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ReportsnReports.com: Consumer Health in Romania
ReportsnReports.com: Consumer Health in Romania
Euromonitor International’s “Consumer Health in Romania” is now available at ReportsnReports.com.
Dallas,
Texas,
India
(prbd.net)
10/10/2011
The market continues growing in 2010, despite economic hardship
Despite the economic slowdown that characterised the Romanian market in the last couple of years, including the pharmaceutical and para-pharmaceutical sectors, consumer health remains attractive to foreign and local investors thanks to its good growth potential via demographic developments, changing lifestyles and growing rural environment. Moreover, the Consumer health market is still underdeveloped and hence growth potential is high, despite the fact that the economic crisis brought with it the bankruptcy of one of the large players on the market and the stagnation at best for most of the others.
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Per capita expenses for health remain among the lowest in Europe
The per capita expenses in the country are among the lowest in Europe, especially East Europe, which is an indication of potential for growth. In 2009 an average of US$130 was spent on pharmaceutical products per capita, compared to an average of US$560 per year for the EU. Such low expenses are due to a concatenation of circumstances including: lack of medical and sanitary education, which makes Romanians ignore most of their problems until they become serious; credits made to the state and to the National Health system, which are paid over a very long term, making health care a private rather than public (an increased number of pharmacies refuse to work with the state and to provide compensated medicines, which makes many Romanians unable to pay for their own medical bills. As such, they either totally or partially forgo prescribed medication); the migration of health specialists to more developed countries in their search for higher incomes and better development possibilities.
Foreign and local companies go shoulder-to-shoulder in terms of market share
The problems encountered by Romanian companies, among which Montero’s insolvency is the most important and the constant growth of the largest foreign players balanced the market more than in the previous years, when the local players were dominant. Moreover, the manufacturing facilities allowed foreign companies to direct their production towards export (as was the case of Boehringer Ingelheim) and minimise their losses from the local market, as well as being an incentive for new investors, interested mostly in manufacturing facilities. Also, Romanian companies worked more with the state, which had consequences on their cash flow and thereby stinted their growth.
Healthcare consumption is expected to register solid and steady growth
Romania was included by IMS Health on the list of the 17 most important emerging pharmaceutical markets for 2011 due to its obvious growth potential via changing lifestyle, developing rural environment, and growing consumer knowledge and education. The latter influences both urban and the rural areas and is also connected to the National Health System, which is currently not performing as it lacks the full trust of its citizens.
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