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Serbia Pharmaceuticals and Healthcare Report Q1 2014

Serbia Pharmaceuticals and Healthcare Market: New market analysis released

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2014-02-10 00:12:01 - Serbia Pharmaceuticals and Healthcare Report Q1 2014 - a new market research report on

Despite the fact that per capita expenditure on drugs is increasing steadily, Serbia´s pharmaceutical market as a whole is still underdeveloped in regional terms. As the country continues its economic convergence with developed Europe, drug consumption is expected to rise. However, financial inefficiencies within the health insurance system compel the National Health Insurance Institution (RZZO) to frequently make changes to coverage and pharmaceutical pricing. The state must seriously consider expanding its pharmaceutical budget to improve care and patient outcomes, especially considering Serbia´s ageing population and the burden of chronic diseases associated with the demographic shift. Since 2009, pharmaceutical expenditure has declined in real terms, and lagged GDP growth in nominal terms. While we expect to see real growth in pharmaceutical



sales in 2013 and 2014, we note that spending will only recover to 2010 and 2009 levels, respectively. The Serbian pharmaceutical market stays highly pricesensitive.

Even though this will limit the market`s short-term potential, long-term growth prospects are present given its current trajectory.

Headline Expenditure Projections:

- Pharmaceuticals: RSD81.38bn (US$930mn) in 2013 to RSD90.46bn (US$1.09bn) in 2014; +11.2% in local currency terms and +18.2% in US dollar terms.

- Healthcare: RSD358.34bn (US$4.07bn) in 2013 to RSD380.99bn (US$4.61bn) in 2014; +6.3% in local currency terms and +13.1% in US dollar terms.

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