Belgium Pharmaceuticals and Healthcare Industry Update Quarter 3 2012

  • June 2014
  • -
  • Business Monitor International
  • -
  • 125 pages

Includes 3 FREE quarterly updates

BMI View: Belgium’s rapidly ageing population, traditionally high per capita consumption of medicines and a well-developed healthcare system will combine to continue providing substantial commercial opportunities for pharmaceutical segment players. However, given the need for fiscal austerities in regards to public spending in the face of economic difficulties, the prospects for the placement of expensive patented medicines onto the Belgian industry will remain subdued over the short term at least, as the authorities increasingly prioritise the use of cheaper generic products.

Headline Expenditure Projections
- Pharmaceuticals: Euros 6.12bn (US Dollar 8.51bn) in 2011 to Euros 5.96bn (US Dollar 7.69bn) in 2012; -2.6% in local currency terms and -9.6% in US dollar terms. Projection slightly lower than in Q212 on account of new macroeconomic expectations.
- Healthcare: Euros 39.00bn (US Dollar 54.20bn) in 2011 to Euros 40.07bn (US Dollar 51.69bn) in 2012; +2.7% in local currency terms and -4.6% in US dollar terms. Historical figures increased on the basis of new data, but the year-on-year (y-o-y) projection is unchanged from Q212.
- Medical devices: Euros 1.67bn (US Dollar 2.32bn) in 2011 to Euros 1.74bn (US Dollar 2.24bn) in 2012; +4.2% in local currency terms and -3.3% in US dollar terms. Projection unchanged from Q212. Risk/Reward Ratings: Belgium scores 66.5 out of 100 in BMI’s Q312 Pharmaceutical Risk/Reward Ratings (RRRs), which is higher by 2.3% quarter-on-quarter. However, it now places sixth, down from fifth last quarter, in the Western Europe matrix, having been overtaken by Sweden again. Globally, Belgium is in an improved ninth place out of the 95 industry s surveyed by BMI’s grow ing pharmaceutical universe, although its favourable composite score is a result of its low risks more than its substantial rewards.

Key Trends And Developments
- In March 2012, Belgian biopharmaceutical industry player Ablynx agreed a two-year extension of the existing five-year research partnership with German pharmaceutical industry player Boehringer Ingelheim for the discovery, development and commercialisation of about 10 different nanobody therapeutics. Under the agreement, extended till September 2014, Ablynx will get Euros 6.6mn (US Dollar 8.7mn) in additional research funding from Boehringer Ingelheim. The industry player has already received more than Euros 58mn (US Dollar 76.7mn) as part of the partnership, which was signed in 2007. Ablynx could receive milestone payments of up to Euros 125mn (US Dollar 165.5mn), as well as royalties for each nanobody that reaches the industry .
- UK pharmaceutical major GlaxoSmithKline (GSK) is looking to divest non-core consumer healthcare OTC products in Europe and North America, which have aggregate revenues of roughly US Dollar 786.2mn, with the intention of streamlining its consumer healthcare business and getting value for shareholders. GSK will divest Abtei, Zantac, Lactacyd, Solpadeine, Beconase and Nytol to Belgian industry player Omega Pharma for US Dollar 614.7mn in cash, with the transaction due to be finalised in Q212, subject to regulatory approval.
BMI Economic View: The Belgian economy slipped into a modest recession in the second half of 2011, and we projection zero growth in 2012, down from a previous projection of 0.5% y-o-y. Even with this downbeat outlook, the risks are clearly weighted to the downside, with domestic fiscal austerity and the ongoing sovereign debt crisis in the eurozone potential triggers for recession. We also expect only modest growth over the medium term as regional demand from the eurozone is likely to remain subdued in light of the enormous structural challenges facing the bloc.
BMI Political View: Following 18 months with only a caretaker administration, the formation of Belgium’s coalition government in December 2011 has restored confidence and driven down borrowing costs. That said, the government still faces major challenges, not least navigating the economy through the tumultuous debt crisis in the eurozone. Although we expect the coalition to remain largely intact ahead of the next general election in 2014, we warn that the prospect of stagnating growth and demands for additional austerity could spark a public backlash and weaken support for the major parties.

Table Of Contents

Executive Summary . 5
Industry SWOT Analysis . 7
Belgium Pharmaceuticals And Healthcare Industry Environment and Risk Analysis ... 7
Belgium Political Environment and Risk Analysis 8
Belgium Economic Environment and Risk Analysis .. 8
Pharmaceutical Risk/Reward Ratings 9
Data : Western Europe Pharmaceuticals And Healthcare Risk/Reward Ratings, Q312 9
Rewards ... 10
Risks 11
Belgium - Industry Summary .. 12
Regulatory Regime . 13
Data : Applications Received And Processed By AFMPS, from 2007 to 2009 . 13
Regulatory Developments 14
Intellectual Property Environment ... 14
Pricing Regime 15
Price Cuts 16
Reimbursement Regime 17
Data : Reimbursements By Category, 2009 . 18
Data : Leading Products Reimbursed By Public Insurance By Active Substance, 2010 .. 19
Generic Medicines Segment 19
OTC Medicines Segment . 20
Data : Price Build-Up For OTC Medicines . 21
Industry Trends And Developments 22
Epidemiology ... 22
Public Health Developments 22
Healthcare Segment 23
Healthcare Financing .. 24
Healthcare Segment Developments . 26
Medical Tourism .. 26
Research and Development Segment . 27
Clinical Trials .. 28
Medical Device Industry 30

Market Projection Scenario ... 31
Overall Industry Projection .. 31
Data : Pharmaceutical Sales, from 2008 to 2016 32
Key Growth Factors - Market 33
Data : Healthcare Expenditure, from 2008 to 2016 . 34
Data : Government Healthcare Expenditure, from 2008 to 2016 35
Data : Private Healthcare Expenditure, from 2008 to 2016 35
Key Growth Factors - Macroeconomic ... 36
Data : Belgium Economic Activity, from 2011 to 2016 38
Prescription Drug Industry Projection . 39
Data : Prescription Drug Sales, from 2008 to 2016 40
Patented Drug Industry Projection .. 41
Data : Patented Drug Sales, from 2008 to 2016 .. 42
Generic Drug Industry Projection 43
Data : Generic Drug Sales, from 2008 to 2016 ... 44
OTC Medicine Industry Projection .. 45
Data : OTC Medicine Sales, from 2008 to 2016 .. 46
Data : OTC Medicine Sales By Subsector, from 2008 to 2010 . 46
Pharmaceutical Trade Projection .. 47
Data : Pharmaceutical Trade, from 2008 to 2016 ... 49
Medical Device Industry Projection . 50
Data : Medical Device Sales, from 2008 to 2016 . 51
Other Healthcare Data Projections 52
Key Risks To BMI’s Projections . 52

Competition Overview . 54
Pharmaceutical Market .. 54
Company Developments... 55
Pharmaceutical Wholesale .. 56
Pharmaceutical Retail . 57
Company Monitor ... 58
Local Firms .. 58
UCB Pharma ... 58
Solvay (Abbott) 61
Janssen Pharmaceutica ... 63
Omega Pharma 64
Galapagos 67
Multinational Firms .. 70
GlaxoSmithKline .. 70
Pfizer ... 72
Novartis ... 74
Sanofi ... 75
Merck and Co . 76
Demographic Outlook 77
Data : Population By Age Group, 1990-2020 (‘000) ... 78
Data : Population By Age Group, 1990-2020 (% of total) ... 79
Data : Key Population Ratios, 1990-2020 ... 80
Data : Rural/Urban Population Split, 1990-2020 80
Glossary .. 81
BMI Methodology ... 83
How We Generate Our Pharmaceutical Market Projections 83
Pharmaceutical Risk/Reward Ratings Methodology 84
Ratings Overview . 84
Data : Pharmaceutical Risk/Reward Indicators .. 85
Weighting . 86
Data : Weighting Of Components 86
Sources 86

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