Boston, MA -- (ReleaseWire) -- 07/14/2014 -- We expect the Lithuanian pharmaceutical market to post a five-year compound annual growth rate (CAGR) of 3.8 %, rising to a value of LTL2.1 1 bn ( USD 7 32 mn) in 2018. The upcoming switch to the euro promises to boost purchasing power and stabilise the pharmaceutical market , albeit at the cost of increasing healthcare expenditure . Ceding control of monetary policy to Brussels leaves Lithuania with little leeway to increas e its healthcare spending dramatically over the next five years. The Lithuanian market will continue to pose a modest opportunity for drugmakers due to its small absolute size relative to its neighbouring markets.
Headline Expenditure Projections
- Pharmaceuticals: LTL1.74bn (USD667mn) in 2013 to LTL1.82bn (USD689mn) in 2014; +4.1% in local currency terms and +3.3% in US dollar terms.
- Healthcare: LTL7.68bn (USD2.94bn) in 2013 to LTL8.01bn (USD3.04bn) in 2014; +4.3% in local currency terms and +3.5% in US dollar terms.
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Lithuania remains ranked in the bottom half of the matrix assessing 20 countries in the Central and Eastern Europe (CEE) region. We note that Lithuania's small population will continue to restrict longer-term opportunities in its pharmaceutical market, despite its solid risks profile and a predictable operating environment.
Key Trends and Developments
- Pharmaceutical companies and the Lithuanian government have affirmed their commitment to improve patients' access to innovative drugs.
- Geopolitical risk and fallout from Ukraine crisis have damaged growth prospects for Lithuania's export sector in 2014, impacting our pharmaceutical outlook in turn.
- After signing off a new Reimbursable List, premiums for insulins have increased significantly, causing public outcry among Lithuanians.
BMI Economic View: We are revising down our forecast for real GDP growth in Lithuania for 2014, from 3.3% to 3.1%, as geopolitical tensions surrounding the Ukraine crisis in Q114 have soured the...
The Lithuania 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 Lithuania Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Lithuanian pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Lithuania to test other views - a key input for successful budgeting and strategic business planning in the Lithuanian pharmaceutical and healthcare market.
- Target business opportunities and risks in the Lithuanian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Lithuania.
- 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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