The pharmaceutical industry is expected to overcome the economic crisis in 2011.
Spain is the fifth largest economy in the European Union. However, the economic downturn has affected the country seriously. It is one of largest developed economies expected to experience a negative growth in 2010. The Economist Intelligence Unit (EIU) projects that the GDP will contract by 0.8% in 2010 and is only expected to experience modest real growth from 2011 onwards.
FARMAINDUSTRIA believes that more new pharmaceutical medicines will be entering the Spanish pharmaceutical market in the coming years, together with biologic medicines. The pharmaceutical industry expects to overcome the economic crisis in 2010, but this might be delayed until 2011 considering the current economic outlook.
The pharmacy sector is expected to increase at a lower rate than the hospital sector, but cost-containment policies will affect both sectors. By 2015, the Spanish pharmaceutical market could rank fourth in Western Europe, ahead of the UK. Almirall and Esteve are the best positioned local companies.
Further reading - A detailed review of the Spanish pharmaceutical market is available from Espicom: The Pharmaceutical Market: Spain (published April 2010)