Boston, MA -- (ReleaseWire) -- 04/29/2014 -- Overall, the Czech healthcare system is facing severe challenges as it struggles to contain budget deficits. At the same time, demand for the latest pharmaceuticals and access to healthcare services is expected to continue its steady growth trajectory, putting pressure on the state and insurers to raise premiums or redistribute funding. Following the release of pharmaceutical sales data by the SUKL, we have significantly revised down historical values for 2013 and forecasts from 2014 onwards. We had originally envisaged a bounce in sales in H213 that would see the market growth flatten in 2013, but a slackening in demand from the hospital sector saw the pharmaceutical market decline in 2013. The newlyelected, centre-left coalition government has outlined a policy of further cost-containment, and this has weighed heavily on the future growth prospects of the market. Despite these medium-term concerns, BMI maintains a more optimistic long-term view. We believe that the need for innovative medicines will drive growth well above the rates of expansion achieved in Western Europe over our 10-year forecast period.
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Headline Expenditure Projections
- Pharmaceuticals: CZK76.93bn (US$3.66bn) in 2013 to CZK78.07bn (US$3.58bn) in 2014; 1.5% in local currency terms and -2.1% in US dollar terms. Lower compared to previous quarter.
- Healthcare: CZK282.48bn (US$13.43bn) in 2013 to CZK300.90bn (US$13.80bn) in 2014; +6.5% in local currency terms and 2.8% in US dollar terms. Historical revision to 2012 figure.
Risk/Reward Rating: Despite leading our regional RRR table with a score of 62.0 out of 100 and therefore ranked as the most attractive market in the Central and Eastern European region followed by Poland (61.5) and Russia (59.2) in Q214, drugmakers will face challenges in the Czech pharmaceutical market as a result of pricing pressure, poor access to the market and increasing generic substitution. Additionally, adopted and proposed amendments to healthcare and insurance laws have attracted criticism from the pharmaceutical sector. The Czech pharmaceutical market will nevertheless remain relatively attractive and rewarding due to the regionally high pharmaceutical expenditure per capita compared with its neighbours, an ageing population and a favourable urban-rural distribution.
Key Trends And Developments
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