Business Monitor International (BMI) has announced further downward
revisions in its growth expectations for the Greek pharmaceutical market this
year.
"It is beyond doubt that drugmakers in Greece - particularly domestic
producers primarily exposed to their home market - are faced with the most
challenging operating environment in Europe. Our view that Greece's
pharmaceutical market is set for a decade of decline remains firmly in
play," it says.
BMI estimates that the Greek pharmaceutical market fell 10.1% in local
currency terms to 6.48 billion euros in 2011, from 7.20 billion euros in in
2010, and that healthcare spending overall dropped 5.4% from 22.87 billion euros
to 21.64 billion euros, a reduction on the forecast which it made in
fourth-quarter 2011 because of worsening macroeconomic conditions.