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Slovakia Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Aug. 18, 2008 - 60 Pages Table of Contents
AbstractDespite its relatively developed nature and its proximity to Western Europe, Slovakian pharmaceutical market is judged to be one of the least attractive ones within the Central and Eastern European (CEE) region. In Q308, Slovakia is found in the joint eleventh spot, alongside Poland, out of the 17 regional markets surveyed in the BMI’s Business Environment Rankings table. Key shortcomings of the market include its small size - limited by some 5.5mn population - and a hefty healthcare debt, as well as deficiencies of the regulatory infrastructure and preferential treatment for the domestic industry.Additionally, from the start of 2008, the new law bans private Slovak health insurers from working on a for-profit basis. The rationale behind this is to free up more funds for patients’ needs, although the move is likely to shift the burden back onto the state as the reason for operating has been removed from private insurers. A number of companies are planning to appeal this legislation, with the market forecasts remaining unchanged for the time being. In the meantime, the new anti-Bolar (and thus anti-EU legislation) law threatens to delay the entry of copy products onto the market over the coming years, which threatens to further increase financial burden on already-stretched state coffers. Generics presently account for around a quarter of the total market by value, with possible changes in the legislation stimulating their growth over the latter part of the forecast period. In contract, BMI expects patented medicines to grow in value by 20% over the 2007-2012 period, to US$590mn, despite losing some market shares to over-the-counter (OTC) medicines, which will be encouraged by rising health awareness and problems with public financing. Generally speaking, given the increased integration of the country into the EU, with euro-adoption scheduled for 2009, the role of foreign companies and foreign-made pharmaceuticals is expected to become more prominent in the coming years. Despite strong international expansion of local players - most notably the local leader Zentiva (which is, however, now headquartered in the Czech Republic) - imports are expected to strengthen their position in the local market. In the meantime, Zentiva’s Slovak sales can be expected to continue growing despite challenging conditions in the market. Get Full Details About This Report >> |
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