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Romania Pharmaceutical Report - Q3, 2014

  • December 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 14 pages

This report covers the market developments in Q3/2014, January-September 2014 and the data available as of November 2014.



Most pharmaceutical market indicators recorded y/y decline in January-September 2014, as shown by official statistics. Imports dropped by 1.1% y/y to EUR1.5bn in January-July, after having increased by 7.8% y/y to EUR 2.7bn in full year 2013. Exports also declined by 10.5% y/y over the period. Production of pharmaceuticals shrank by 4.4% y/y in January-August. The retail sales of the broader category of pharmaceutical and cosmetic products also dropped by 15.8% y/y in January-September.



The major deterrents are related to regulatory measures and public spending, as demand for treatment continues to increase and is expected to follow the same upward tendency in the coming years.



The future performance of the market is linked to the update of the reimbursed drug list, which had remained unchanged in the period 2008-2014. In November 2014, the health ministry announced the introduction of 40 new molecules and active substances and a further update of the list by the yearend. In addition to this, the authorities decided to calculate the clawback tax differently for the medicines newly added to the list.



Another important regulatory measure expected on the market is the amendment to the Pharmacy Law regarding demographic criterion. The proposed law, supported by the industry, maintained the demographic criterion that establishes a maximum number of pharmacies per thousand inhabitants in towns. Nonetheless, in October the President sent the law back to Parliament for revision, arguing that the criterion should be eliminated as of end-2015.



Key points:

oPharmaceutical imports, exports decline in Jan-Jul 2014

oPharma market performance in 2015, linked to reimbursed drug list update

oPharma companies to pay different clawback tax for drugs newly added to reimbursed list

oPharmacy Law amendments referred to Parliament for revision

oPolisano's pharmaceutical plant to start oncological drug production next year

oSandoz to invest EUR13mn in expanding production capacity at Targu Mures plant

oADM Farm files to court arrangement procedure with creditors

Table Of Contents

Romania Pharmaceutical Report - Q3, 2014
Contents

Executive summary4

Market overview5

Pharmaceutical imports, exports decline in Jan-Jul 20145

Production of medicines shrinks 4.4% y/y in Jan-Aug 20146

Pharma market performance in 2015, linked to reimbursed drug list update7

Pharma companies to pay different clawback tax for drugs newly added to reimbursed list8

Generic drug producers announce layoffs by yearend9

Pharmacy Law amendments referred to Parliament for revision9

Antibiotice Iasi reports higher sales, profit in H1/20149

Producers9

Antibiotice reports stable revenues, rising profit in Jan-Sep 20149

Actavis expects double-digit y/y turnover increase in 201410

Zentiva's sales, net profit up y/y in Jan-Sep 201410

Polisano's pharmaceutical plant to start oncological drug production next year11

Gedeon Richter's sales in Romania flat y/y in Jan-Sep 201411

Sandoz to invest EUR13mn in expanding production capacity at Targu Mures plant11

Biofarm reports rising sales, profit in Jan-Sep 201412

Distribution and Retail12

Help Net launches new pharmacy concept targeting low income customers12

Farmaceutica Remedia's net sales revenues inch up 0.7% y/y in Jan-Sep 201412

ADM Farm files to court arrangement procedure with creditors13

Catena chain expands to over 500 pharmacies13



Table 1 Main export destinations for pharmaceuticals in Jan-Jul 20145

Table 2 Main import countries for pharmaceuticals in Jan-Jul 20145

Table 3 Pharmaceutical production in 2011-2014 (monthly, y/y)7

Table 4 Antibiotice SA- Selected financials in 2013-2014 (RON)10

Table 5 Zentiva SA- Selected financials in 2013-2014 (RON)11

Table 6 Biofarm SA- Selected financials in 2013-2014 (RON)12

Table 7 Farmaceutica Remedia SA- Selected financials in 2013-2014 (RON)13

Table 8 ADM Farm SRL -Selected financials in 2012-2013 (RON thou)13



Figure 1 Pharmaceutical products foreign trade in 2003-2014 (monthly, EURmn)6

Figure 2 Pharmaceutical product manufacturing-Foreign trade in 2007-2017f ($mn)6

Figure 3 Pharmaceutical manufacturing index in 2010-2014 (monthly, 2010=100, unadjusted)7

Figure 4 Pharmaceutical sales in 2005-2014f (annual, RON bn, y/y)8

Figure 5 Pharmaceutical market demand in 2007-2017f (annual, $mn)8


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