Market Report, "Belgium Pharmaceuticals & Healthcare Report Q3 2016", published

Belgium offers a stable pharmaceutical market with high per capita spe nding on medicines. However, drugmakers will increasingly find the government less willing to reimburse expensive, innovative medicines as it struggles to hit its fiscal targets.

Headline Expenditure Projections

Pharmaceuticals: From EUR5.84bn (USD6.47bn) in 2015 to EUR5.89bn (USD6.30bn) in 2016; +0.9% in local currency terms and -2.6% in US dollar terms.
Healthcare: From EUR44.96bn (USD49.87bn) in 2015 to EUR46.13bn (USD49.36bn) 2016; +2.6% in local currency terms and -1.0% in US dollar terms.

Risk/Reward Index

In BMI's Q316 Western European Risk/Reward Index, Belgium scores 73.6 out of 100, placing the country fourth out of the 15 markets in the region, a drop of one place from its position last quarter. Belgium performs well in the Rewards category on account of its high per capita drug consumption, but is closer to the regional average in terms of Risk due to its high levels of government bureaucracy.

Full Report Details at
- http://www.fastmr.com/prod/1170483_belgium_pharmaceuticals.aspx?afid=301

Latest Updates

In April 2016, Intrexon formed Intrexon T1D Partners, a joint venture with a select group of external investors led by White Rock Capital Partners, to develop ActoBiotics based antigen-specific immunotherapy to treat Type I diabetes in humans. The objective of the programme is to create an easy-to-take tablet for Type I diabetes patients to halt autoimmune-induced damage, both for early- and late-stage patients, to reduce the likelihood of insulin dependence.

In April 2016, Zambon and its partner Newron Pharmaceuticals have launched Xadago (safinamide) in Belgium for the treatment of mid- to late-stage Parkinson's disease (PD). Following the launch in Switzerland, Germany, Spain and Italy, Xadago is now available in Belgium as add-on therapy to a stable dose of levodopa alone or in combination with other PD therapies for mid- to late-stage fluctuating patients.

BMI Economic View

Belgian real GDP growth will remain below eurozone averages in 2016 and 2017, as structural labour market reforms drag on private consumption. These same reforms are necessary and should eventually boost longer-term growth. Against this backdrop, we have downgraded our forecasts for real GDP growth to 1.4% in both 2016 and 2017, from a 1.6% forecast previously for both years.

BMI Political View

The Belgian government will struggle to develop adequate responses to elevated security threats, rising Flemish nationalism and the threat of another economic downturn given the country's dire fiscal dynamic. Reflecting this, Brussels was the target of multiple terrorist attacks on March 22, which killed over 35 and injured over 300. The fight against extremism will be one of the key policy challenges for Belgian governments over the next few years.

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