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Intellinews - Romania Pharmaceutical Report - August 2013

  • September 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 15 pages

The Romanian pharmaceutical market increased by 2.7% y/y (3.4% y/y in EUR terms) to RON 2.8bn (EUR 647.5mn) in Q2/2013, tempering from the 4.3% y/y growth in the previous quarter. On a quarterly basis, the market shrank both in local currency and EUR terms, as it continued to be negatively affected by the drawback of public support and long payment terms.

Prospects for H2/2013 remain rather on the pessimistic side, considering the authorities’ delay in revising the subsidized drug list and the budget constraints affecting the sales through hospitals. Market forecasts see the full-year growth at around 0.7% y/y in RON terms, slowing down abruptly from the 8.3% y/y rise in 2012.

The OTC segment continued to perform above the market average in Q2, as pharmaceutical companies have been paying increasing attention to their OTC portfolios since the introduction of the clawback tax in 2012. The share of OTC in total pharma sales rose by 0.7pps in Q2/2013 compared to the same quarter in 2012, but the bulk of sales continued to be generated by prescription-based medicines.

Pharmacy chains kept cautious expansion policy in H1/2013, yet larger players announced ambitious development plans for the following years. According to the latest statistical data released in July this year, the number of pharmacies increased by 2% y/y in 2012 and, considering the openings announced by the biggest chains, roughly the same growth pace will be maintained in 2013 as well.

The ranking of the top pharmaceutical chains remained unchanged in 2012 compared to 2011, in terms of revenues. The cumulated net turnover of the top five players increased by 9.4% y/y in 2012, according to our calculations based on official financial data published in July 2013. In terms of net profit, two of the largest five players turned to net loss last year, compared to 2011 when all the biggest pharmacy chains reported net profit. However, this is mostly explained by the chains’ continuous expansion- with one exception, all the top five players reported increasing headcount in 2012 compared to 2011.

Table Of Contents

Intellinews - Romania Pharmaceutical Report - August 2013
Executive summary

Market overview
Pharmaceutical sales temper y/y growth in Q2/2013
Trailing 12-months sales increase 4% y/y to as of end-Jun
Cegedim cuts projections for pharma market growth in 2013
Medicine imports increase 0.6% y/y to EUR 645.4mn in Q1/2013
Health ministry to enforce revised subsidized drug list in 2014
Sanofi Aventis keeps pharma market leader position in 12M ending Jun
Cumulated turnover of top 10 healthcare players surges 21.7% y/y in 2012

Producers
Cumulated revenues of major pharma producers total EUR 1.2bn in 2012
GlaxoSmithKline to sell or close plant in Brasov
Antibiotice Iasi is considering opening subsidiaries in 10 countries
Zentiva reports double-digit y/y growth of turnover, profit in H1/2013
Biofarm's revenues, profit maintain upward path in H1/2013
Terapia Ranbaxy's turnover rises 8% y/y in H1/2013
Polisano to invest EUR 12mn in new pharmaceutical production unit

Distribution and Retail
Pharma wholesalers rank among Romania's top medicine exporters in 2012
Ranking of pharmaceutical retailers remains unchanged in 2012
Number of pharmacies increases 2% y/y in 2012
Centrofarm introduces new pharmacy concept in Bucharest
Farmaceutica Remedia plans to expand pharmacy chain to 120 units by 2015
Distributor Ropharma reports stagnant sales, shrinking profit in H1/201

Table 1 Pharma quarterly sales in 2010-2013 (RON mn, EUR mn, y/y, PPP)
Table 2 Trailing 12 months pharma sales in 2010-2013 (RON mn and EUR mn, y/y)
Table 3 Sales in past 12 months ending Jun 2013 by therapeutical groups
Table 4 Top 10 pharma companies in 12 months ending:
Table 5 Top healthcare providers in 2011-2012 (annual, RON mn)
Table 6 Major pharmaceutical producers in 2010-2012 - Selective financials (annual, RON mn)
Table 7 Top pharmacy chains in 2011-2012 - Selective indicators

Figure 1 Pharma quarterly sales in 2005-2013 (EUR mn, PPP)
Figure 2 Structure of pharma sales in Q2/2013 vs Q2/2012 (% in total)
Figure 3 Structure of pharma sales in 12M ending Jun 2012 (EUR mn)
Figure 4 Structure of pharma sales in 12M ending Jun 2013 (EUR mn)
Figure 5 Pharmaceutical sales in 2005-2013f (annual, RON mn, y/y)
Figure 6 Pharmaceutical products foreign trade in 2003-2013 (monthly, EUR mn)
Figure 7 Top 10 pharma companies by market share in Q2/2013 (RON mn, % of total)
Figure 8 Number of pharmacies in 2008-2012

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