Pfizer’s recent decision to open a European logistics hub in Romania is a strong evidence of a long term commitment that international pharmaceutical manufacturers are increasingly demonstrating towards the Romanian market and indeed a broader Eastern European region. Romania continuously improves its scoring in the context of trained workforce, pharmaceutical supply chain efficiency, compliance standards and competitive advantages compared to other CEE countries.
The uncertainties, unpredictability and abundance of changes that used to mark the pharmaceutical market in Romania are increasingly superseded by stability, growth and accessibility of the logistics structures and overall pharma supply chain.
The positive dynamics in the pharmaceutical and medical device sectors in the country are underpinned by the sturdy economic performance. Romania’s GDP growth accelerated by 6.1 percent in the second quarter of 2017. In September, the international experts raised their forecast for Romania's 2017 economic growth to 5.6% from 5.2% projected previously based on expectations of a more robust performance across all industrial and consumption sectors.
The market for medical devices in Romania has grown significantly in recent years, as general health spending has increased. It was valued at c. EUR552mn in 2016 and is forecast to grow at 5% per annum to achieve the value of EUR580mn in 2017. The market remains heavily reliant on imports with the share of imported products exceeding 80%. The best growth prospects for suppliers are reported to be in oncology, anaesthesia, dental products and intensive care areas.
According to Cegedim, in 2016 the pharmaceutical market in Romania was valued at RON12.95bn (EUR2.8bn) which represents a 10.6 percent year-on-year growth. With the exception of 2015, when the market recorded a negative result, the local pharmaceutical market has recorded constant growth over the last 12 years.
Despite the buoyant pharma market growth dynamics, international pharmaceutical manufacturers are facing the challenges of price cuts for off-patent medicines by Romanian state authorities alongside parallel drug exports and claw-back tax issues.
For further information regarding regulatory submissions, MA approval and national authorisation procedures in Central and Eastern Europe, please contact Jane Smith at Grove Group Pharmaservices email@example.com or visit our website www.groveonline.com