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Intellinews - Romania Pharmaceutical Report - February 2013

  • February 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 14 pages

The IntelliNews Romanian Pharmaceutical Report offers an extensive summary of the Romanian pharmaceuticals market, segmented into production and distribution. It includes a complete coverage of the latest developments, trends and corporate news, accompanied by thorough statistics and comments. This sector report is ideal to keep you abreast on recent company and industry news. Written by local professionals, it is a unique market and business intelligence analysis, tailored to save time by providing in-depth information, while helping you to make confident and informed business decisions.

The growth of the Romanian pharmaceutical market eased to 8.3% y/y in 2012, from 12.4% y/y in 2011 and 18.8% y/y in 2010. The growth rates are expressed in RON and the consumer price inflation was 3.3% in 2012. In EUR terms, the pharmaceutical sales expanded by 3.1% y/y in 2012, also slowing down from 11.5% y/y advance in 2011 and 19.6% y/y rise in 2010. The slowdown of the pharma market in 2012 was mainly on the back of financial constraints and not due to the potential demand for medicines, which is actually higher.

The clawback tax enforced de facto by the government last year has a negative impact on the market and it has been fiercely criticised by the pharmaceutical companies since the first version was introduced, back in 2009. The tax needs adjustments and the authorities will have to amend it once again after in February 2013 the Constitutional Court decided that the government’s emergency ordinance no. 77/2011 is partially unconstitutional. The clawback tax includes VAT in the calculation mechanism, thus levying a double tax on medicines, the Court argued.

The pharmaceutical sales are expected to edge up by only 1.4% y/y in 2013 when expressed in local currency, while in EUR and USD terms the market might even decline, according to market projections. Nonetheless, in volume terms medicine sales will likely register positive y/y performance, as the demand for treatment is on the rise.

The outlook of the pharmaceutical sector remains linked not only to demand-side factors, but particularly to the authorities’ decisions, on a highly regulated market. Besides the long-debated clawback tax, the pharma market will also be impacted this year by the reimbursement budget and the expected revision of the subsidized drug list. Furthermore, the market players hope that the EU late payments directive that will become effective as of mid-March will bring improvement of the cash flow in the industry. The new directive settles a maximum 60-day payment term for the public entities in the health field to the pharmaceutical companies, while under the current regulations the payment terms are up to 210 days in theory (in practice the terms even exceed 300 days).

Table Of Contents

Intellinews - Romania Pharmaceutical Report - February 2013
Executive summary
Market overview
Distribution and retail

List of Tables

Table 1 Pharma quarterly sales in 2011-2012 (y/y, RON mn, EUR mn, PPP)
Table 2 Pharma quarterly sales in 2011-2012 (value, RON mn, EUR mn, PPP)
Table 3 Pharmaceutical sales in 2009-2012 (y/y, volume, value, annual)
Table 4 Pharmaceutical sales in 2012 by therapeutical groups (RON mn, y/y)
Table 5 Pharmaceutical sales value by distribution channel in 2007-2012 (annual, RON mn, EUR mn)
Table 6 Medicines consumption trends in 2007-2011 (value, RON mn)
Table 7 Pharmaceuticals - Foreign Trade vs. Sales in 2011-2012 (quarterly, EUR mn)
Table 8 Top pharma companies ranking in 2011-2012 Table 9 Biofarm SA - Selected financials in 2011-2012 (RON mn, y/y)

List of Figures

Figure 1 Pharma quarterly sales in 2006-2012 by distribution channel (EUR mn, PPP)
Figure 2 Pharma quarterly sales in 2008-2012 (RON mn, PPP)
Figure 3 Pharmaceutical sales value in 2005-2012 (annual, RON mn, y/y)
Figure 4 Pharmaceutical sales value in 2005-2012 (annual, EUR mn, y/y)
Figure 5 Structure of pharma sales in 2011-2012 (EUR mn)
Figure 6 Pharmaceutical products - Foreign trade in 2003-2012 (EUR mn)
Figure 7 Top 10 pharma companies by market share in 2012 (RON mn, % of total)

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