Please login to the form below

Not currently logged in
Email:
Password:

Spain to delay €5.4bn in unpaid drug bills

Farmaindustria, the trade body for Spain's pharmaceutical industry, is in talks with Spanish authorities to defer payment of €5.4bn owed to its members

Farmaindustria, the trade body for Spain's pharmaceutical industry, is in talks with Spanish authorities to defer payment of €5.4bn owed to its members by the country's regional governments.

According to a report in Bloomberg, Humberto Arnes, director general of Farmaindustria, said the group is negotiating on a plan to sell state-guaranteed securities backed by the unpaid bills, with proceeds going towards pharmaceutical companies.

He said: "The mechanism allows a delay until Spain is in a financial and economic situation that allows it to face the pharmaceutical bill."

Work on the proposal was at a very advanced stage, according to Arnes, with plans to have a system in place that could defer payment for four to six years and include future unpaid bills.

Spain's current drugs debt stands at €5.4bn, up from €5.19bn in March, 2011, with payment of bills delayed an average of 430 days.

In August, 2011, Spain passed a law enforcing the prescribing and dispensing of generic drugs rather than the more expensive brands, in an attempt to save €2.4bn a year and reduce the country's deficit.

Find out more about the pharmaceutical industry in Spain in PMGroup's Focus on Spain.

5th October 2011

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Streaming Well

Streaming Well is a healthcare focused, award-winning video production company which operates in the US and Europe....

Latest intelligence

Products come and go, but a pharma company’s most valuable, durable asset is its reputation, writes Duncan Mackenzie-Reid and Simon Grist
...
Erik
A quest for innovative solutions
UCB looks to the future through a PRISM...
Big data, privacy and the rise of genomic testing
Blue Latitude Health speaks to Johan Christiaanse, Marketing Director at BGI, to find out how the medical profession can overcome one of the major barriers to precision medicine – big...

Infographics