Bleak outlook for western Iberia
Lisbon – According to a report published by business intelligence provider Espicom, the future for biopharma on the westernmost tip of Europe looks anything but sunny. Its analysts predict that by 2016, the pharmaceuticals market in Portugal will rank as one of the smallest in Western Europe – in a dismal 14th place. In per capita terms, Portugal will have very low expenditure, while generic growth is expected to slow down in the medium-term. This will boost the generic penetration of the market and skewer the uptake of innovative and expensive biotech drugs, says the report. From 2011-2016, Espicom predicts sluggish sales growth due to expected cost-containment measures. In 2010, the cash-strapped Portuguese government slashed prices twice, bringing the cumulative price cut to nearly 15% in less than a single year.