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Spain Pharmaceuticals & Healthcare Report Q2 2013 - New Study Released

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2013-05-02 00:57:49 - Fast Market Research recommends "Spain Pharmaceuticals & Healthcare Report Q2 2013" from Business Monitor International, now available

The sharp drop in public pharmaceutical expenditure in Spain during the second half of 2012 warns of a continuing fall in spending on medicines in 2013. BMI notes that this does not bode well for drugmakers selling their products in Spain. The success of the implemented policies may encourage the enforcement of further cost-containment measures, which, with the ongoing public hospital debt situation, seriously hampers the country's attractiveness as a location in which to sell drugs, despite its favourable demographic characteristics.

Headline Expenditure Projections

* Pharmaceuticals: EUR18.34bn (US$23.30bn) in 2012 to EUR16.36bn (US$21.93bn) in 2013; -10.8% in local currency terms and -7.6% in US dollar terms.
* Healthcare: EUR102.74bn (US$130.48bn) in 2012 to EUR104.43bn (US$133.93bn) in 2013; +1.6% in local currency

terms and 7.2% in US dollar terms.

Full Report Details at
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Risk/Reward Ratings: In BMI's Pharmaceutical Risk/Reward Ratings (RRRs) for Q213, Spain is ranked eighth out of the 10 countries surveyed in Western Europe. While Spain offers investors positive factors, such as its large drug market, it also has problems, such as the government's focus on cost containment, low population growth, cumbersome bureaucracy and provincial differences regarding drug regulations and reimbursement.

Key Trends And Developments

* Spanish drugmaker Almirall reported full-year 2012 revenues of EUR900.2mn (US$1.17bn), a 3.1% increase from 2011 revenues of EUR873.1mn (US$1.14bn). This is positive in comparison with the 12.9% decline in revenues in 2011. Co-development agreements, co-promotion agreements and product promotion collaboration for drugs including Eklira (aclidinium bromide), Actonel (risedronate), Cipralex (escitalopram), Conbriza (bazedoxifene), Libertek (roflumilast) and Xarelto (rivaroxaban) resulted in a 107.6% increase in 'other income'. This rose from EUR104.7mn (US$135.5mn) in 2011 to EUR217.3mn (US$282.8mn) in 2012, ultimately boosting Almirall's revenues. However, we note that in 2012 the company's net sales declined by 11.1% (to EUR682.9mn, US$888.7mn), following the 12.6% decline in net sales in 2011 (to EUR768.4mn, US$1.00bn). This reveals Almirall's exposure to the Spanish government's austerity measures and the impact of patent expirations - estimated to amount to EUR136.9mn (US$177mn) in lost sales.
* On January 16 2012, the European Court of Justice ruled that Spain's decision to cut value-added tax on medical devices and some substances used in the production of medicines was illegal. The ruling means that cuts made two years ago to bring VAT to 4-10% will have to be reversed to the standard level of 21%.

BMI Economic View: With recently released estimates from the Instituto Nacional de Estadistica revealing that the Spanish economy contracted by 1.8% year-on-year (y-o-y) in real GDP terms in Q412, we reiterate our dire outlook for the Spanish economy over the next few quarters (see our online service, November 26, 'Bailout Would Provide Relief But Not A Cure While markets reacted positively to the European Central Bank (ECB)'s offer to buy unlimited sovereign bonds through its Outright Monetary Transaction (OMT) programme, with Spanish bond yields compressing significantly in H212, we believe this optimism is not warranted.

BMI Political View: Oli Renh, EU Commissioner for Economic and Monetary Affairs, conceded on January 29 that Spain's targets for cutting its fiscal deficit may have to be eased, after Spanish Budget Minister Cristobal Montoro signalled that the country almost certainly missed its goal of lowering the budget gap to 6.3% of GDP in 2012. Even if EU officials make a decision to relax the pace of Spain's budget consolidation, we believe fiscal austerity will continue presenting the country with a set of serious risks in 2013 and 2014, as public unrest and regional divisions build over the next few quarters.

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

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