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News Release from: Chiltern International
Edited by the Laboratorytalk Editorial
Team on 30 March 2004
Spanish outlook strong
IMS Health market data reveal that between 2001 and 2002, the Spanish pharmaceutical market grew by over 10% and it is predicted to maintain a double-digit growth rate over the next few years
Chiltern International is reporting increased demand for work in Spain, and believes the country's pharmaceutical market presents real opportunities IMS Health market data reveal that between 2001 and 2002, the Spanish pharmaceutical market grew by over 10% and it is predicted to maintain a double-digit growth rate over the next few years
This article was originally published on Laboratorytalk on 10 Feb 2004 at 8.00am (UK)
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Although Spain has been considered as one of the lower-priced European countries for pharmaceuticals, prices for innovative new products are rapidly converging with those of neighbouring countries.
Industry figures show that in 2002, a total of 185 new pharmaceutical products were launched in Spain, of which generics represented 55%.
The average price of innovative therapeutic products was ?13.72, which was considerably higher than the average price for existing medicines (?6.43).
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As with most major pharmaceutical markets, patient demand for the latest innovative products has helped drive growth of the Spanish pharmaceutical market.
The majority of sales of new medicines in Spain have been in the oncology, cardiovascular and central nervous system (CNS) categories.
"There is also a major demographic consideration which will drive further healthcare spending is the increase in the elderly population," commented Chiltern International business development and marketing executive Faiz Kermani.
"The provision of healthcare for the elderly has become an important issue for industrialised countries such as Spain, as the government shares much of the expenditure on medications.
"According to the Organisation for Economic Cooperation and Development (OECD), the over 65-age group require four times as much healthcare resources as younger people.
"Spain is in a particularly difficult position as by 2050, it is predicted to have one of the highest average aged populations in the world.
"This rise coupled with a decreasing national birth rate will place greater pressure on the government to fund healthcare".
As well as a buoyant pharmaceutical market, Spain is a growing centre for pharmaceutical R and D.
The pharmaceutical sector is widely considered to be the most innovative industry in Spain.
Patient demand for advanced healthcare has also meant that the general global economic downturn has affected the performance of the pharmaceutical industry to a lesser degree than other industries.
Investment in Spain's pharmaceutical market is also worth noting.
Figures from the European Federation of Pharmaceutical Industries (Efpia) and Farmaindustria, the national association of the pharmaceutical industry in Spain, show that there has been a rapid rise in R and D investment in the country since the early 1990s.
In 1990, pharmaceutical R and D investment was below ?150 million but by 1999, this had increased to over ?350 million.
By the end of 2004, R and D investment is predicted to rise to ?485 million.
"In addition to all of these factors, the pharmaceutical industry in Spain remains a major employer in the technology sector," added Dr Kermani.
"Spanish companies employ close to 39,000 people, which represents about 7% of the total European pharmaceutical industry workforce".
Since 1985, Spain has also seen increasing investment from the large multinational pharmaceutical companies.
And as well as setting up production facilities and laboratories, pharmaceutical companies are also running an increasing number of clinical trials in Spain.
This is partly due to Spain having a large untapped clinical trial population with an extensive pool of enthusiastic and qualified investigators.
The Spanish government has encouraged companies to invest in local R and D through its national pharmaceutical programme.
All these factors combine to increase the emphasis being placed on Spain by international and national pharmaceutical companies.
"The availability of a highly educated workforce, an improvement in the conditions and opportunities for clinical research and Spain's strategic location in Europe confirms that it will remain a key region for the pharmaceutical industry in the future," concluded Dr Kermani.
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