"Greece Pharmaceuticals & Healthcare Report Q2 2016" now available at Fast Market Research

A poor record of implementing new legislation and the enduring public scepticism of generic medicines indicate that the country's push to increase the prescription of generic medicines to 60% by December 2016 will fail to produce the desired generic medicine uptake in the face of austerity. The government's focus on increasing the consumption of generic medicines alongside persistent debt problems within the health system highlights Greece as a challenging market for innovative drugmakers.

Headline Expenditure Projections

Pharmaceuticals: EUR4.95bn (USD5.44bn) in 2015 to EUR4.67bn (USD5.00bn) in 2015, -5.5% in local currency terms and -8.1% in US dollar terms. Forecast revised upwards from Q415 due to improved macroeconomic outlook .
Healthcare: EUR15.38bn (USD16.92bn) in 2015 to EUR15.22bn (USD16.29bn) in 2016, -1.0% in local currency terms and -3.7% in US dollar terms. Forecast unchanged from Q415.

Risk/Reward Index

Full Report Details at
- http://www.fastmr.com/prod/1118994_greece_pharmaceuticals.aspx?afid=301

In BMI's Q216 Pharmaceutical Risk/Reward Index (RRIs) Greece is ranked fourth out of the 20 markets in the Central and Eastern European (CEE) matrix with an improved score of 59.0 compared with the previous quarter (55.8). Greece continues to experience a high level of financial and political uncertainty, as the new government faces mounting pressure to balance the increasingly urgent demands of both its international creditors and the Greek electorate. However, the risk of a eurozone exit has receded for the time being, resulting in an improved assessment of the country's Rewards rating within the RRI.

Latest Updates

The State Budget for 2016 outlined an initiative to promote of the use of generic medicines: up to 50% by December 2015 and to 60% by December 2016. This is a revision of a previous target of 40%, set only in November 2015.

In January 2016, it was reported that the debts owed by the Greek national health insurer to pharmaceutical companies has almost doubled since 2014, from EUR790mn to in excess of EUR1.3bn.

BMI Economic View

Economic activity will remain well below the level needed for Greece to return to anywhere close to its potential output. A lack of sustainable growth drivers, fiscal deficit reduction and rising political risk will keep Greece anchored to a painfully sluggish economic growth trajectory over the coming years.

BMI Political View

Support for the ruling Syriza-led coalition will decline in 2016, as the government implements painful bailout conditions and struggles to cope with migrant arrivals, and as disaffected voters return to New Democracy.

The Greece 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.

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