Reportlinker Adds The Outlook for Pharmaceuticals in Northern Europe
NEW YORK, June 1 Reportlinker.com announces that a new market research report is available in its catalogue:
The Outlook for Pharmaceuticals in Northern Europe
The Outlook for Pharmaceutical Markets in Northern Europe is a unique collection of management reports from Espicom Business Intelligence. Each report provides individual and highly-detailed analysis of each market, looking at the key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually, or as a discounted collection. The Northern European countries represent a combined pharmaceutical market value of US$16.3 billion.
The seven Northern European markets for pharmaceuticals are diverse, from the stable well-developed markets of Scandinavia to the less well-funded healthcare systems of the Baltic States. The economic downturn has impacted these pharmaceutical markets but opportunities still exist. Sweden, for instance, has recently become the interest of many pharmacy chains interested in the deregulation of the pharmacy monopoly. The countries covered by this regional collection represent a total pharmaceutical market value of US$16.3 billion in 2009.
These reports analyse the issues
The Outlook for Pharmaceutical Markets in Northern Europe is a unique collection of management reports from Espicom Business Intelligence. Each report provides individual and highly-detailed analysis of each market, looking at the key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually, or as a discounted collection, and prices include 4 completely updated reports sent quarterly, together with a comprehensive statistical appendix. There are over 60 markets covered in the worldwide series.
Highlights from the region
The primary care sector constitutes nearly three quarters of the total pharmaceutical market. Due to the presence of Novo Nordisk, Denmark is a major global supplier of insulin in retail form. This has resulted in a long-standing balance of trade surplus, which was in excess of US$4.7 billion in 2008. Although companies are free to set their own prices, products are only reimbursed at the level of the lowest generic drug in each class unless it can be shown that there is a distinct therapeutic benefit. This has proved to be an effective way to drive pharmaceutical prices down. Leo Pharma announced its acquisition of the Australian dermatology specialist Peplin for US$287.5 million in September 2009. In the same month, the company announced it is to reacquire the licensing rights to its psoriasis portfolio, currently held by Warner Chilcott. Lundbeck announced around 200 job cuts in Denmark in September 2009, in an effort to reduce costs.
Sweden has the largest pharmaceutical market in the region. The country is likely to be affected by the global economic downturn, with real GDP growth expected to fall to -4.7% in 2009, according to figures from the Economist Intelligence Unit. As it is common with other Western European countries, Sweden has an advanced healthcare system which is partially privately funded. Domestic pharmaceutical production is focused primarily on retail medicaments. The pharmacy monopoly was deregulated in July 2009, with the introduction of independent pharmacies. However, Apoteket AB has remained a key competitor in the market, with around a third of pharmacies remaining under state ownership. From November 2009, OTC products will be available to buy from shops in addition to pharmacies.
Norway's economy is expected to recover much sooner from the economic downturn than other Nordic countries. Healthcare expenditure has continued its steady growth in recent years. It increased by 7.0% in 2008, reaching NOK217.2 billion (US$38.5 billion). Due to the small scale of domestic pharmaceutical production, any increases in demand are likely to be met by imports. Since generic substitution was established, generic drugs have been able to gain an increasing share of the market, in terms of value and volume. In 2008, generic drugs had 51.0% and 73.8% of the market by value and volume, respectively. Pharmaceutical costs have been reduced since the introduction of the step-price model. In 2008, the system applied to a total of 42 substances.
Lithuania is the largest of the three Baltic states. Funding for healthcare is principally through the Compulsory Health Insurance Fund. This should provide free, basic treatment to the insured population, but unofficial payments still occur, to cover the cost of pharmaceuticals and staff wages. Private expenditure has increased in recent years and was equal to 30.2% of total spending in 2008. Around 80% of the pharmaceutical market is supplied by imports. Germany, Belgium and Latvia are the leading suppliers, accounting for almost 50% of imports. Sanitas is Lithuania's largest pharmaceutical company. The company has acquired a number of pharmaceutical companies in Central Europe but it is still considered small by international standards.
A reference price system was introduced in April 2009 in an effort to reduce rising healthcare costs. It is hoped that the new system will reduce the use of expensive medicinal products, thus lowering the costs for patients and reducing the pressure to raise health insurance payments. Domestic pharmaceutical production rose by 9.8% in 2008. There are very few large domestic producers in Finland. The largest, Orion Pharma, claims to hold a market share of approximately 8.8%. Pfizer Oy and Leiras Oy claim to have market shares of 4.8% and 4.5%, respectively. Pharmaceutical exports amounted to US$1.0 billion in 2008, of which 94.9% was in the form of retail medicaments. Pharmaceutical imports increased by 53.9% between 2004 and 2008, reaching US$2.3 billion.
To order this report:
Pharmaceutical Industry: The Outlook for Pharmaceuticals in Northern Europe
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