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Romania Pharmaceutical Report - Q2, 2014

  • September 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 16 pages

This report covers the market developments in Q2/2014 and the data available as of August 2014.



Sales of pharmaceuticals rose by 5.7% y/y (4.9% y/y in EUR terms) to RON 3bn (EUR 679.8mn) in Q2/2014, returning to growth after having declined on an annual basis for three consecutive quarters. In volume terms, the market also rose by 3.2% y/y in Q2, recovering from the 4.2% y/y drop in Q1 and the 3.6% y/y decline Q4/2013.

The pharmaceutical sales during the 12 months ending Jun 2014 thus continued downwards on an annual comparison, after having recording the first y/y decline in over three years in the 12 months ending Mar 2014. The performance of the pharmaceutical market in the past 12 months reflects the underfinancing of the health system, yet the positive y/y performance in Q2 proves its resilience.



Prospects for the full-year pharma sales in 2014 remain cautious. Maket forecasts project 0.3% y/y decline in local currency of the pharma market in 2014, as the revised subsidised drug list is expected to be enforced this autumn, and, accordingly will not impact visibly the market performance in full year. The sales of pharmaceuticals are projected to return to annual growth in 2015 and have enough room for growth in the long run considering the aging population and a large, unaddressed disease burden.



Key points:



oPharmaceutical sales return to annual growth after three consecutive quarters of decline

oPharma market expected to decline marginally y/y in FY 2014, to return to growth in 2015

oProduction of medicines shrinks 7% y/y in Jan-May 2014

oMajor chains control nearly 20% of pharma retail market in Romania

oHealth ministry might allow pharmacies to sell OTC medicines online

oGSK decides to close Europharm plant in Brasov, after failing to find buyer

Table Of Contents

Romania Pharmaceutical Report - Q2, 2014
Contents

Executive summary4

Market overview5

Pharmaceutical sales return to annual growth after three consecutive quarters of decline5

Pharma sales trailing 12 months remain in negative area7

Pharma market expected to decline marginally y/y in FY 2014, to return to growth in 20159

Pharma companies ranking in Q2/2014 remains roughly unchanged on quarterly basis10

Pharmaceutical imports stagnant y/y, exports decline in Jan-Apr 201411

Production of medicines shrinks 7% y/y in Jan-May 201411

Producers12

Antibiotice Iasi reports higher sales, profit in H1/201412

Zentiva's sales rise at double-digit annual pace, profit shrinks in H1/201413

Biofarm to launch buyback of 10% of its shares13

Gedeon Richter's sales in Romania up 5.2% y/y in H1/201413

GSK decides to close Europharm plant in Brasov, after failing to find buyer13

Terapia Ranbaxy's sales up y/y in H1/2014, propped by new lunches of OTC medicines14

Distribution and Retail14

Major chains control nearly 20% of pharma retail market in Romania14

Health ministry might allow pharmacies to sell OTC medicines online15

Sales of Farmaceutica Remedia stagnant y/y in H1, profit rises15

Dona pharmacy chain targets to return to profit in 201415



Table 1 Pharma quarterly sales in 2011-2014 (RON mn, EUR mn, y/y, PPP)6

Table 2 Pharma sales volume vs value in Q2/2013, Q2/2014 (y/y)7

Table 3 Trailing 12 months pharma sales in 2011-2014 (RON mn and EUR mn, y/y)8

Table 4 Sales in past 12 months ending Jun 2013, 2014, by therapeutical groups8

Table 5 Pharmaceutical market in 2010-2018f- Selected indicators (RON bn, USD)9

Table 6 Top pharma companies ranking in 2013-201410

Table 7 Pharmaceutical production in 2011-2014 (monthly, y/y)12

Table 8 Top pharmacy chains in Romania in 2013 (number, turnover)14

Table 9 Number of pharmacies, pharmaceutical points, warehouses in 2006-201215



Figure 1 Structure of pharma sales in volume in Q2/2013 vs Q2/2014 (% in total)5

Figure 2 Pharma quarterly sales in 2006-2014 (EUR mn, PPP)6

Figure 3 Structure of pharma sales in value terms in Q2/2013 vs Q2/2014 (% in total)7

Figure 4 Pharma volume sales by main therapeutical groups in 12 months ending Jun 2014 (% of total)8

Figure 5 Pharmaceutical sales in 2005-2015f (annual, RON bn, y/y)9

Figure 6 Top 10 pharma companies by market share in Q2/2014 (RON mn, % of total)10

Figure 7 Pharmaceutical products foreign trade in 2003-2014 (monthly, EUR mn)11

Figure 8 Pharmaceutical manufacturing index in 2010-2014 (monthly, 2010=100, unadjusted)12


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