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Italy Pharmaceuticals and Healthcare Report Q2 2008Published by: Business Monitor International Published: May. 29, 2008 - 51 Pages Table of Contents
AbstractItaly’s drug market is continuing to grow and should reach a value of US$37bn by 2012, representing an compound annual growth rate (CAGR) of 4.01%. Growth is being driven by both the newly-liberalised over-the-counter (OTC) sector and the emerging market in generic drugs. Also, external factors such as Italy’s rapidly ageing population are having an important role in the growth of the sector, to the extent that many of the government’s attempted austerities may fail to enact a significant deceleration. In company terms, leading local firm Recordati has continued the good earnings growth seen in recent years with net income reaching EUR84.9mn (US$130.68mn) in 2007 an increase of 14.6% year-on-year(y-o-y). Meanwhile, sales increased by 9.1% to reach EUR628.4mn (US$967.23mn). International sales also increased by 14% to reach EUR425mn (US$667.39mn), as the company seeks to expand its exposure overseas in order to offset difficult local operating conditions.Meanwhile, for the first time BMI has included the medical device sector in its market forecast section. In2007, this market was worth approximately US$6.0bn and is expected to reach a value of US$7.3bn in2012, representing annual growth of 4%. Key market drivers include the attempt by the local industry to move up the value chain and outsource lower-level production to emerging markets, as well as increasing penetration of foreign markets. Despite this, however, the country still runs a sizeable trade deficit for medical devices. Italy has retained its 5th position in the Business Environment Rankings for Western Europe. The country benefits from a large drug market that is growing relatively rapidly for its size. Also, the per-capita spend on drugs in high. However, the country’s policies on reimbursement are somewhat controversial with the government keen to keep prices low. Also BMI’s Country Risk team gives the country poor scores in terms of its legal framework, while corruption remains an issue. Get Full Details About This Report >> |
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