Romanian pharmaceutical market up 5.5% in 2011

Romanian pharmaceutical spending reached USD 4.3 billion in 2011, up on USD 3.7 billion the year before, found a report issued by Business Monitor International. The increase in local currency was of 5.5 percent, while in US dollar terms, of 15.2 percent. Healthcare expenditure was also up to USD 9.6 billion, from USD 8.5 billion the year before, according to the report. The medical equipment market stood at USD 498 million, an increase on USD 426 million in 2010. In October 2011, Business Monitor International revised down the projections for Romania's pharmaceutical market in 2011 to a year-on-year increase of 5.5 percent, from a previous estimation of 7.5 percent in local currency terms. The revision was due to the weak sales figures in the first half of 2011. “The introduction of a revised claw-back mechanism in Romania has angered drug companies operating in the market. BMI believes the current form of the legislation is overly simplistic and punishes pharmaceutical suppliers in excess of their original exposure. Although it is highly unlikely the industry will be able to suspend the new tax, it is possible they will be able to negotiate amendments that would at least improve the predictability and fairness of the law. If no significant revisions are achieved, it is likely that pharmaceutical companies will reconsider their exposure to the market,” according to BMI. editor@romania-insider.com (photo source: Photoxpress.com)