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Croatia Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Nov 2009, Pages: 74
Croatia 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 Croatia's pharmaceuticals and healthcare industry.
Croatia’s score is exactly average for the region and the country remains a fairly attractive market for multinational drugmakers. Positive aspects of the Croatian market include above average per-capita spending on pharmaceuticals, an ageing population and sound political and economic indicators. However, regulatory aspects, while improving, remain substandard in relation to other EU states.
Total market size and growth rates remain unspectacular, however, with a projected compound annual growth rate (CAGR) of 3.24% over the next five years for sales of prescription and over-thecounter medicines (OTC). As a percentage of GDP, drug expenditure was 1.69% in 2008, just below average in CEE. This marks a fall in comparison with the previous two years, which registered 1.92% and 1.93%.
Steady levels of market growth have kept spending within a sensible range over the past five years; however, with increases in 2006 and 2007 and inflation. This figure is above average for the region and in combination with a high preference for generic drugs, highlights good access to medicine in the country. Nevertheless, the addition of innovative products to the reimbursement list is likely to provide strong impetus for growth in future.
The demand for pharmaceuticals will also be boosted by the development of the overall healthcare sector, with most of the new expenditure sourced from private pockets, given the need for austerity measures in the public sphere. Croatia’s healthcare reforms, introduced in 2009, have shown strong efficiency gains for public spending. During H109 the Croatian Health Insurance Institute (HZZO) reduced debts by HRK311mn (US$64mn). Supplementary insurance and the introduction of co-payments should help maintain strong revenues in the system and allow for greater budget allowance for pharmaceuticals.
The structure of Croatia’s pharmaceutical output is undergoing a period of transition. The country’s main domestic drugmaker Pliva has successfully completed its restructuring and integration into Teva, achieving strong efficiency and production gains. Pliva has increased production by up to 30% year-onyear (y-o-y), increasing efficiencies by 25-50% as a direct result of knowledge transfer from Teva. Following a reduction in employees from 2,800 to 2,000, Pliva has increased efficiency per employee by up to 55%.
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