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Slovakia Pharmaceuticals and Healthcare Report Q1 2008
Business Monitor International, Dec 2007, Pages: 57
The Slovakia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Slovakias pharmaceuticals and healthcare industry
Slovakian pharmaceutical market remains one of the less attractive markets amongst its Central and Eastern European peers, primarily due to its small size and a sizeable healthcare debt, despite a relatively favourable business environment. However, the new left-leaning government, elected in 2006, has passed a basket of measures in an attempt to achieve a better financial balance, although some of the changes have been strongly opposed. Most recently, the government banned profit-making in the healthcare insurance sector, with the aim of freeing up more funds for patients’ needs, but also disincentivising the companies in the sector by removing competition and essentially their reason for operating.
In terms of market segmentation, the generics market represents some 29 percent of the total by value. However, the new anti-Bolar (and thus anti-EU legislation) law threatens to delay the entry of copy products onto the market, to the detriment of the local as well as international generics players. In the meantime, the control of the local industry is increasingly passing to foreign hands. On a positive note, the improvement in the function of the national drugs authority and the elimination of consultation fees will provide incentives for companies wishing to invest in the market.
The new Business Environment Rankings for Q108 places Slovakia joint ninth out of the 15 Central and Eastern European (CEE) states surveyed. Slovakia is now ranked in the same position as Poland and Latvia, above Croatia, Lithuania, Ukraine and Serbia. However, Slovakia continues to trail behind the advanced regional markets such as Hungary as well as its most immediate neighbour, the Czech Republic. Some of the barriers to further market development are, regulatory infrastructure shortcomings, preferential treatment for the domestic industry as well as counterfeiting, although Slovakia was not listed in the PhRMA’s 2006 watch list of countries.
Given the increased integration of the country into the EU, with the Euro adoption scheduled for 2009, the role of foreign companies and foreign-made pharmaceuticals is expected to become more prominent in the coming years. Despite strong international expansion of local players - most notably the local leader Zentiva (which is, however, now headquartered in the Czech Republic) - imports are expected to strengthen their position in the local market.
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