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Israel Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 91
The Israel 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 Israel’s pharmaceuticals and healthcare industry.
Israel has a sophisticated healthcare system, with high consumer approval ratings, and some of the highest levels of per-capita spending on healthcare in the Middle East & Africa (MEA) region. The stable and democratic governance of the country make it an attractive prospect for drugmakers, but strong nationalist sentiment and protectionist regulation favours domestic companies, making it more difficult for foreign pharmaceutical companies to gain market share.
Israel’s history of conflict with its immediate neighbours has left the country isolated in the Middle East. Consequently, it is not a gateway into these markets. Israel did export US$4.39bn in pharmaceutical products in 2009 and has a positive pharmaceutical trade balance, but these exports are primarily going to the developed
European markets and the US. A questionable intellectual property environment and a supportive business environment has made it possible for Teva Pharmaceutical Industries to become the world’s largest generic drugmaker.
Israel has climbed from sixth to fourth in BMI’s Q111 pharmaceutical Business Environment Ratings (BER) for the Middle East and Africa due to an increase in its Industry and Country Rewards ratings. The country saw its Industry Rewards score, which is influenced by market expenditure, year-on-year (y-o-y) growth rates and per-capita spending, rise from 43 to 47. Israel's Country Rewards score, influenced by the urban rural split, the y-o-y population growth and size of the pensionable population, rose from 73 to 87.
BMI has observed a large number of mergers and acquisitions in Israeli pharmaceuticals in 2010. Teva, the largest producer of generic drugs in the world, acquired German company Ratiopharm in August for US$4.95bn and the Monegasque company Theramex Laboratories in September for US$265mn. Indian company Sun Pharmaceuticals won a protracted legal battle for a controlling stake in Taro Pharmaceuticals, which centred on a share option to buy out the Levitt and Moros families, who founded the company, at the low price of US$7.75 a share. This is good news for Sun Pharmaceuticals, whose offer of US$10.25, made in 2008, was rejected for being too low.
As well as the prominence of Israel’s generic drug companies, the country has a strong medical devices sector that, which is performing large amounts of research and development (R&D) and leading to a number of innovative products reaching the market. In October 2010, New Given Imaging announced the launch of the second generation of its flagship PillCam SB video capsule, which is US FDA-approved and generated global sales of 165,000 units in 2006. The new PillCams have a longer battery life for patients with slower bowel motility.
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