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Spain Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Jan 2010, Pages: 83
The Spain 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 Spain's pharmaceuticals and healthcare industry.
The Spanish pharmaceuticals market is among the top five in Europe and the top 10 in the world by value. It has grown strongly in recent years, outperforming the majority of others in Western Europe. However, government cost-containment efforts, including the reduction of the reimbursement list and the promotion of generic drugs, have become increasingly prominent.
In 2008, drug expenditure reached a value of EUR15.25bn (US$22.43bn), growing by 6.25% year-onyear (y-o-y) in local currency terms and 14.06% y-o-y in US dollar terms. However, growth in the Spanish pharmaceutical market is set to decline in 2009, with pharmaceutical expenditure increasing by 5.97% in local currency terms and 1.49% in US dollar terms, to reach a value of EUR16.16bn (US$22.77bn). We believe the slowdown in pharmaceutical market growth can be attributed to the economic downturn and the subsequent decline in the country’s GDP growth, which fell to 0.9% in 2008 (down from 3.6% growth in 2007) and is expected to be -3.7% in 2009 and -0.8% in 2010. GDP will increase in 2011, but only by 1.0% – further evidence that the global economic downturn will weigh on growth in the medium term.
By 2014, the analyst calculates that Spain’s pharmaceutical market will be worth EUR19.27bn (US$24.40bn), equating to a 3.58% compound annual growth rate (CAGR) in local currency terms and 1.91% in US dollar terms. Our extended 10-year forecast model projects that drug expenditure will reach EUR22.00bn (US$27.50bn) by 2019, representing a 2009-2019 CAGR of 3.13% in local currency terms and 1.91% in US dollar terms.
In September 2009 it was revealed that the Spanish government is to use funding from the pharmaceutical industry to tackle the increasing number of polymedicated patients in the country those taking five or six medicines for six months or more. The Ministry of Health attributes the increase in polymedication to the country’s ageing population and the rise in chronic diseases. The analyst believes that the focus on polymedication is another example of the government’s desire to contain rising healthcare costs. Furthermore, in October 2009 – highlighting Spain as having one of the lowest levels of generic medicines uptake in Europe he country’s generic medicine industry association (AESEG) put forward key recommendations to stimulate the off-patent medicines market. These include the implementation of systems for accelerating drug registration and introducing automatic pricing and reimbursement status for generic medicines. According to the 2006 medicines law, generic medicines must be priced at least 30% lower than the originator. However, the association added that Spain’s reference pricing system must be altered, stating that the downward pressure on the cost of medicines has slowed the development of the market. Generic drug manufacturers are reluctant to market their medicines in the country as they cannot compete with the low prices of the off-patent originator products.
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