Boston, MA -- (SBWIRE) -- 04/10/2014 -- Slovakia generally offers significant potential as a location for pharmaceutical research. This is thanks to its demographic and epidemiological profile, which is broadly similar to Western Europe; EU membership, which allows for faster regulatory filings and approvals; and relatively cheap production and labour costs. Austerity measures throughout the European Union precipitated a drive to cut pharmaceutical expenditure, with member states introducing price cuts and reference pricing to contain costs. We forecast further generic uptake and higher co-payments by patients, which is in line with an established trend we see across Eastern Europe. We believe pharmaceutical spending growth will be weak, as resources will be focused on long-term care and healthcare services as Slovakia's ageing population increases pressure on the healthcare system.

Headline Expenditure Projections

- Pharmaceuticals: EUR1.67bn (US$2.20bn) in 2013 to EUR1.68bn (US$2.13bn) in 2014; 0.6% in local currency terms and -3.2% in US dollar terms. Figures in line with Q114.
- Healthcare: EUR6.46bn (US$8.53bn) in 2013 to EUR6.55bn (US$8.32bn) in 2014; 1.3% in local currency terms and -2.5% in US dollar terms. Slight revision upward owing to better-than-expected GDP growth figures and rising private healthcare spending.

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Risk/Reward Ratings

Slovakia's Risk rating indicates the country has one of the best business environments in the Central and Eastern European region, although its ranking is moderated by its less-than-stellar rewards score. Consequently, Slovakia has a RRR score of 55.2 out of 100, making it the fifth-most attractive pharmaceutical market in Central and Eastern Europe. This means the country has risen by two positions from Q114.

Key Trends And Developments

- In February 2014, CEE reported that Slovakia's health ministry is planning to add two newly registered medicines to the list of over-the-counter (OTC) medicines with limited dispensation in Slovakia, reports CEEPharma. The move will further restrict sales of OTC medicines containing pseudoephedrine in the country, preventing their misuse in the production of narcotic substances, the health ministry stated. Subsequent to the addition of the two new medicines, the list will include a total of 26 types of medicinal products.
- Also in February, the Slovak health ministry introduced a new drug reimbursement list, under which 2,529 drugs from the list (51%) will be offered to patients at no cost or for a symbolic fee of up to EUR1 (US$1.37). Around 1,771 drugs, or one third of the medicines on the list, will require no co-payment from the patient. The new list will also help patients to gain access to three new drugs, two of which are used to treat allergic rhinitis and painful chronic pancreatitis/cystic fibrosis, while the third is a hormone therapy for postmenopausal women.

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