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Bulgaria Pharmaceuticals and Healthcare Report Q3 2007Published by: Business Monitor International Published: Dec. 13, 2007 - 67 Pages Table of Contents
Abstract"Bulgaria’s pharmaceutical market is expected to experience strong growth over the next five years,reaching a valuation of approximately US$1.3bn in 2011. The market prospects have been improved bythe recent alignment of local legislation with EU requirements, as well as by the country’s removal fromthe ‘Special 301’ Watch List of countries with questionable intellectual property (IP) regimes, althoughBulgaria has yet to catch up with the rest of the EU in this area.In the meantime, generic drugs, which account for over 30% of the market by value, are likely to gainfurther market shares over the next five years, driven by the cost-containment programme, pressures onphysicians and patients to use generic pharmaceuticals rather than patented medicines, and the stronglocal manufacture of copy products. Their quality has been significantly improved by the EU membershiprequirements, with some of the larger local companies (backed by foreign capital and ownership) now ina position to offer a strong export portfolio.In the meantime, although relatively modest at present, the development of the over-the-counter (OTC)market will be significant, stimulated by increasing health awareness among consumers, vertical andhorizontal integration of the sector, as well as strong advertising support for such products and the focuson cost containment in healthcare. The revised BMI’s Business Environment Rankings for Q307 recognises the above improvements, withBulgaria rising from fourth to joint first place among the 15 Central & Eastern European (CEE) surveyed.Foreign players will be further encouraged by the ongoing healthcare system reforms, despite somequestion marks over their direction by critics of privatisation initiatives.Consequently, foreign drugmakers continue to make gains on their Bulgarian peers, both in terms of salesvolumes and value. According to BMI’s forecasts, foreign firms will out-sell domestic manufacturers in2007, especially as larger international players become more interested in acquiring local companies. Onthe other hand, domestic manufacturers will have the opportunity to increase their export segments, inview of their improved manufacturing standards that are aligned with EU regulations, as well as foreignbacking in some cases. Get Full Details About This Report >> |
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