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Romania Pharmaceuticals and Healthcare Report Q3 2007Published by: Business Monitor International Published: Dec. 13, 2007 - 74 Pages Table of Contents
AbstractRomania has benefited from the recent membership of the EU in terms of both a rise of foreign directinvestment (FDI) ahead of EU accession as well as its increased attractiveness in the longer term. Giventhe improved operating environment for foreign firms, the share of locally made generics is likely todecrease to around 35% by the end of the forecast period, from the current 38%. However, their qualitywill be improved by compliance with EU legislation and foreign direction, which will allow for a rise inexports.Overall, the Romanian pharmaceutical market is expected to record strong annual growth over the comingfive years. By the end of forecast period, pharmaceutical expenditure at consumer prices is predicted totop US$2.96bn, up from an estimated US$2bn in 2006. Branded medicines will reap the benefits of animprovement in regulatory and intellectual property (IP) environments. In the meantime, the need to dealwith accumulated hospital debts will prompt the government to shift more costs onto the consumer, whichwill in the longer term result in the development of an over-the-counter (OTC) market from its currentlylow base. Romania has retained its top spot in BMI’s adjusted Business Environment Rankings for Central &Eastern Europe (CEE), although this is shared with the Czech Republic, Bulgaria and Estonia, withRussia having moved down to the middle of the table. While disadvantaged by certain deficiencies of itsintellectual property (IP) protection regime, Romania’s wider operating environment offers considerableopportunities for foreign players. International presence is increasingly evident, with domestic sectorthreat consequently decreasing. In addition, the recent EU membership has pushed Romanian to improveits political and economic risk, in the face of strong competition from more developed local markets.Imported drugs have increased market share in from 45% in the mid-1990s to between 70% and 75% atpresent in value terms, despite accounting for only a fifth of the sales by volume. However, a markedincrease in foreign ownership will somewhat shift the balance back into the hands of local production,some of which is targeting exports. To this end, local subsidiaries of Icelandic Actavis and CzechZentiva are planning substantial sales and investment increase over the coming years. In the meantime,the pending privatisation of Antibiotice continues to receive much attention from a number of prominentEuropean and overseas companies. Get Full Details About This Report >> |
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