New Market Study Published: Italy Pharmaceuticals & Healthcare Report Q3 2013

From: Fast Market Research, Inc.
Published: Thu Jul 04 2013

The sharp drop in public pharmaceutical expenditure in Italy in 2012 to a level below that of 2001 does not bode well for drugmakers and pharmacies in the country. The success of the implemented policies may encourage the enforcement of further cost-containment measures, which, together with the ongoing public hospital debt situation, seriously hampers the country's attractiveness as a location in which to sell drugs, despite its favourable demographic characteristics.

Headline Expenditure Projections

* Pharmaceuticals: EUR21.67bn (US$27.86bn) in 2012 to EUR20.36bn (US$27.28bn) in 2013; -6.1% in local currency terms.
* Healthcare: EUR151.14bn (US$194.32bn) in 2012 to EUR153.60bn (US$205.83bn) in 2013; +1.6% growth in local currency terms.

Full Report Details at

Risk/Reward Rating: In our Pharmaceuticals and Healthcare Risk/Reward Ratings (RRRs), Italy is 10th out of the 11 markets surveyed in Western Europe. Despite being a large market, Italy is characterised by low levels of annual growth, largely because of widespread price cuts. Additionally, the Italian economy is one of the most vulnerable economies in an already shaky eurozone. High levels of public debt, poor infrastructure and a lack of competitiveness indicate that the country will remain one of the region's laggards over the forecast period.

Key Trends And Developments

* In May 2013, GW Pharmaceuticals received commercialisation approval for its prescription medicine Sativex (tetrahydrocannabinol/cannabidiol) in Italy. A full marketing authorisation has been granted by the authorities in Italy for the treatment of moderate-to-severe spasticity in multiple sclerosis (MS) patients who have not responded adequately to other anti-spasticity medications. The licence to market Sativex in Italy comes by way of the publication of Sativex in the Italian Official Journal (Gazzetta Ufficiale) and reflects that regulatory, pricing and reimbursement approvals are now in place for an expected commercial launch in September 2013 by GW's partner, Almirall. The reimbursed price of the medicine granted by the authorities in Italy is consistent with the reimbursed Sativex price in Spain.

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