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Czech Republic Pharmaceuticals and Healthcare
Business Monitor International, July 2010, Pages: 83
Business Monitor International's Czech Republic 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 the Czech Republic's pharmaceuticals and healthcare industry.
In BMI’s Business Environment Ratings for Emerging Europe in Q310, the Czech Republic retained its pole position, which it climbed to the previous quarter surpassing Greece. The country’s scores in the Risks to Realisation of Returns category, indicating a high degree of operational stability, are somewhat stronger than its Limits of Potential Returns scores, which are brought down by the relatively modest forecast growth of its pharmaceutical market values, as well as some outstanding issues regarding patent protection. The Czech Republic again features in the Pharmaceutical Research and Manufacturers of America (PhRMA)’s Special 301 submission for 2010, with its position being unchanged from 2009. Key areas of concern include pricing and reimbursement regimes (including a therapeutic referencing system that allows patented and non-patented products to be linked for pricing purposes and positive lists), as well as individual physician prescribing budgets (which are compared with historical trends) and general limitations on prescribing more expensive medicines by select specialists.
Nevertheless, the Czech Republic’s pharmaceutical market was calculated to have grown by 9.0% yearon- year (y-o-y) in 2009, in local currency terms, to over CZK79bn (US$4bn). Through to 2014, we expect its value to develop at a compound annual growth rate (CAGR) of 5.83% in local currency terms, reaching CZK105.1bn (US$5.8bn) at consumer prices. This rate of growth will slow to 5.12% over our longer, 10-year forecast period to 2019, partly due to the fact that lower cost generics are expected to increase their share of the total, promoted by government cost containment measures.
On the political front, the Senate elections in October 2010 are expected to further highlight healthcare as an important political arena. In May 2010, the leader of the Civic Democratic Party (ODS), Prime Minister Petr Necas, said the party intends to cut healthcare costs through changes in medicines policy and the promotion of prevention programmes. The party intends to keep the fee structure introduced in 2008 as the state of the public finances means healthcare expenditure is not likely to be increased. The ODS suggested that insurance companies could provide financial incentives to people opting for preventative examinations. In the meantime, the potential for a protracted deadlock following the Chamber of Deputies election in May remains high, which could spook investors. Over the medium term, the extent of the eurozone’s recovery will be the key factor determining the Czech Republic’s growth prospects.
In terms of major company news, in May 2010 a senior consultant at the department of nuclear medicine of the General Teaching Hospital said the Czech Republic planned to produce 5% of the world’s radioisotopes and ensure that they are used for medical purposes, reported the Prague Daily Monitor. Due to the shortage of radioisotopes globally, the Czech Institute of Nuclear Medicine has partnered with the Belgian Institute for Radioisotopes to jointly produce the radioisotopes, in a bid to explore commercial opportunities in this niche area.
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