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Spanish pharma recovery won't begin until after 2014

Country's pharmaceutical market is yet to hit rock bottom

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The Spanish pharmaceutical market has yet to reach its lowest point since the global recession of 2008, according to a new report.

GlobalData said that, although the market will further shrink in value next year, it will begin a slow recovery after 2014, and the analysts highlighted the increase use of biologics as a growth driver.

The research and consulting firm said cancer and rheumatoid arthritis in particular would prove to be an important market catalyst.

“Despite higher list prices, the greater safety and efficacy profiles offered by these treatments are expected to drive up prescription rates, ultimately resulting in pharmaceutical market growth,” the company said.

GlobalData expects the market to fall to $24.6bn in 2014, but said steady growth thereafter should push total sales up to $29.4bn in 2020.

“The Spanish pharmaceutical sector will soon turn a corner, with [its] market value expected to demonstrate steady growth by the end of the decade,” it said.

Another factor behind the country's anticipated market growth is its increasing elderly population, which is expanding at a rate that is expected to give Spain the world's oldest population by 2050, when 50 per cent of its citizens will be at least 55 years old.

The country has already endured years of austerity spending cuts in healthcare, with a direct and significant effect on pharmaceutical revenues.

Last year the Ministry of Health acknowledged its pharma spending had fallen by almost a quarter since 2011, prompting the industry to warn it was close to collapse, in part due to unpaid debts.

Meanwhile, government cuts and privatisation plans have provoked protests by healthcare workers and the general public.

2nd July 2013

From: Sales

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