New Market Research Report: Serbia Pharmaceuticals & Healthcare Report Q2 2016

The Serbian pharmaceutical and healthcare market remains one of the least attractive within the CEE region for foreign drugmakers. Government cost containment, implemented through severe drug price cuts by the RFZO, will dampen growth. Furthermore, an increasing reliance on private health spending will impact pharmaceutical sales as the worsening macroeconomic outlook will reduce consumer spending power.

Headline Expenditure Projections

Pharmaceuticals: RSD91.42bn (USD840mn) in 2015 to RSD87.40bn (USD762mn) in 2016; -4.4% in local currency terms and -9.3% in US dollar terms. Forecast unchanged from Q 116 .
Healthcare: RSD372.29bn (USD3.42bn) in 2015 to RSD362.75bn (USD3.15bn) in 2016; -2.6% in local currency terms and -7.6% in US dollar terms. Forecast unchanged from Q 116 .

Full Report Details at
- http://www.fastmr.com/prod/1132696_serbia_pharmaceuticals.aspx?afid=301

Risk/Reward Index

Serbia has a Risk/Reward Index (RRI) score of 44.2 out of 100, placing it 18 th out of the 20 pharmaceutical markets in Emerging Europe. Serbia's Q216 RRI score is higher than last quarter (39.7) but its position remains unchanged in our regional matrix, above Uzbekistan (40.9) and below Croatia (46.0). The Serbian market's key selling points include its advantageous geographical position, which allows easy access to the rest of Europe, a largely untapped pharmaceutical market and the low cost and abundant supply of skilled labour - a position helped by a growing network of free trade agreements. However, Serbia will continue to be a challenging market for foreign investors, because of the prevalence of corruption, a large-scale black-market economy, and the poor state of the country's infrastructure and finances, in both public and private spheres. Furthermore, its Risks score has fallen slightly from the previous quarter, highlighting the challenging operating environment in the country.

Latest Updates

In March 2016, Serbia's Minister of Economy said that the sale of state-owned pharmaceutical firm, Galenika, was imminent.

In March 2016, the Serbian Prime Minister called for early Parliamentary election in April with his plans to reform the healthcare sector at the centre of his campaign.

In February 2016, the World Bank announced its intentions to assist in the development of the Serbian economy through the implementation of digital technology, particularly in healthcare.

BMI Economic View

Serbia's economic rebound will remain on track in 2016, but growth will remain tepid, as fiscal consolidation measures and structural reforms will prevent a stronger recovery in domestic demand.

BMI Political View

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