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Israel Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, March 2010, Pages: 89
Israel 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 Israel's pharmaceuticals and healthcare industry.
The Israeli pharmaceutical market, worth some ILS6.15bn (US$1.59bn) in 2009, is forecast to grow marginally in the medium term. By 2014, its value is expected to reach ILS6.52bn (US$1.72bn) at retail prices, indicating a compound annual growth rate (CAGR) of just 1.89% in local currency terms and 1.56% in US dollars. Key factors shaping this forecast are cost-containment measures that will negate volume increases through pressure on prices. An increasing reliance on imports of non-patented medicines will also subdue growth as the government seeks to cut healthcare costs.
Therefore, in BMI’s updated Business Environment Ratings for Q210, Israel remains ranked 12th of the 17 Middle East and African (MEA) markets surveyed, down from sixth in the same quarter of the previous year. While the country scores strongly across the country structure and the country risk categories due to its urbanised nature and developed economy, a risky regulatory environment, strong cost-containment pressures, strict reimbursement practices and the unstable political situation serve to limit Israel’s overall potential. Globally, therefore, Israel is found in the bottom third of the 71 markets surveyed by BMI for their pharmaceutical attractiveness.
While foreign players remain wary of directly investing in the country, collaborations with local players – especially in the field of biotechnology – are commonplace. In fact, in late 2009, US major Pfizer and Protalix Biotherapeutics agreed to develop and commercialise the Gaucher’s disease candidate Uplyso (taliglucerase alfa), with Pfizer receiving global marketing rights (excluding Israel). Pfizer and Protalix will take a 60:40 respective share of future revenues and expenses for Uplyso. The development confirms our view that Pfizer would view a co-licensing deal with Protalix as a more attractive option than a fullscale acquisition of the Israeli firm.
On the other hand, local companies are also extending both their geographical (with domestic drugmaker Teva currently in the bidding to acquire German generics specialist Ratiopharm) and scientific reach. To this end, Israeli drugmaker Taro’s first patented product for the treatment of essential tremors recently received the US Food and Drug Administration (FDA)’s Investigational New Drug (IND) exemption. Early phase clinical trials of T-2000 have been promising, particularly when the drug was used in conjunction with an existing treatment, propranolol. Around the same time, a new, Israel-developed hand sanitiser was reported to be effective against swine flu. EtoClean is developed by Novel Therapeutic Technologies (NTT), a spin-off of Yissum Research Development Company – itself the technology transfer arm of the Hebrew University (HU) of Jerusalem.
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