NewswireToday - /newswire/ -
London, United Kingdom, 2010/06/24 - Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report.
The report “UK Pharmaceutical Market Overview” provides detailed analysis of the UK's socioeconomic and demographic trends, healthcare system, regulation, pricing and reimbursement and intellectual property position.
The UK prescription pharmaceutical market was valued at $28.4 billion in 2009. Key growth drivers include growing use of chronic high-value innovative treatments driven by a rising elderly population, high public healthcare expenditure as proportion of total healthcare expenditure, relatively light pricing controls through the PPRS, and speedy domestic drug approvals.
The UK pharmaceutical industry has to some extent been cushioned from the effects of the recession. However, the NHS now faces cuts and with price cuts to be implemented in Southern Europe further stimulating the parallel exportation of drugs out of these markets, branded drug sales in the UK market will certainly be impacted.
The UK's Department of Health is considering imposing mandatory generic substitution at the pharmacist level, as part of the renegotiated PPRS which came into effect in 2009. Mandatory substitution should boost generics volume uptake in the UK, but the extent of the increase is likely to be limited, given the widespread use of generics in the UK.
The UK has a strong track record for drug development. However, Roche and Novartis have threatened to pull out of the UK due to ongoing debates over drug pricing, expensive and bureaucratic clinical trials, and recent non-approval decisions by NICE. Also, a number of key players are downsizing their UK operations in an effort to reduce costs.
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