Spain's pharma community has made necessary adjustments in recession, says PharmaBoardroom report

The Spanish pharma community has remained pragmatic throughout the European recession, says PharmaBoardroom’s Healthcare and Life Sciences Review on Spain.

It highlights the fact that the Spanish pharma industry had been growing at an unsustainable rate, and financial cutbacks across the Eurozone have helped to reshape it. The breaking point came in 2010, when public pharma expenditure hit an all-time high, before the Ministry of Health introduced austerity measures the following year to curb costs, including a 75% price reduction for all patented medicines financed by Spain’s National Health Service, and the de-listing of over 400 medications for minor conditions.

Juan López-Belmonte, chief executive of Laboratorios Rovi, said: "Spain was living in a bubble-like dream in many ways, above what the country and its economic capabilities could deliver.”