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Switzerland Pharmaceuticals and Healthcare Report Q4 2010
Business Monitor International, Sep 2010, Pages: 76
Switzerland 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 Switzerland's pharmaceuticals and healthcare industry.
In BMI's Q410 Pharmaceuticals & Healthcare Business Environment Ratings (BERs), the Western Europe region scored a total of 64.5 out of a 100. The attractiveness of the region to pharmaceutical firms stems from the fact that its countries are key revenue sources for 'big pharma', particularly for companies selling high-end products, as per-capita spending is substantially higher than in emerging markets. However, it is BMI's view that drug companies will face many challenges in Western Europe over the next decade, including the need to reduce fiscal deficits, the patent cliff, added regulatory hurdles and increasingly scrupulous cost-effectiveness assessments of new drugs – all factors that will influence the risk and reward scores assigned to markets in the region. Deficits remain a key challenge for the majority of governments across Europe. New fiscal austerity measures in the eurozone in an attempt to calm bond markets have reinforced our weak growth outlook, adding to existing problems of over-leverage.
With regards to Switzerland, in 2009, price cuts led to savings of approximately CHF400mn (US$361mn), while those implemented at the start of 2010 are aimed at creating savings of approximately CHF800mn (US$721mn). They include changes in wholesale margins, reference pricing and realigning the prices of generic medicines. We therefore forecast the country’s drug market will decline in value in 2010, falling from CHF6.07bn (US$5.58bn) in 2009 to CHF5.95bn (US$5.60bn), equating to negative growth of 2.00% in local currency terms and marginally positive growth of 0.37% in US dollar terms.. Furthermore, despite a CAGR of 2.82% in local currency terms and 5.62% in US dollar terms from 2004- 2009, BMI's outlook for the Swiss drug market is less optimistic over the next five years. From 2009- 2014, a CAGR of -0.85% is projected in local currency terms (-3.29% in US dollar terms), largely as a result of the impending patent cliff and the consequent consumption of lower-value generic drugs in place of high-value patented drugs, in addition to the price cuts enforced in 2010. By 2014, pharmaceutical expenditure in Switzerland is expected to reach a value of CHF5.69bn (US$4.63bn).
Highlighting the effect of government austerity measures, Swiss company Novartis’s Q210 sales indicate that the company’s sales in Europe have suffered. The company's net sales grew by 11% to US$11.7bn in Q210 (compared with Q209) resulting in an 18% increase in H110 net sales to US$23.8bn, up from US$20.2bn H109. Additionally, net income increased by 16% to US$2.7bn in Q210 (compared with Q209), resulting in a 29% increase in H110 net income to US$6.08bn – a marked increase from US$4.70bn in H109.
However, Novartis's financial performance in Q210, when compared to Q110, indicates that the com
pany has suffered. Net sales fell by 3% from US$12.1bn in Q110 to US$11.7bn in Q210 and net income fell 17% from US$2.9bn to 2.4bn.
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