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Moldova Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Nov 2009, Pages: 57
Moldova 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 Moldova's pharmaceuticals and healthcare industry.
Given its low per-capita spending on pharmaceuticals, small (and falling) population numbers and preference for generic products, Moldova will remain a marginal market in the Emerging Europe region.
In fact, in the updated Q110 Business Environment Ratings table for the 20 key countries in the area, Moldova slipped to 18th position, as the gradual economic recovery pushed up the absolute scores of other smaller regional markets. In the coming months, Moldova’s matrix placement is not expected to improve significantly, especially as the high out-of-pocket component of the country’s pharmaceutical expenditure makes the market development vulnerable to the protracted economic downturn. Globally, Moldova is placed 59th out of the 71 markets surveyed.
Nevertheless, valued at MDL2.05bn (US$199mn) in 2008, Moldova’s pharmaceutical market is forecast to increase at a steady compound annual growth rate (CAGR) of 9.70% in local currency terms. By 2014, the market is expected to top MDL3.41bn (US$387mn) at consumer prices. Over our longer, 10-year forecast period through to 2019, market development is likely to accelerate, growing at a CAGR of 10.49% in local currency terms, stimulated by economic recovery, healthcare modernisation and the expansion of healthcare insurance coverage. Generics’ CAGR will be similar to that of the overall market, with patented medicines expected to benefit from regulatory improvements and Moldova’s progress towards European Union (EU) membership, which will translate into a 2009-2014 CAGR of 18.86% in local currency terms.
Moldova will start official association agreement talks with the EU on 12 January 2010. The meeting should target at least one of the key agreement areas, including politics, free trade deals and security, as well as the issue of visa and free travel. However, unresolved political issues – namely the failure to elect a new president following two rounds of elections in H109 and the latest postponement of the new vote – have the potential to stall Moldova’s accession negotiations, as does the country’s reputation for the upholding of human rights.
The political turmoil that ensued after the Communist Party lost the parliamentary majority has also thrown the programme to create a single customs unit into doubt. The plan was announced under the previous administration and would control both the quality and the price of imported medicines. While the system has the potential to reduce the price of imported drugs, which under the current system can often triple in price when bought into the country, much still depends on the outcome of the delayed election of a new president. Presently, Moldova has a customs unit that deals only with the custom clearance of medicines, but the new unit would also be equipped with a laboratory for testing of pharmaceuticals.
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