Greece Pharmaceuticals & Healthcare Report Q1 2015 - New Market Research Report

A distinct escalation in political uncertainty will see continued erosion of public and political support for the im plementation of much - needed reforms. In addition, drugmakers will see revenue opportunities constrained as pressures on Greek household spending are amplified by an anachronistic and distorted domestic pharmaceutical reimbursement structure. Regressive funding, under-the-table payments and the lack of universal health care administration have allowed numerous intermediaries to operate throughout the Greek pharmaceutical value chain , thus sustaining artificially high domestic drug prices. As such, w hile Greeks continue to pay relatively more for their high volumes of prescriptions than elsewhere in Europe, it is unlikely that multinational drugmakers will be able to participate in these margins.

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Headline Expenditure Projections

* Pharmaceuticals: EUR5.64bn (USD7.45bn) in 2013 to EUR5.36bn (USD7.19bn); -5.0% in local currency terms and -3.5% in US dollar terms. Forecast unchanged from Q414
* Healthcare: EUR15.12bn (USD19.96bn) in 2013 to EUR14.24bn (USD19.08bn) in 2014; -5.8% in local currency terms and -4.4 in US dollar terms. Forecast revised up from -15.8% in Q414.

Risk/Reward Index : In BMI's Q1 2015 Pharmaceutical Risk/Reward Index (RRI), Greece remains ranked third out of the 20 markets in the Central and Eastern European (CEE) matrix, scoring 57.9 out of 100. This score is unchanged from Q414. Out of the 20 countries in our ratings, Greece comes behind Poland, but markedly ahead of Russia. Although Greece's financial outlook has stabilised somewhat, the slow pace of reform, an uptick in political instability and the EOPYY's inability to pay drugmakers in a timely manner present significant risk to the industry.

Key Trends a nd Developments

In December 2015, due to the increased possibility of a rise in VAT on medicines, Greek Health Minister Makis Voridis announced his expectations of an additional...

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

Key Benefits

* Benchmark BMI's pharmaceutical and healthcare market forecasts for Greece, to test other views - a key input for successful budgeting and strategic business planning in the Greek pharmaceutical and healthcare market.

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