecast period as government cost-cutting initiatives begin to bite, such as the new preferential price policy for generics.
Market growth will be constrained by low medicine consumption rates. A recent report from the Dutch Pharmaceutical Core Data Foundation (SFK) has highlighted the fact that spending on medicines is particularly low in the Netherlands, compared with the other Western European countries. According to the SFK, average medicine consumption was 12% to 60% higher in neighbouring countries in 2006. Meanwhile, local players are already being impacted by generic price cuts introduced on June 1 2008. While announcing its Q208 results on July 25 2008, OPG – the country’s leading wholesaler – said that it was reducing its full-year earnings forecast and had booked a goodwill writedown of EUR198mn (US$312mn), due to price pressures within the market. The distributor now expects to make a full-year operating loss of between EUR98mn (US$154mn) and EUR103mn (US$162mn).
In other company news, Dutch pharmaceutical firm Crucell announced that it was on the look out for further acquisition targets. According to the company, it has over EUR160mn (US$231.34mn) in cash, which puts it in a strong position for a potential purchase. The company, which is valued by the market at around US$1bn, bought Swiss vaccine maker Berna Biotech in 2006.
The Netherlands retains 6th place in our Business Environment Rankings for the Western European region. The country’s score remained unchanged over the quarter. Despite the fact that Dutch patients are among the most satisfied in Europe with their health system, the pharmaceutical sector is still punching below its weight with per-capita spending of US$483.5.
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