GlobalData Spain Pharma Market Recovery to Drive Revenue Past $29 Billion by 2020
6/27/2013 10:06:52 AM
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LONDON, UK (GlobalData), 27 June 2013 - Following years of austerity-induced healthcare spending cuts and falling revenues, the Spanish pharmaceutical sector will soon turn a corner, with market value expected to demonstrate steady growth by the end of the decade, says research and consulting firm GlobalData.
According to the company’s latest report*, Spain’s pharmaceutical industry is expected to continue on the path of declining revenue prompted by 2008’s global economic crash until 2014, when market value is expected to hit $24.6 billion. However, GlobalData believes that a growing demand for innovative medicines and an expanding elderly population will stimulate an upturn in pharmaceutical market fortunes from this point, with steady growth resulting in total sales of $29.4 billion expected in 2020.
In recent years, the Spanish healthcare sector has been subject to a number of cost-cutting measures – most notably the increased use of generic drugs. Rather than prescribing by brand name, doctors are now asked to state the active ingredient when writing prescriptions, while changes to pricing and reimbursement policies have also directly reduced pharmaceutical expenditure.
However, GlobalData believes that an increased use of biologics in the treatment of conditions including cancer and rheumatoid arthritis will prove an important market catalyst. Despite higher list prices, the greater safety and efficacy profiles offered by these treatments are expected to drive up prescription rates, ultimately resulting in pharmaceutical market growth.
Spain’s increasing elderly population will also contribute to the country’s pharmaceutical industry recovery, states the new report. According to 2011 figures, over 8 million citizens were over the age of 65, while it is forecast that Spain will have the world’s oldest population by 2050, with 50% being at least 55 years old. Disabilities and illnesses associated with old age will increase correspondingly, subsequently boosting demand for pharmaceuticals.
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