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France Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Jan 2011, Pages: 89
The France 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 France's pharmaceuticals and healthcare industry.
Several governments across Europe, including those in Portugal, Greece, Spain, Switzerland and Germany, have enforced austerity measures on healthcare spending and price erosion mechanisms on the pharmaceutical industry. European governments contribute billions towards the healthcare sector and account for a large percentage of pharmaceutical spending.
On September 29 2010, the French government announced almost EUR40bn (US$55bn) of savings for the 2011 budget in an attempt to wrestle the fiscal deficit down to 6.0% of GDP. The 2011 budget contains a set of additional cost-saving measures that will target the country's pharmaceuticals and healthcare sector. The measures form part of France's newly announced social security financing plans for2011, which aim to save EUR2.4bn (US$3.3bn) and maintain healthcare spending growth for the year at no more than 2.9%, down from growth of 3.0% in 2010.
On the back of the cost cutting measures announced by the French government, we have revised our pharmaceuticals, healthcare and medical device forecasts for France. BMI calculates that drug sales in France reached EUR30.15bn (US$42.21bn) in 2009. Taking into account the government’s cost containment initiatives and the effects of the patent cliff, drug spending is calculated to fall toEUR28.84bn (US$38.94bn) in 2011. By 2014, drug spending will have declined to EUR26.57bn(US$33.22bn).
France's fiscal situation is among the worst in the EU. The country has a poor fiscal track record, which raises questions about the likelihood of consolidation in 2012 and 2013. Paris ran a fiscal deficit of 3.1%of GDP on average during the 'boom years' of 2002-2007 and President Nicolas Sarkozy, since taking office in May 2007, has failed to take decisive action to reduce the large expenses on healthcare and social security which continue to dog the public finances. As a result, we believe more measures have to be announced over the coming months as the government attempts to meet its targets.
Despite, this France scores well in our Q111 Pharmaceuticals and Healthcare Business Environment Ratings – it is ranked tenth globally (out of the 83 markets in BMI’s coverage universe) and fourth in our Western European matrix of ten countries. France scores an above average 57 in the industry rewards category of our rating system. Per-capita spending remains high, at US$674 in 2009. France also scores highly in the country rewards category of our rating system. France’s population is expanding relatively quickly for a developed nation, due to the existence of state incentives for having children. The pensionable population is also very high (16.2% of the total population) – a result of France’s generous retirement laws and a greying population. This will translate into greater demand for drugs, as the elderly face deteriorating health. The low rural/urban split is also consistent with high levels of access to healthcare.
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