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Belgium Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 83
The Belgium 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 Belgium's pharmaceuticals and healthcare industry.
The Belgian pharmaceutical market was calculated to be worth EUR4.57bn (US$5.69bn) in 2009, with this figure posting a 1.9% year-on-year (y-o-y) local currency growth on the previous year. In the coming five years, however, very limited room for optimism is seen for the country’s pharmaceutical market growth, which is expected to post a compound annual growth (CAGR) of just 0.54%. By 2014, pharmaceutical expenditure at consumer prices is forecast to reach a value of EUR4.70bn (US$6.06bn).
On a more positive note, growth in the subsequent five years is expected to recover, stabilising around the 4-5% mark per annum, driven by the higher availability and acceptance of biotechnology drugs. In the shorter term, however, conditions remain difficult, due to a combination of patent expirations and cost-containment measures that are mainly targeting the country’s pharmaceutical expenditure. In fact, in an open letter to the country’s insurer INAMI, the domestic pharmaceutical industry association pharma.be recently protested against the measures imposed on the pharmaceutical sector, which are having an especially negatively effect on the innovative drugs sector. In contrast to the 6.37% annual growth for healthcare expenditure, pharma.be are critical of the 1.38% increase in the INAMI’s pharmaceutical budget in 2010, calling the situation unsustainable from the point of view of industry survival and future research and development (R&D) initiatives, as well as being detrimental to patients.
Nevertheless, given the impact of similar cost-containment measures on other markets in Western Europe, Belgium remains one of the more attractive destinations in the region, ranking third in the Q110 Pharmaceuticals & Healthcare Business Environment Ratings (BERs). Its ranking is propped up by a solid and transparent regulatory environment and a large absolute market size. However, risks to
Belgium’s placement within the Western European matrix remain on the downside, partly due to its very low score for policy-making processes, which is reflective of the regular policy deadlock of recent years and the issue of the country’s potential separation into Wallonia and Flandria. Additionally, while improvements in the global macroeconomic outlook for 2010 have fed through to our forecasts for Belgium, the recovery will be L-shaped as long-term demand remains weak. Even though the fiscal deficit is likely to contract going forward, the public sector debt pile – which passed 100% of GDP in Q110 – presents a major risk to economic stability, and could potentially lead to further cost-containment measures in the healthcare and pharmaceutical arenas.
In terms of most notable company developments, in August 2010, multinational drugmaker Shire was reported to be acquiring Belgian drugmaker Movetis. The Belgian company focuses on the discovery, development and commercialisation of innovative treatments for gastrointestinal (GI) conditions with a high unmet medical need. Therefore, the expansion of the GI portfolio through the acquisition of Movetis should work towards diluting Shire’s operational risk, given its currently high reliance on hyperactivity disorder drugs and thus vulnerability to patent expirations and the tightening reimbursement environment.
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