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Slovenia Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, April 2009, Pages: 75
The Slovenia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Slovenia's pharmaceuticals and healthcare industry.
In the Business Environment Ranking table adjusted for Q209, Slovenia continued to improve its position in the matrix, rising by one place in relation to the previous period to 11th, out of the 20 main markets surveyed in Central and Eastern Europe (CEE). Despite its small population, Slovenia has one of the most advanced pharmaceutical markets in CEE, mainly due to the relative wealth of the country, a long tradition of pharmaceutical manufacturing and a high level of connection with Western Europe in general. However, Slovenia’s pharmaceutical rating continues to be weighed down by a small market size and low forecast growth, although the high per capita GDP, well-developed healthcare services and widespread health awareness play in favour of pharmaceutical companies. Consequently, the rising demand for novel medicines can be expected to be one of the key drivers of pharmaceutical growth over the forecast period, in combination with an increased focus on private insurance and out-of-pocket spending, given the need for cost-containment within the state-supported mandatory insurance system. Over the next five years, the Slovenian pharmaceutical market is forecast to experience a compound annual growth rate (CAGR) of 3.84% (in local currency terms), reaching some EUR617mn (US$781mn) by 2013, which is still small by global, and even regional, standards.
In terms of industry developments, leading Slovenian drug maker Krka posted a 22% year-on-year (y-oy) increase in its 2008 Group sales, to EUR949.9mn (US$1.22bn), with net profit expected to match the planned EUR160mn (US$205.9mn). The majority of all sales continued to be achieved outside Slovenia, as the company’s domestic sales experienced a small annual rise of 3%, totalling EUR104.4mn (US$134.4mn). In contrast, Krka’s sales in Western Europe and overseas markets rose by 39%, as the company benefited from the recent acquisition of German generics marker TAD Pharma and the Austrian pharmaceutical company Alternova Arzneimittel GmbH. In the meantime, Krka continues to invest in research and development (R&D), increasing its investment by 47% y-o-y to over US$120mn in the first nine months of 2008.
In the meantime, the European Parliament adopted a European Commission (EC) proposal that aims to harmonise rules and procedures for making changes to marketing authorisations. The directive amendment would make all medicines – including those authorised through a national approval route – subject to a single set of legislation across the whole of the European Union (EU). The proposal has been welcomed by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the European Vaccine Manufacturers (EVM) and the European Biopharmaceutical Enterprises (EBE), which are hoping that the elimination of Bloc-wide variations in national rules. The changes have a potential to benefit multinationals in particular (which would increase competition to Slovenian drug makers), as large foreign companies already favour the centralised marketing approval procedure. The reduction of egistration costs would allow more funds for marketing but also possibly have an impact on launch prices, with a view to making them more affordable to national markets.
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