Spain Pharmaceuticals & Healthcare Report

Published 15 June 2015

  • 103 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
$1,295.00
Spain Pharmaceuticals & Healthcare Report

BMI View: Spain's non-transparent and unpredictable government medicine pricing system and the implementation of numerous emergency measures to contain pharmaceutical spending will highly disrupt multinational drugmakers ' strategy and revenue streams. Despite the Spanish economy exiting crisis mode, we believe that the Spanish government will continue to target the healthcare sector - a large recipient of government funds. As a result, we uphold our bearish outlook for the Spanish pharmaceutical market over the next five years.

Headline Expenditure Projections

  • Pharmaceuticals: EUR23.02bn (USD30.85bn) in 2014 to EUR22.36bn (USD24.60bn) in 2015; -2.9% in local currency terms and -20.3% in US dollar terms. Forecast in line with last quarter.

  • Healthcare: EUR89.16bn (USD119.47bn) in 2014 to EUR89.51bn (USD98.46bn) in 2015; +0.4% in local currency terms and -17.6% in US dollar terms. Forecast revised downwards from last quarter.

Risk/Reward Index

In BMI's Pharmaceutical Risk/Reward Index for Q315, Spain scored 64.2 and ranked 12th out of the 15 countries surveyed in Western Europe - just below the Netherlands (64.7). While Spain offers investors positive features, 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

March 2015

  • The Spanish government has the capacity to, and should, fund new medicines for treating hepatitis C, even though doing so will produce excessive costs in the short-term, according to Farma Industria's general director Humberto Harness. The cost of the new drugs may place fiscal stress on the country in the short-term but Harness asserted that high savings will be experienced in the medium- and long-term, Harness noted. The comments came during a roundtable discussion, which was attended by members of the Platform of People Affected by...

BMI Industry View
7
SWOT
9
Political
11
Economic
12
Operational Risk
13
Industry Forecast
14
Pharmaceutical Market Forecast
14
Table: Pharmaceutical Sales, Historical Data And Forecasts (Spain 2011-2019)
15
Healthcare Market Forecast
16
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Spain 2011-2019)
17
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Spain 2011-2019)
18
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Spain 2011-2019)
18
Prescription Drug Market Forecast
19
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Spain 2011-2019)
22
Patented Drug Market Forecast
23
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Spain 2011-2019)
24
Generic Drug Market Forecast
25
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Spain 2011-2019)
26
OTC Medicine Market Forecast
27
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Spain 2011-2019)
28
Pharmaceutical Trade Forecast
29
Table: Pharmaceutical Trade Data And Forecasts (Spain 2013-2019)
30
Table: Pharmaceutical Trade Data And Forecasts local currency (Spain 2013-2019)
30
Key Risks To BMI's Forecast Scenario
31
Macroeconomic Forecasts
32
Economic Analysis
32
Table: Economic Activity (Spain 2010-2019)
40
Pharmaceuticals Risk/Reward Index
41
Western Europe Risk/Reward Index
41
Spain Risk/Reward Index
45
Rewards
45
Risks
46
Market Overview
47
Industry Trends And Developments
48
Epidemiology
48
Healthcare Sector
50
Table: Regional Public Hospital Debt - Values In EURmn
51
Table: Healthcare Resources (Spain 2009-2014)
53
Table: Healthcare Personnel (Spain 2009-2014)
53
Table: Healthcare Activity (Spain 2009-2014)
54
Research & Development
54
Clinical Trials
55
Regulatory Development
58
Intellectual Property Issues
59
Parallel Trade
59
OTC Medicines
61
Generic Medicines
62
Pricing Regime
62
Reference Pricing System
63
Reimbursement Regime
66
Competitive Landscape
68
Pharmaceutical Sector
68
Generic Drug Sector
69
Biotechnology Sector
70
Pharmaceutical Retail
72
Company Profile
74
Almirall
74
Esteve
78
GlaxoSmithKline
81
Merck & Co
83
Novartis
85
Pfizer
87
Sanofi
89
Demographic Forecast
91
Demographic Outlook
91
Table: Population Headline Indicators (Spain 1990-2025)
92
Table: Key Population Ratios (Spain 1990-2025)
92
Table: Urban/Rural Population & Life Expectancy (Spain 1990-2025)
93
Table: Population By Age Group (Spain 1990-2025)
93
Table: Population By Age Group % (Spain 1990-2025)
94
Glossary
96
Methodology
98
Pharmaceutical Expenditure Forecast Model
98
Healthcare Expenditure Forecast Model
98
Notes On Methodology
99
Risk/Reward Index Methodology
100
Index Overview
101
Table: Pharmaceutical Risk/Reward Index Indicators
101
Indicator Weightings
102

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

Key Benefits

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

Coverage

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.

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