Bulgaria Pharmaceuticals & Healthcare Report

Providing expert analysis, independent forecasts and competitive intelligence on the pharmaceuticals and healthcare industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Pharmaceuticals and Healthcare Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles and Competitive Landscape.

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  • Get a full view of the competitive landscape to assess your market position

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Bulgaria Pharmaceuticals & Healthcare Report
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BMI View: Bulgaria's expanding private healthcare market will provide significant revenue - earning opportunities for multinational pharmaceutical firms and medical device manufacturers. The poor state of the public healthcare system and the liberalisation of the private sector will see a rapid increase in private healthcare usage as the demand for more advanced and high-quality treatment rises. This trend is likely to be echoed across the Balkan region.

Headline Expenditure Projections

  • Pharmaceuticals: BGN2.71bn (USD1.54bn) in 2015 to BGN2.89bn (USD1.58bn) in 2016; +6.6% in local currency terms and +2.5% in US dollar terms. Forecast unchanged from last quarter .

  • Healthcare: BGN7.45bn (USD4.22bn) in 2015 to BGN7.85bn (USD4.28bn) in 2016; +5.4% in local currency terms and +1.5% in US dollar terms. Forecast unchanged from last quarter.

Headline Pharmaceuticals & Healthcare Forecasts (Bulgaria 2014-2020)
2014 2015 2016f 2017f 2018f 2019f 2020f
f = BMI forecast. Source: WHO, National Sources, BMI
Pharmaceutical sales, USDbn 1.720 1.540 1.580 1.720 1.910 2.100 2.220
Pharmaceutical sales, % of GDP 3.08 3.24 3.33 3.42 3.49 3.57 3.63
Pharmaceutical sales, % of health expenditure 35.9 36.4 36.8 37.1 37.3 37.4 37.4
Health spending, USDbn 4.790 4.220 4.280 4.640 5.110 5.630 5.930

Risk/Reward Index

In Q416, Bulgaria's Risk Reward Index (RRI) score stands at 56.8 and above the regional average of 52.4, which puts it at seventh position (same as in the previous quarter) among the twenty countries BMI monitors in this region. The scores take into account the challenges for drugmakers operating in Bulgaria, such as the downward pressure on the prices of drugs and the uncertain political outlook.

Latest Updates

  • Highlighting the challenges facing the country's healthcare system is the extreme difference in opinion over the trajectory of healthcare reforms, both politically and among the medical profession. Throughout the week of March 28 to April 1, general practitioners across the country went on strike in protest against the 2016 National Framework Agreement which came into force on April 1, claiming that some decisions harm the interests of doctors as well as patients.

  • In contrast, the Association of University Hospitals in Bulgaria sought to distance itself from the striking activities. Moreover, the Chairperson of the National Association of Medical Workers in Emergency Medical Aid Centres stated that the reforms to healthcare over the past year have been 'on the right track' and have 'definitely solved problems in the emergency medical aid'.

  • On March 28 2016, Minister of Health Petar Moskov announced that an extra BGN12mn (USD7.0mn) will be allocated to the National Health Insurance Fund budget to guarantee that 100% of patients with oncological diseases will be treated in 2016.

BMI Economic View

While the fallout from the Brexit vote will weaken real GDP growth in Bulgaria over the next two years, we believe that the effect on the country's budget deficit will be marginal, as persistent fiscal consolidation will mitigate the risks of a shortfall in government revenue.

BMI Political View

Bulgaria's failure to push through judiciary reforms to meet EU standards will further damage its reputation among European peers. Its half-hearted political will to combat corruption and organised crime will impair future economic growth and Bulgaria's attractiveness as a foreign direct investment destination.

BMI Industry View
Table: Headline Pharmaceuticals & Healthcare Forecasts (Bulgaria 2014-2020)
Industry Forecast
Pharmaceutical Market Forecast
Table: Pharmaceutical Sales, Historical Data And Forecasts (Bulgaria 2012-2020)
Healthcare Market Forecast
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Bulgaria 2012-2020)
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Bulgaria 2012-2020)
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Bulgaria 2012-2020)
Prescription Drug Market Forecast
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Bulgaria 2012-2020)
Patented Drug Market Forecast
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Bulgaria 2012-2020)
Generic Drug Market Forecast
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Bulgaria 2012-2020)
OTC Medicine Market Forecast
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Bulgaria 2012-2020)
Pharmaceutical Trade Forecast
Table: Pharmaceutical Trade Data And Forecasts (Bulgaria 2014-2020)
Table: Pharmaceutical Trade Data And Forecasts local currency (Bulgaria 2014-2020)
Industry Risk/Reward Index
Central And Eastern Europe Risk/Reward Index - Q4 2016
Bulgaria Risk/Reward Index
Regulatory Review
Intellectual Property Issues
Pricing Regime
Reimbursement Regime
Market Overview
Healthcare Sector
Table: Healthcare Resources (Bulgaria 2010-2015)
Table: Healthcare Resources (Bulgaria 2010-2015)
Table: Healthcare Personnel (Bulgaria 2010-2015)
Table: Healthcare Activity (Bulgaria 2010-2015)
Table: NHIF Budget, 2014
Table: Bulgarian National Health Insurance Fund Revenues (BGN 000s), 2015
Research & Development
Table: Members Of ARPharM, 2014
Clinical Trials
Table: Cancer Incidence Rates, 2012-2035
Competitive Landscape
Research-Based Industry
Table: Multinational Market Activity
Generic Drugmakers
Pharmaceutical Retail Sector
Table: Pharmaceutical Wholesale And Retail Market, 2009-2012
Company Profile
Demographic Forecast
Demographic Outlook
Table: Population Headline Indicators (Bulgaria 1990-2025)
Table: Key Population Ratios (Bulgaria 1990-2025)
Table: Urban/Rural Population & Life Expectancy (Bulgaria 1990-2025)
Table: Population By Age Group (Bulgaria 1990-2025)
Table: Population By Age Group % (Bulgaria 1990-2025)
Pharmaceutical Expenditure Forecast Model
Healthcare Expenditure Forecast Model
Notes On Methodology
Risk/Reward Index Methodology
Index Overview
Table: Pharmaceutical Risk/Reward Index Indicators
Indicator Weightings

The Bulgaria Pharmaceuticals & Healthcare Report features BMI Research'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 Bulgaria Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Bulgaria pharmaceutical and healthcare industry.

Key Benefits

  • Benchmark BMI's pharmaceutical and healthcare market forecasts for Bulgaria, to test other views - a key input for successful budgeting and strategic business planning in the Bulgarian pharmaceutical and healthcare market.
  • Target business opportunities and risks in the Bulgarian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Bulgaria.
  • Assess the activities, strategy and market position of your competitors using our company profiles (including SWOTs, KPIs and latest activity) and competitive landscape tables.


BMI Industry View

An at-a-glance perspective on the latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The pharmaceuticals and healthcare SWOT outlines strategic factors that affect the basic assumptions underpinning BMI’s forecast analysis, and taken together with BMI’s political, economic and business environment SWOTs, it gives a complete overview of market climate.

BMI Industry Forecast Scenario

Industry forecasts to end-2019 for all key indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:

  • Healthcare: Total healthcare expenditure (USDbn), healthcare expenditure (% of GDP), healthcare expenditure per capita (USD), hospital beds, doctors, and birth & mortality rates (all per ‘000 population).
  • Pharmaceutical Market: Drug expenditure in USDbn, % of GDP and per capita (USD).
  • Patented Drug Market: Prescription drug sales (USDbn & % of total sales).
  • Generic Drug Market: Generic product sales (USDbn), generic sales (% of total sales).
  • OTC Drug Market: OTC sales (USDbn & % of total sales).
  • Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against USD, government expenditure and external debt.

BMI’s Pharmaceuticals and Healthcare Risk Reward Index

BMI’s Risk Reward Index provides investors (both national and multinational) looking for opportunities in the region with a clear country-comparative assessment of the market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Summary

A snapshot of key market characteristics, including total size of the pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape

Industry Developments

A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.

Regulatory Regime

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 analysis of the overall regulatory burden.

Competitive Landscape

The competitive landscape section provides comparative company analyses and index by USD sales and % share of total sales – for the total pharmaceutical sector, as well as the OTC, generics and distribution sub-sectors.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.