Greece Pharmaceuticals & Healthcare Q3 2006

Published by: Business Monitor International

Published: Sep. 1, 2006 - 51 Pages

Table of Contents

Chapter 1 - Executive Summary

Greece Pharmaceuticals And Healthcare Industry SWOT

Greece Political SWOT

Greece Economic SWOT

Greece Business Environment SWOT

Market Summary

Chapter 2 - Regulatory Regime

Pricing & Reimbursement Issues

Parallel Trade

Chapter 3 - Industry Developments

Industry Forecast Scenario

Overall Market Forecast

Table: Greece Drug Market Forecast Indicators

Key Growth Factors - Industry

Table: Health Expenditure Forecasts

Key Growth Factors - Macroeconomic

Table: Greece: Macroeconomic Data And Forecasts

Prescription Market Forecast

Table: Greece Prescription Drugs Market Forecast Indicators

OTC Market Forecast

Table: Greece OTC Drugs Market Forecast Indicators

Generics & Branded Market Forecasts

Table: Greece Generics & Branded Market Forecast Indicators

Export/Import Forecasts

Table: Greece Pharmaceuticals Exports & Imports Forecasts

Other Healthcare Data Forecasts

Table: Greece Healthcare Data Forecasts

Chapter 4 - Competitive Landscape

Company Monitor

Profiles

Lavipharm

Gerolymatos SA

Abbott Laboratories

Chapter 5 - BMI Forecast Modelling

How We Generate Our Industry Forecasts

Technical Process

Pharmaceutical Industry

Sources

Chapter 6 - Country Snapshot: Greece Demographic Data

Section 1: Population:

Table: Demographic Indicators (2005)

Table: Rural/Urban Breakdown

Section 2: Education & Healthcare

Table: Education

Table: Healthcare: Vital Statistics

Table: Healthcare: Expenditure

Section 3: Labour Market And Spending Power

Table: Employment Indicators

Table: Consumption and Stratification

Chapter 7 - Appendix: Regional Demographic Data

Wages (ave. labour force per annum), US$ PPP

Population

Household Spending Per Capita, US$

Private Consumption Per Capita, US$ PPP

Market Size, GDP, US$bn

Abstract

The Greek pharmaceuticals market is characterised as being the origin of many parallel-traded medicines, by a booming domestic sector, and as having an embryonic pricing and reimbursement system, according to BMI's newly-published ""Greece Pharmaceuticals & Healthcare Report Q3 2006"". Last year, the value of the market was estimated to be US$5.2bn and robust growth is forecast over the next five years as new products are launched and the country's population ages.

Because of the low prices of pharmaceuticals in Greece compared to the rest of the EU, parallel trade is a big issue in the country. UK firm GlaxoSmithKline (GSK) attempted to stop its products being re-distributed in this manner but ended up in court, with the resultant trial known as the Syfait case, after one of the Greek wholesalers involved in the dispute. The issue has been under investigation since 2000 and recently the Hellenic Competition Committee (HCC) deemed that GSK did not break EU rules by restricting supply of its products on the Greek market so as to prevent wholesalers from reselling them at a profit in higher-price European countries. However, the HCC confirmed its original position that GSK's complete refusal to supply certain medicines to Greek wholesalers was illegal, and the entire case may have to be referred to the European Commission.

During mid-2006, Greece introduced a new pharmaceutical pricing and reimbursement system that aims to reduce expenditure on drugs, bring the country in line with EU regulations and promote its domestic industry. However, an interim rebate system is in place for the immediate future as new procedures are phased in. Pricing is now calculated using a '2 + 1' system, which uses the average of the three lowest prices in the EU - two from the original EU countries or Switzerland and one from the newer member states that joined the bloc in May 2004. The existing reimbursement list was abolished and a more comprehensive version has been drawn up. All pharmaceuticals will be reimbursed by the state, except OTC products and some specialist medicines. The list's structure will enable drugs to be added without delays - which were common with the old system.

It appears that the domestic competitive environment is experiencing a boom. According to the Hellenic Statistical & Economic Data Services, 83 Greek pharmaceutical manufacturers and importers generated combined revenue of EUR4.7bn (US$6bn) in 2005, up 14.8% y-o-y. Eight out of the 10 enterprises included in the survey ended 2005 with a profit. Indicating consolidation, the market share of the 20 largest firms stood at 76.1% in 2005, up from 72.3% in 2003.

Suggesting that Greece has a while to go before it reaches international quality control standards, a June 2006 study by Athens Medical School found that thousands of boxes containing various medicines have been distributed in Greece over the last decade filled with drugs that were not fit for consumption and even posed a threat to public health.

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