Israel Pharmaceuticals & Healthcare Report Q1 2014 - New Market Research Report

Israel's pharmaceutical industry is well developed and export-driven. The primary focus is the manufacture of generic drugs by local drugmakers for export to the US and EU. However, in light of increasing global demand for generic drugs, fuelling competition in the sector, we believe Israeli firms will continue to branch out into innovative products, capitalising on the country's strong academic research infrastructure. We expect the presence of multinationals in the sector to remain largely through imports, based on the country's political isolation negatively affecting the business environment.

Headline Expenditure Projections

* Pharmaceuticals: ILS7.13bn (US$1.85bn) in 2012 to ILS7.31bn (US$2.03bn) in 2013; +2.6% in local currency terms and 9.9% in US dollar terms. Forecast revised downwards due to macroeconomic modifications.
* Healthcare: ILS69.78bn (US$18.11bn) in 2012 to ILS74.80bn (US$20.78bn) in 2013; +7.2% in local currency terms and 14.8% in US dollar terms. Forecast broadly in line with Q413.

Full Report Details at
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Risk/Reward Rating:

The Israeli pharmaceutical sector boasts a number of key qualities. These include a largely urbanised population and a significant pensioner proportion. However, we highlight weak intellectual property (IP) laws and long drug approval times as severe hindrances to multinational drugmakers maximising their returns in the market. In BMI's Q114 Pharmaceutical Risk/Reward Ratings (RRRs) matrix, the country scores 57 out of 100, making it the 4th most attractive market for pharmaceutical investment in the Middle East and Africa (MEA).

Key Trends And Developments

October 2013

Eisai's Fycompa (perampanel), the first in a new class of treatment for uncontrolled partial onset seizures (POS), was approved in Israel. The new therapy is indicated as an adjunctive treatment for POS, with or without secondary generalised seizures, in people with epilepsy aged 12 years and older. In Israel, Fycompa will be launched and marketed by Megapharm, Eisai's local CNS partner.

Teva's President and CEO Dr Jeremy Levin resigned from the company. In the interim, Teva reported that Eyal Desheh, the company's Executive Vice President and CFO, will act to fill the gap left by Dr Levin. On the day of the CEO's resignation the share price drop by 8.1%, highlighting concern over the company's future performance within the investment community.

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