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Market |
Healthcare and Medical |
Report Type |
Market Research |
Country |
Slovakia |
Published |
18 January 2010 |
Number of Pages |
71 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
Despite its relatively small drug market, Slovakia remains a key market for major firms in Central and Eastern Europe (CEE). Reinforcing this trend, the country is ranked in seventh position in our Business Environment Ratings for Q110 and can be considered a relatively low-risk proposition for multinational pharmaceutical companies.
While Slovakia’s total population size, at 5.4mn, limits absolute spending potential, strong proportions of health funds directed to medicines results in high per-capita spending and good access to higher-priced treatments. Meanwhile an ageing population should continue to bolster top-line figures over the long term. Regulatory-wise, Slovakia’s accession to the European Union (EU) has brought legislation into line with more developed markets, although some concerns prevail. The country also boasts relatively strong Country Risk scores.
In 2009 a new system was launched affecting all new drugs on the market, as well as all drugs already being sold by health insurers. The most recent update, in October 2009, has seen average price reductions of 5% for pharmaceutical products from April 2009. The pricing review covered 65% of marketed products and is estimated to generate savings of EUR95mn (US$143mn) annually. Before April 2010, when the list is next updated, the Ministry of Health aims to reference 90% of marketed products. In addition to negative pressure on prices, there have also been significant revisions to co-payments for pharmaceuticals, largely dependent on ATC classification.
The Slovakian government is considering banning medicine discounts and allowing mail-order pharmacies as part of new legislation which would alter the landscape of the country’s retail pharmaceutical sector. There are between 1,700 and 1,800 registered pharmacies in Slovakia, including 54 state-owned hospital outlets. Medicines used in outpatient care can only be sold in pharmacies, as are non-prescription drugs. Ownership of pharmacies has been an issue of contention for the past 20 years. Around 16% of pharmacies currently belonged to non-pharmaceutical organisations in 2009. Meanwhile 28% of pharmacies are part of a chain, up from 13% in 2004.
Our Burden of Disease Database (BoDD) shows that Slovakia is among the healthiest countries in the region, with 15,302 disability-adjusted life years (DALYs) lost to all diseases and injuries in 2008. This can be attributed to relatively advanced healthcare standards and the country’s strong devotion to medical and pharmaceutical spending. Through to 2030, widespread improvements in care provisions should cause a significant decrease in the number of DALYs lost.
Healthcare and Medical Company Profiles contain up to date financial, strategic, operational, SWOT analysis and product information on the activities of thousands of healthcare and medical companies.
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