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Slovakia Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, April 2010, Pages: 75
The Slovakia 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 Slovakia's pharmaceuticals and healthcare industry.
Slovakia’s pharmaceutical market is among the most attractive in the Emerging Europe region, ranking fifth in our Pharmaceuticals & Healthcare Business Environment Ratings for Q210. Despite Slovakia’s relatively small size, valued at just over US$2bn in 2009, the country is among the top spenders in the region on a per-capita basis. Over the next five years the report forecasts pharmaceutical sales will grow at a compound annual growth rate (CAGR) of under 4%, highlighting the maturity of the market.
While absolute sales and growth rates are not particularly attractive, it is the relatively low risk nature of Slovakia which is attractive to drugmakers. The country is among the leading scorers in terms of market risk, with relatively transparent market access conditions and stability brought about by EU and eurozone membership. Nevertheless, like many states in Emerging Europe, fiscal deficits will need to be dealt with and will almost inevitably place some downward pressure on spending. Another factor set to minimise revenues for drugmakers is price erosion, albeit as a result of the Ministry of Health’s longer-term search for cost efficiencies rather than a reaction to tighter economic conditions. The next update to Slovakia’s medicine price list is due in April 2010, with the Ministry of Health aiming to reference 90% of marketed products. This update is expected to bring about savings of EUR30mn (US$41mn) over the following 12 months as a result of further price erosion for drugmakers. Here the analyst explores Slovakia’s pricing and reimbursement environment and its effect on market access for drugmakers.
Pharmaceutical CPI rises were low in the early part of 2009, although they began to increase again towards the end of the year. Nevertheless, this mirrors the situation in a number of European countries and could be more the result of over-the-counter (OTC) medicine price rises, which are not controlled by the state.
There is some scepticism over whether subsequent referencing rounds will bring about significant savings, due to the already-substantial price alignment with other EU member states. However, the analyst notes that current structural reforms to reference pricing systems in other EU member states – particularly those in Central and Eastern Europe (CEE), should lead to price reductions in their own markets and consequently transfer some price erosion back to Slovakia.
Despite future price erosion, the analyst believes continued demand for more expensive treatments, combined with a return to growth in consumer spending, will result in growth within both the prescription and OTC medicines sectors in 2010 and beyond.
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