Boston, MA -- (ReleaseWire) -- 07/15/2014 -- The new Serbian government is actively trying to stabilise the country's fiscal position through cutting spending, encouraging outside investment and demand pickup for Serbian exports in order to reduce its debt burden. However, pharmaceutical spending is also a target for cut s . Local drug makers are set to feel the worst of these new measures as they cannot compete on cost compared to larger players in the market. The Serbian government has amended the Medicines Act with the specific aim of considerably lowering drug prices, and therefore reducing the liabilities of the National Health Insurance Fund (RFZO). Serbia's pharmaceutical spending growth will remain depressed for the next two to three years. Overall, Serbia's pharmaceutical market's high price-sensitivity will constrain the market's short-term potential, although we are optimistic towards the market's long-term growth prospects.
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Headline Expenditure Projections
Pharmaceuticals: RSD90.46bn (USD1.05bn) in 2013 to RSD97.00bn (USD1.06bn) in 2014; +7.2% in local currency terms and +1.2% in US dollar terms.
Healthcare: RSD389.82bn (USD4.53bn) in 2013 to RSD412.61bn (USD4.53bn) in 2014; +5.8% in local currency terms and -0.1% in US dollar terms.
Risk/Reward Rating (RRR)
Serbia's Pharmaceutical Risk/Reward Rating (RRR) score for Q3 2014 is again lower with 48.8 out of 100, although its position in our rankings remained unchanged, making it the 13th most attractive pharmaceutical market in the Emerging Europe region. The country's overall score remains below the regional average of 51.6.
Key Trends & Developments
In May 2014, drug prices in Serbia increased faster than the general price level of goods and services during Q114, according to a report by the Department of Commerce. Drug prices increased 2.3%, compared with a general price rise of 1.2%. Prices of medicines sold without a prescription rose 1%, while prices of drugs dispensed by a prescription increased about 2.9%. In March the government...
The Serbia Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Serbia Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Serbian pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Serbia to test other views - a key input for successful budgeting and strategic business planning in the Serbian pharmaceutical and healthcare market.
- Target business opportunities and risks in the Serbian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Serbia.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View & Industry SWOT
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
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