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Estonia Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, Feb 2009, Pages: 70
Estonia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Estonia's pharmaceuticals and healthcare industry.
In the Business Environment Ranking matrix for Q109, Estonia has risen up the rankings, nowoccupying a joint fourth position, out of the 18 regional markets surveyed, which now include Uzbekistan. Estonia shares this spot with two other countries, namely the two much larger markets of Turkey and Russia. Despite historically limited public-sector spending on medicines, the market is growing more rapidly than most others across Europe. This is evidenced by the latest statistics published by state medicines agency Ravimiamet, which show that the country’s pharmaceutical market grew by 12% to reach EEK751.0mn (US$67.8mn) at wholesale prices in Q208. While the growth rate is considerably below the 2007 levels of around 20%, it is clear that the pharmaceuticals segment continues to outperform other industries in the face of difficult economic conditions, with the growth of retail sales of pharmaceuticals and cosmetics showing few signs of abating.
On the other hand, Estonia’s attractiveness is mitigated by its small population, of only around 1.34mn, which has pushed Tallinn Pharmaceutical Plant (Tallinna Farmaatsiatehas), one of Estonia’s few pharmaceutical companies and a subsidiary of Latvia’s Grindeks, to shift its production out of the country. Additionally, the country remains vulnerable to external economic shocks, and we expect that the risks to our forecasts are distinctly to the downside. We estimate that the Estonian economy contracted by 1.1% in 2008, with only a mild recovery to 1.2% growth expected for 2009, which will have a negative impact on public sector finances.
Nevertheless, Estonia’s Health Insurance Fund (HIF) is planning to continue improving the variety of medicines available for patients across different disease groups, despite an EEK56.0mn (US$5.1mn) overspend for 2007. Its annual report showed that a total of EEK1.12bn (US$102.0mn) was spent across the five reimbursement groups, rising by 15.9% on the previous year and representing 11.0% of total healthcare expenditure by the group. However, as the HIF expects the number of biopharmaceuticals used to double in the coming years, improved analysis of the cost-effectiveness of reimbursement of such treatments is likely to come under discussion.
In the meantime, Estonian citizens will continue to enjoy one of the best levels of consumer responsiveness among the 29 European healthcare systems, as measured by the Euro-Canada Health Consumer Index 2008. Estonia outshone its Baltic counterparts – in addition to many Western European countries – achieving top marks in access to new drugs and pharmacopoeia, although only scoring an average score for deploying new cancer drugs. The sub-categories for the study are patient rights and information, waiting times, outcomes, the 'generosity' of the public healthcare systems and pharmaceuticals.
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