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Slovakia Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Nov 2008, Pages: 60
BMI's Slovakia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Slovakia's pharmaceuticals and healthcare industry.
Despite its relatively developed nature and its proximity to Western Europe, the Slovakian pharmaceutical market is viewed as one of the least attractive of the 17 markets surveyed in the Central and Eastern European (CEE) region in BMI’s Business Environment Rankings. In Q408, Slovakia remains in the joint eleventh spot, alongside Kazakhstan, despite slightly improving its overall pharmaceutical rating. Slovakia’s potential remains relatively limited despite the sizeable population of the country, mainly due to the small per capita consumption, and – more recently – the ban on profitmaking in the healthcare insurance sector. The latter is already making the marketplace a more difficult operating environment, with the burden on the already overstretched public finances expected to increases.
In fact, in May 2008, healthcare insurer Europska Zdravotna Poistovna (EZP) announced its decision to leave the market following legislation introduced on January 1 2008 that prevents insurers from retaining profits. The decision is likely to be followed by at least one other of the remaining five insurance companies in the country, which – alongside EZP – currently cover some 30% of all medical insurance clients. Consequently, state-owned insurance firms will play an increasingly important role in funding healthcare spending in Slovakia, which will undoubtedly place a significant strain on the system. The above development is even more pertinent in the light of the fact that pharmaceutical sales continue to increase. The Slovak Statistical office recently announced that sales of pharmaceutical and cosmetic goods in Slovakia increased by 18.1% and 15.4% year-on-year (y-o-y) during June and May 2008. The figure was some six times the rate of overall retail sales, thus endorsing BMI's bullish forecast of a 14.5% growth in sales in 2008. However, the Slovak pharmaceutical market represents a slightly less optimistic picture over the medium term, with a forecast 12.7% sales increase over the 2008-2012 period - to US$1.1bn - after the much stronger rise of 41.1% over the 2004-2007 period.
The increase in pharmaceutical sales is good news for drugmakers. The latest company to enter the CEE market is US drugmaker Mylan, which in June 2008 exercised its option to acquire Merck KGaA's CEE generics business, including that in Slovakia. Mylan already owns the German firm's generics businesses in Western Europe, Asia-Pacific, Africa and North America.While Mylan's specific expansion plans in the CEE region remains unclear, BMI believes the established operations that Mylan has acquired in the region, along with its controlling interest in Indian active pharmaceutical ingredient (API) manufacturer Matrix Laboratories, should allow the company to compete effectively against local rivals and multinationals alike. Around the same time, French major Sanofi-Aventis unsuccessfully attempted to purchase of Czech-Slovak Zentiva, in which it already holds a large stake. The bid was rejected by the company’s Board, with the French company losing out on a major strengthening of its regional generics
standing.
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