|
|
Spain Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Aug. 18, 2008 - 66 Pages Table of Contents
AbstractSpain’s drug market was worth US$17.47bn in 2007, after showing strong growth over the past three years. However, BMI believes that expansion is set to slow over the forecast period, as government spending falls and cost containment policies begin to bite. Yet, even if state spending slows down, outof- pocket expenditure on both over-the-counter medicines (OTCs) and private health should play a greater role in driving market growth in future.Biotechnology should be another area of growth. From 2000 to 2006 turnover in the biotech sector increased by 200%. Over the past few years several high-profile biotech projects have emerged, including a high-tech biomedical cluster in Barcelona and a consortium based in the capital called BioMadrid. There is also a state-led initiative, known as CIBER, the aim of which is to network a dozen biomedical research facilities. Under Spain's new National Plan for Scientific Research and Technological Innovation and Design, between 2008 and 2011 investment in R&D will rise from 1.13% to 2.18% of GDP, with research into healthcare and biotechnology the primary focus. However, the generics market in Spain, though, remains immature, representing 5.1% of total drug market expenditure in comparison to the Western European average of 10.4%. This is a sign of traditional mistrust of such products. Spain's health ministry has suggested that a decrease in average prescription costs from EUR13.36 (US$20.93) to EUR13.27 (US$20.79) during 2007 suggests an increase in the use of low-cost treatments, although BMI believes price cuts in the same year are likely to have contributed significantly to this drop. In BMI's opinion, Spain will begin to see a significant decline in investment by pharmaceutical companies over the coming years if it does not take considerable steps towards making its pharmaceutical market more attractive. As such, Spain remains joint bottom in BMI's Pharmaceutical Business Environment Rankings for Western Europe. Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||