Italy's pharmaceuticals market back on growth path, says BMI

Business Monitor International's proprietary Drug Expenditure Forecast Model reveals that the Italian pharmaceutical market, one of the largest globally, will increase in value in 2009 (in local currency terms), after declining the previous year.

During 2008, over-the-counter (OTC) and prescription medicine sales were 18.87 billion euros ($27.75 billion), down from 19.06 billion euros in 2007. In 2009, it is expected that drug sales will increase by 0.5% to reach 18.97 billion euros. However, in US dollar terms, as a result of the weakening of the euro, drug sales will experience a 3.75% decline, to reach $26.71 billion. By 2014, BMI calculates that Italy's pharmaceutical market will be worth 20.05 billion euros, equating to a 1.12% compound annual growth rate (CAGR) in local currency terms but see a decline of 1.27% in US dollars. Its extended 10-year forecast model projects that drug expenditure will reach 22.74 billion euros by 2019, representing a 2009-2019 CAGR of 1.83% in local currencies and 0.62% in US dollar.

Pharmaceutical spending by the Italian National Health Service - the Servicio Sanitario Nazionale (SSN) - increased by 0.3% year-on-year in the first half of 2009, according to the Association of Italian Pharmacists (Federfarma). Additionally, medicine prescriptions increased by 2.8% in the first half of 2009 compared with the like, 2008 period.