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Spain Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, April 2010, Pages: 86
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.
In the Business Environment Ratings for Q210, despite its considerable size and strong growth in recent years, Spain continued to fall down the matrix. It is now ranked seventh, out of the nine countries surveyed in the region, having already dropped by one position to fifth in the previous quarter. While Spain offers positives such as its large drug market and stable economic and political system, its downfalls are low population growth, cumbersome bureaucracy, provincial differences regarding drug regulation and reimbursement, and modest forecast market expansion, largely as a result of cost containment measures. Globally, Spain is ranked 14th having previously been ranked ninth between the Netherlands and Brazil.
In 2009, we estimated that the market at consumer prices was worth EUR14.88bn (US$20.96bn), with its annual growth flagging behind the rates recorded in preceding years, due to challenging economic conditions and downward pressures on price. By 2019, the analyst calculates that Spain’s pharmaceutical market will be worth EUR19.52bn (US$24.40bn), equating to a 2.75% compound annual growth rate (CAGR) in local currency terms and to a 1.53% CAGR in US dollar terms. The growth rate will be somewhat higher than the forecast 2009-2014 CAGR of 2.60% and 0.43%, respectively, which will be negatively impacted by the pending expansion of reference pricing to a further 20 groups, among other factors. The system will, from the start of March 2010 include atorvastatin, fluvastatin, levocetirizine, irbesartan, galantamine, pramipexole, prednisone and tizanidine in over 200 presentations. Risks to the forecasts are mostly on the downside, due to the challenging pricing and reimbursement environment, although generics could develop at a faster rate, provided some of industry’s recommendations such as faster approvals and automatic pricing are implemented.
Additionally, even though the government is not raising the current 4% value-added tax (VAT) levy on pharmaceuticals despite an increase in standard and special rates scheduled from mid-2010 the Spanish pharmacists’ association is calling for a decrease in the tax on medicines. While the association claims that it would help cut state spending on medicines, we do not believe that the government will respond to the FEFE’s request as, compared with other Western European countries, the Spanish drugs’ VAT rate is already one of the lowest in the region, above only that of Switzerland.
In the meantime, the February 2010 release of a study commissioned by Pfizer claims that the value of fake drugs on the Spanish market could be as much as EUR1.5bn, representing almost 15% of the total European market for counterfeit medicines and therefore posing profit challenges to multinationals, most of which are already negatively impacted by parallel trade. Similarly, over 29% of surveyed Spaniards claims to have purchased medicines through illegal channels, in comparison to the European average of 21%. Many Spaniards procure illegal medicines via the internet, in order to save both money and time, even though such distribution channels are notoriously unreliable and prone to counterfeit activities.
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