Greece Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, January 2010, Pages: 77
Greece’s pharmaceutical market is the largest in Central and Eastern Europe (CEE). After consecutive years of high level growth, levels of per-capita spending are now among the highest in the world. These figures make Greece attractive on face value and the market places first in the anaylsts Business Environment Ratings for Q110 largely as a result. Despite this, Greece’s attractiveness is set for a prompt downturn in 2010.
The publisher believes that the Greek election victory for the socialist PASOK party on October 4 2009 marks a true opportunity to regain control of the state healthcare system, where years of poor management and outdated policies have led to high levels of spending and the accumulation of unmanageable debts. While the new ruling party will not implement an ‘Obama-style’ complete overhaul to the healthcare system, early indications from the government suggest that modernising the system could be a priority, with new Prime Minister George Papandreou accusing the previous government of neglect. the publisher believes that hospital debt reduction is an urgent and necessary objective for the government. While payments of already-accumulated debts will be good news for companies, implementing schemes for more efficient budget management in future are, in the publishers view, even more crucial to ensuring stability within the sector.
Greece’s pricing and reimbursement environment is set for a period of transformation, which will see price freezes or reductions for originator drugs, the introduction of referencing for generic medicines and tighter conditions for reimbursement coverage. In mid-November 2009 Greece’s new health minister Mariliza Xenogiannakopoulou presented the recently-elected government’s overhaul to the system, which aims to save EUR1.5bn (US$2.2bn) in 2010. These changes, along with the country’s altering macroeconomic outlook, have led the publisher to considerably downgrade our outlook for pharmaceutical spending in Greece over the next five years.
For Q110 the publisher has added a medical device forecast to its Greece report. Greece’s market is heavily reliant on imports, with over 95% of total sales generated by foreign firms. Leading sources include Germany, Italy, the US and the UK, although more recently China has entered the fray. As with the pharmaceutical sector, the publisher believes Greece’s recent spending on medical devices is unsustainable. Over the next five years we forecast a CAGR of 5.66%; however, these projections will remain tentative until longer-term policies to control healthcare spending become clear.
Executive Summary
SWOT Analysis
- Greece Pharmaceuticals And Healthcare Industry SWOT
- Greece Political SWOT
- Greece Economic SWOT
- Greece Business Environment SWOT
Pharmaceutical Business Environment Rating
- Table: Central and Eastern Europe Pharmaceuticals Business Environment Ratings Q110
- Limits Of Potential Returns
- Risks To Realisation Of Returns
Greece – Market Summary
Regulatory Regime
- Intellectual Property Regime
- Pricing Regime
- Reimbursement Regime
- Parallel Trade
Industry Developments
- Epidemiology
- Table: Disease Burden In CEE
- Healthcare System
- Secondary Care
- Recent Healthcare Provision Developments
- Healthcare Expenditure
- Healthcare Reforms
- Research and Development
- Pharmaceutical Industry
- Wholesale And Retail Sectors
- Recent Pharmaceutical Industry Developments
Industry Forecast Scenario
- Overall Market Forecast
- Key Growth Factors – Industry
- Key Growth Factors – Macroeconomic
- Table: Greece – Economic Activity, 2007-2013
- Prescription Market Forecast
- Patented Market Forecast
- Generic Drug Market Forecast
- OTC Market Forecast
- Export/Import Forecast
- Medical Device Market Forecast
- Key Risks To BMI Forecasts
Competitive Landscape
- Table: Top 10 Pharmaceutical Companies In Greece By Sales, 2006
Company Monitor
- Multinational Company Profiles
- GlaxoSmithKline
- Pfizer
- Novartis
- Sanofi-Aventis
- Merck & Co
- Abbott Laboratories
- Indigenous Company Profiles
- Vianex
- Lavipharm
- Gerolymatos SA
- Genesis Pharma
- Genepharm
- Pharmathen Pharmaceuticals
- Kleva
- Alapis Pharma
BMI Methodology
- How We Generate Our Pharmaceutical Industry Forecasts
- Pharmaceutical Business Environment Ratings Methodology
- Ratings Overview
- Table: Pharmaceutical Business Environment Indicators
- Weighting
- Table: Weighting Of Components
- Sources
Forecast Tables
- GlaxoSmithKline
- Pfizer
- Novartis
- Sanofi-Aventis
- Merck & Co
- Abbott Laboratories
- Vianex
- Lavipharm
- Gerolymatos SA
- Genesis Pharma
- Genepharm
- Pharmathen Pharmaceuticals
- Kleva
- Alapis Pharma
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