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

We expect growth in Estonia's healthcare expenditure to decelerate over the long term given the country's fiscally conservative nature, the limited capacity of the national health insurer to accommodate further healthcare spending growth and BMI's outlook for the country's economy over the long term. Drugmakers can expect to see constrained revenue growth in the country as pricing pressures and restrictive drug reimbursement are employed by the Estonian health insurance fund to restrict healthcare expenditure.

Headline Expenditure Projections

Pharmaceuticals: Sales will rise from EUR310mn (USD341mn) in 2015 to EUR328mn (USD351mn) in 2016, up 6.0% in local currency terms and down 3.2% in US dollar terms. Forecast stayed flat from last quarter.

Healthcare: Spending will rise from EUR1.22bn (USD1.34bn) in 2015 to EUR1.29bn (USD1.38bn) in 2016, up 5.8% in local currency terms and down 2.9% in US dollar terms. Forecast stayed flat from last quarter.

Risk/Reward Index

Full Report Details at
- http://www.fastmr.com/prod/1130905_estonia_pharmaceuticals.aspx?afid=301

Estonia scores 55.7 out of 100 in BMI's Pharmaceutical Risk/Reward Index for Central and Eastern Europe in Q216, ranking in 11 th place down from ninth in the previous quarter. Estonia's Industry Rewards score is still the weakest link in its pharmaceutical profile, at 16.4, below the regional average of 19.9.

Latest Updates

On January 14 and 15 2016 in Vilnius, Lithuania, the European Union Joint Action on HIV and Co-infection Prevention and Harm Reduction (HA-REACT) held its first Partnership Forum to kick off activities. HA-REACT addresses existing gaps in the prevention of HIV and other co-infections, especially tuberculosis and viral hepatitis. This three-year project was launched in late 2015 with core funding from the European Union (EU) and is being implemented in 18 EU Member States.

According to Health and Labour Minister Jevgeni Ossinovski, the Estonian government will invest around EUR115mn (USD122.78mn) through to 2023 towards improving the primary healthcare services of the country. The fund, which includes EUR85mn (USD90.8mn) from the EU, will be used to upgrade the infrastructure of primary healthcare service providers. The amendments seek to ensure a better and higher-quality primary healthcare service and would result in shorter waiting lists in hospitals.

In the first nine months of 2015 Baltic pharmaceutical company Grindeks' sales were EUR63.5mn, up 0.6% compared with the same period in 2014, while net profit was EUR3.9mn, up 5.7%. According to the company, while operations were still affected by the events in Russia and Ukraine, which are among its key markets, the focus on diversifying distribution to new markets has started paying off. Turnover of the final dosage forms was EUR24.1mn, up 230% versus the first nine months of 2014.

BMI Economic View

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