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Latvia Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Sep. 16, 2008 - 59 Pages Table of Contents
AbstractIn the BMI Business Environment Ranking matrix for Q308, Latvia is found in an impressive secondposition, where it is ranked alongside Bulgaria, as well as the more mature market of the Czech Republic,out of the 17 countries surveyed in the Emerging Europe region. Latvia’s score was improved in relationto previous quarters, when the country was ranked in the middle of the table, due to the forecast growthover the next five years, despite the small size of the overall market, limited by the 2.3mn population andsome question markets over broader economic worries.By the end of 2012, the pharmaceutical market is expected to be worth around US$703mn, which is agrowth of some 55% on the 2007 levels. In the meantime, the government will continue promotinggenerics as a means of containing healthcare costs, with the segment forecast to represent some 38% oftotal market value by 2012, up from around 35% in 2007. Similarly, the over-the-counter (OTC) marketvalue will improve, as non-prescription products gain some 3.5 percentage points at the expense ofprescription medicines in the course of the forecast period. In terms of industry developments, Latvia's largest pharmaceutical company - Grindeks - continued toexpand abroad in a bid to escape the constraints of the small domestic market. In April 2008, Grindeksopened a representative office in Uzbekistan, illustrating its commitment to operations in the formerSoviet republics. The office will be responsible for dealing with registration and marketing of Grindeks’10 products presently registered in Uzbekistan. In 2007, total exports to the country exceeding LTL0.5mnin 2007, with 2008 and beyond figures set to be boosted by exports of Grindeks’ flagship product, thecardiovascular drug Mildronate. Shortly before, Grindeks signed a collaboration agreement with Russian pharmaceutical companyPharmstandard. Under the deal, which came into force in February 2008, the Russian pharmaceuticalcompany acquired exclusive rights to distribute and promote Grindeks’ Mildronate. Although thecompany is highly dependent on the product, which generated 73% of total sales in 2006, Grindeks isinvestigating Mildronate in combination with nucleotide reverse transcriptase inhibitors for the treatmentof HIV/AIDS. Get Full Details About This Report >> |
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