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Slovenia Pharmaceuticals and Healthcare Report Q4 2010
Business Monitor International, Aug 2010, Pages: 84
Slovenia 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 Slovenia's pharmaceuticals and healthcare industry.
In BMI’s Business Environment Ratings (BERs) table for Q410, Slovenia is ranked ninth of the 20 markets assessed in CEE, up by one place in relation to the previous quarter. Overall, Slovenia’s attractiveness suffers from a small market size and low forecast growth, although the high per-capita GDP and widespread health awareness play in favour of pharmaceutical companies.
In addition to a EUR49mn (US$61mn) reduction in its healthcare budget in early June 2010, the Slovenian Ministry of Health has now proposed a series of pharmaceutical cost-containment measures. These developments will impact sales and increase price competition in the country's drug market. Efforts to contain publicly-funded pharmaceutical costs in Slovenia are not dissimilar to the actions of other European states to limit healthcare expenditure and generally cut their budgets. Slovenia's continuing economic difficulties are significant, but not disproportionate to the rest of Europe, with nominal GDP growth of -6% in 2009 and a government budget deficit of EUR1.8bn (US$2.25bn), almost 5% of GDP.
With public sector healthcare spending representing 74% of the total healthcare market, any reduction in government funding will have a significant impact on the rest of the market. However, Slovenia's welldeveloped system of prescription co-payments for more expensive drugs means that introducing private payments will reduce the impact of the healthcare cuts and cost-containment measures. Though the cost-containment measures are not price erosion mechanisms like those seen in Greece, Portugal and Spain, the intention of the proposed measures align with BMI's short-term core view that government price erosion mechanisms will accelerate across Europe. In recent years, drug expenditure has risen steadily in Slovenia, with a compound annual growth rate (CAGR) of 6.3% in local currency terms and 5.72% in US dollar terms between 2004 and 2009. BMI forecasts that between 2009 and 2014 the drug market will experience a CAGR of just 3.76% in local currency terms and 3.27% in US dollar terms, to reach a value of EUR653mn (US$816mn) in 2014, up from EUR543mn (US$695mn) in 2009.
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