Research and Markets: Estonia Pharmaceuticals and Healthcare Report Q1 2012
Estonia's pharmaceutical market will remain of marginal interest to multinationals, given its small population size and a modest growth outlook. BMI expects the market to post a five-year compound annual growth rate (CAGR) of 4.48% in local currency terms to 2015, with the following five years likely to witness only a slight increase in annual growth rates. Nevertheless, Estonia's geographical proximity to Western Europe will ensure that the market continues to be supplied by leading foreign players.
Key Trends & Developments:
BMI has slightly increased growth projections for Estonia's pharmaceutical market for 2011. It now expects a 5.5% local currency year-on-year (y-o-y) increase, on the back of the stronger than expected growth in pharmaceutical sales in H111. According to the country's State Agency of Medicines (Ravimiamet), H111 sales grew by 6.9% y-o-y in euro terms. This follows Q111 growth of 4.4%, with Estonia's pharmaceutical market at the time calculated to be worth EUR47.4mn in wholesale prices (excluding veterinary medicinal products).
Television advertisements for medicinal products in Estonia have failed to comply with the maintenance of standards and quality of compulsory warnings related to the products, according to an investigation carried out by the State Agency of Medicines at the start of July 2011. The investigation revealed that the advertisements failed to display the information specified and to provide sufficient guidelines for the correct and safe use of the medicinal products.
Veterinary Supply Pharmaceuticals - News
This follows Q111 growth of 4.4%, with Estonia's pharmaceutical market at the time calculated to be worth EUR47.4mn in wholesale prices (excluding veterinary medicinal products). Television advertisements for medicinal products in Estonia have failed
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Finally, veterinary costs have risen just as human healthcare costs have, and some owners see supplements as an alterative to a prescription. “The cost to go to a veterinarian is a little extreme for some people, and they'd like to try something over
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