The Romanian pharmaceutical market is experiencing saturation
Vibrant growth in recent years…
In recent years the Romanian pharmaceutical market passed through a period of growth, following the general trend of the Romanian economy. Romania’s accession to the European Union in January 2007 set the tone for the development of all economic markets, rather than just pharmaceuticals. All of the major regulatory changes on the market were aimed at harmonisation with EU directives, and the attitude of the authorities has turned more toward transparency and openness. EU accession removed border taxes and led to an increase in competition and more imported generic drugs. Furthermore, the number of registered medicines rose as a result of the simplification of the registration procedure for new medicines from the EU.
…but saturation in 2007
The market has tended to mature in the last two years, and growth, which was seen to be general between 2004 and 2006, was more specific to therapeutic categories such as cardiovascular and oncology. The retail market increased by 19% in terms of value in 2007, whereas the hospital market declined significantly, by 20%, because some health programmes switched from hospital to retail. Last year the retail market represented 85% of the total market, and it is predicted that this figure will continue to rise, to about 90% in 2010.
After an increase of approximately 30% per year between 2004 and 2006 the growth rate of the market declined by 11% to €1.8bn in Leu in 2007, and the estimated growth figure for 2008 is around 8% year on year. Between 2008 and 2010 the Romanian market will grow by approximately 9.5% year on year to almost €2.4bn in 2010.
Potential of cardiovascular market still considerable
The cardiovascular drug market has grown more rapidly than the overall market, by more than 13% in 2007 in terms of value and over 30% in terms of volume in 2007. This market is the most extensive subdivision of the overall market, with sales worth RON 1.2bn (around €370m) in 2007. The market share of drugs used in the cardiovascular system diseases in total market grew steadily in the last few years, from a 15% share in 2003 to 20% in 2007.
The leading manufacturer on the cardiovascular market is, without doubt, Servier, which has a market share of 25%. Its four drugs: Preductal, Prestarium, Tertensif and Detralex, are the best selling cardiovascular medicines in Romania. Second place, some distance behind, is taken by Terapia Ranbaxy, followed by Pfizer, Krka and LaborMed.
The potential of the cardiovascular market is still considerable, as it is estimated that eight million Romanians are in need of treatment but that only half of them are being treated at the moment. For the next few years we expect the market to grow further, remaining one of the leading therapeutic categories, but growth will not be as impressive as that which preceded 2007. The main growth drivers in 2008 will be antineoplastic and immunostimulating agents, in addition to drugs used to combat diseases of the musculo-skeletal system.
More information on the report:
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