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Croatia Pharmaceuticals and Healthcare Report Q3 2008


Description: This report provides independent forecasts and competitive intelligence on Croatia's pharmaceuticals and healthcare industry.

In BMI’s new Q308 Business Environment Rankings for the 17 major Central and Eastern Europe (CEE) markets, Croatia is in joint 13th position, again sharing this place with Lithuania. Despite being relatively well-developed, the Croatian pharmaceutical market remains judged as one of the least desirable investment destinations in the region due to its small size and spending per capita, being placed above only Ukraine, Kazakhstan and Serbia. However, European Union (EU) accession negotiations have the potential to improve operating conditions in the country and reduce the protection enjoyed by the local industry.

In the meantime, generics, mostly of the relatively expensive branded variety, remain responsible for over half of the total prescription market by value. The use of novel and more expensive pharmaceuticals is hampered by healthcare debts, cost-containment initiatives and the support for the strong domestic generics industry in the face of distinct intellectual property (IP) deficiencies. In the coming years, however, regulatory and healthcare service improvements, as well as the increasing number of prescriptions, are set to gradually facilitate market entry for such products.

Generally speaking, the forecast period will witness a continued dominance of prescription medicines, although over-the-counter (OTC) drugs are rapidly gaining in prominence, boosted by marketing and information campaigns. Value growth of the sector will, however, remain influenced by the fact that Croatian consumers are extremely price-conscious, although vitamins and dietary products in particular are likely to beat the trend, supported by lifestyle changes.

In terms of the domestic industry, difficult operating conditions at home have prompted companies to change their strategies. To this end, in February 2008, Belupo – the second-largest Croatian player - merged with Bosnia’s wholesaler Farmavita, as part of its strategy to strengthen its regional position.

The merger will allow Belupo to improve its export capacity, with the company aiming to export around 30% of its output by 2010. Similarly, dominant local player Pliva, which was recently acquired by US Barr Laboratories, is already divesting its operations in non-key markets, instead focusing on core activities in established markets.


Contents: Executive Summary 5

Croatia Pharmaceuticals Industry SWOT 6
Croatia Political SWOT 7
Croatia Economic SWOT 7
Croatia Business Environment SWOT 8

Pharmaceutical Business Environment Ratings 9
Table: Central And Eastern Europe Pharmaceutical Business Environment Rankings 9
Limits Of Potential Returns 9
Risks To Realisation Of Returns 10

Croatia – Market Summary 11
Regulatory Regime 12
Table: Croatian Product Approvals, 2006 13
Intellectual Property Regime 13
Pricing Regime 15
Reimbursement Regime 15
Recent Pricing And Reimbursement Developments 16
Table: Recently Approved Medicines In Croatia 16
Industry Trends And Developments 18
Health Status 18
Table: Leading Causes Of Death In Croatia, 2005 18

Healthcare Provision 19
Healthcare Expenditure 19
Healthcare Debts 20
Healthcare Reforms 21
Domestic Pharmaceutical Industry 22
Domestic Company Activity 22
Foreign Company Activities 23
Table: Lukaps’ Time Line 23
Pharmaceutical Retail 24
Research And Development Sector 24
Medical Devices 25
Industry Forecast Sceanario 27

Overall Market Forecast 27
Table: Croatia’s Drug Expenditure And Prescription Market Indicators, 2005-2012 (HRKmn unless otherwise stated) 28
Key Growth Factors – Industry 29
Table: Croatian Health Expenditure Trends, 2005-2012 29
Key Growth Factors – Macroeconomic 30
Table: Croatia – Economic Activity 31
Patented Market Forecast 32
Table: Croatia’s Patented Market Indicators, 2005-2012 33
Generics Market Forecast 34
Table: Croatia’s Generics Market Indicators, 2005-2012 34
OTC Market Forecast 35
Table: Croatia’s OTC Market, 2005-2012 (HRKmn unless otherwise stated) 36
Export/Import Forecasts 37
Table: Croatia’s Pharmaceutical Trade Figures, 2005-2012 (US$mn) 37
Other Healthcare Forecasts 38
Table: Other Healthcare Indicators For Croatia, 2005-20 38
Key Risks To BMI’s Forecast Scenario 39
Competitive Landscape 40
Company Monitor 41

International Company Profiles 41
GlaxoSmithKline 41
Pfizer 42
Sanofi-Aventis 43
Novartis 44
Merck & Co 45
Krka 46
Indigenous Company Profiles 48
Pliva 48
Belupo 54

BMI Forecast Modelling 57
How We Generate Our Pharmaceutical Industry Forecasts 57
Pharmaceutical Industry 58
Pharmaceutical Business Environment Ratings Methodology 58
Ratings Overview 58
Table: Pharmaceutical Business Environment Indicators 59
Weighting 60
Table: Weighting Of Components 60
Sources 60


Companies Mentioned GlaxoSmithKline Pfizer Sanofi-Aventis Novartis Merck & Co Krka Pliva Belupo


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