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Hungary Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Nov 2009, Pages: 80
Business Monitor International's Hungary Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hungary's pharmaceuticals and healthcare industry.
Hungary has the fifth largest pharmaceutical market in Central and Eastern Europe (CEE) and as a result has become a major market for most multinationals operating in the region. However, while Hungary has historically attracted multinational pharmaceutical companies and remains the region’s biotechnology hotbed, the outlook for drugmakers is relatively poor, particularly in the short term. For the Hungary Pharmaceuticals & Healthcare Report Q110 BMI has extended its forecasts to 10-years, incorporating the publisher's longer-term views for the future of the market. Over this period the publisher projects sales of pharmaceuticals to grow at a compound annual growth rate (CAGR) of just 2.5%.
In BMI’s Business Environment Ratings for Q110, Hungary remains ranked 11th, equal to the previous quarter. A negative regulatory environment and consequent poor market performance are leading to an increasingly poor outlook for multinationals.
Economic pressures and tighter management of the Hungary National Insurance Fund (OEP) budgets will be detrimental to market growth in the medium term. The Hungarian National Insurance Fund (OEP) slipped into deficit during H109, due to a combination of revenue shortfalls and over-spending. Revenues over the first six months of the year were HUF672.7bn (US$3.5bn), 4.5% below target, while expenditures were HUF725.5bn (US$3.8bn), 2.4% above target. In total the fund ran a deficit of HUF52.8bn (US$276mn), well above the target of HUF4.4bn (US$23mn). BMI believes the results mark a worrying outlook for the fund, which has a history of overspending.
Pharmaceutical company payments to the OEP remain a major drawback for companies. During H109 Gedeon Richter paid HUF750mn (US$4.2mn) from its turnover into the drug subsidy budget in H109 and HUF235mn (US$1.3mn) in sales representatives fees. Meanwhile Egis paid HUF474mn (US$2.6mn) and HUF155mn (US$0.9mn).
Richter has announced that it aims to find a strategic partner during 2010 in order to market or develop medicines as the company adds products to its portfolio. In addition to expanding partnerships for Richter’s own products, BMI believes that in-licensing products to Richter’s own portfolio will provide a key source of revenue growth over the next 3-5 years.
Hungary is in the middle in terms of disease burden in CEE. BMI’s Burden of Disease Database (BoDD) estimates that 17,459 disability-adjusted life years (DALYs) were lost in 2008 to all diseases and injuries. The situation will have improved by 2030, however, by which time Hungary will fall below the regional average.
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