DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/db2da1/the_pharmaceutical) has announced the addition of the "The Pharmaceutical Market: Bulgaria" report to their offering.
THE PHARMACEUTICAL MARKET: BULGARIA - REVIEW
In per capita terms, the Bulgarian pharmaceutical market is one of the smallest in Central & Eastern Europe, similar in value to Romania. The market is predicted to increase at a moderate CAGR over the next few years. The growth rate has been affected by the economic crisis, with GDP contracting in 2009. However, the economy is expected to recover slightly in 2010. Health expenditure is expected to grow steadily over the next few years. In per capita terms, Bulgaria has the second lowest level of spending in the region. Public health expenditure accounts for the majority of total spending in 2010.
All Bulgarian pharmaceutical companies produce generics as they cannot afford to develop innovative drugs. Generics account for a large proportion of the pharmaceutical market in volume terms, with two thirds of this supplied by domestic manufacturers; Actavis (formerly Balkanpharma) and Sopharma are among the leading producers. With regard to patent laws, counterfeiting was rife in Communist times, leading to the presence of many copied versions of leading drugs on the Bulgarian market. This practice has become less common however, as Bulgaria has moved its regulations in line with international norms.
Multinationals are slowly expanding their presence in the market. Companies such as Novartis, sanofi-aventis, GlaxoSmithKline and Pfizer hold small market shares, in volume terms. As industry procedures and standards become increasingly harmonised with Western practices, making the market more accessible, the presence of foreign drug companies is likely to rise. The Bulgarian pharmaceutical sector has undergone a process of considerable privatisation in recent years. The country's largest drug companies, Sopharma and the subsidiaries of Actavis, have all been partially privatised and account for the vast majority of domestic production. The presence of foreign companies such as Actavis has allowed some local companies to implement Good Manufacturing Practice at their facilities and strengthen their product portfolios.
- Actavis (Higia AD)
- Commercial League
- Kaliman RT
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Source: Espicom Business Intelligence Ltd
Research and Markets
Laura Wood, Senior Manager,
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Fax (outside U.S.): +353-1-481-1716
KEYWORDS: Bulgaria Europe
INDUSTRY KEYWORDS: Health Pharmaceutical