GlobalData Plc
  • Press Release

    Spain’s pharmaceutical market set to show signs of stability, surpassing $25 billion by 2021

The Spanish pharmaceutical market is set to see a slight rise in value from $23.7 billion in 2016 to $25.1 billion by 2021, registering a compound annual growth rate approaching 1%, according to GlobalData, a recognized leader in providing business information and analytics.

The company’s latest report states that the introduction of tax incentives for R&D spending by the Spanish government has assuaged the effect of austerity measures introduced in 2010, allowing the pharmaceutical space to see some recovery.

Driving growth factors for the market include the consolidation of the biotechnology sector, government support, infrastructure for innovation, a highly qualified workforce and a favorable cost benefit ratio of human capita. The aging population will also play a significant role in driving Spain’s healthcare sector to 2021.

Price containment measures introduced by the government include forming homogenous groups of substitutable products so that pharmacists can provide the cheapest drug, eliminating the two-year period that existed for pharmaceutical companies to reduce the price of their medicines below the reference price, and making it mandatory for pharmacists to dispense the cheapest available medicine.Such measures played a part in restricting growth of the pharmaceutical industry, which contracted in value by 13.7% between 2010 and 2014.

Currently, a strong R&D infrastructure and the introduction of tax incentives mean demand for innovative medicines is helping the Spanish pharmaceutical market. The tax incentives meant that the pharmaceutical industry invested $1.2 billion in R&D in 2015.

The government’s investment in the implementation of electronic clinical records and the use of information and communication technology to integrate the services provided by public hospitals with those of the National Health System (Sistema Nacional de Salud, SNS) will also be a boon to the industry. The introduction of e-health services allows patients to make appointments and obtain prescriptions online, improving access and thus driving the healthcare sector.

Information based on GlobalData’s report: CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Spain.

Related Intelligence

Want more Insight like this?

Our interactive subscription platform has the most comprehensive data and analysis in your industry.

Request a Demo

Related Consulting

How can we help your business?

Our consultants are skilled in every specialist market niche to deliver solutions specifically designed for your individual requirements.

Request a Callback

    Press Release Healthcare

    Late-stage CKD-induced comorbidity therapeutics market to reach $10.5bn by 2026

    Sales for chronic kidney disease (CKD)-induced hyperparathyroidism (HPT), hyperphosphatemia (HP), and hyperkalemia (HK) therapeutics were estimated to be $4.2bn across the seven major markets (7MM*) in 2016. This is expected to grow to $10.5bn in 2026, at a Compound Annual Growth Rate (CAGR) of 9.5%, according to GlobalData, a leading data and analytics company.

    Press Release Healthcare

    Majority of oncology clinical trials in China failed to meet enrolment targets

    The majority of oncology clinical trials in China that had a start date between 1 January 2012 and 31 December 2017 failed to meet the planned enrolment targets, according to GlobalData, a leading data and analytics company. The company identified and analyzed enrollment efficiencies of 324 clinical trials during the period and found that on...

    Press Release Healthcare

    Need for supportive care in oncology will increase during the next decade

    The need for effective supportive care in oncology will increase in the next decade as patients continue to live longer and cancer progresses to become more like a chronic disease. This includes the need for chemotherapy-related conditions, as chemotherapy will remain the backbone of cancer therapy for the foreseeable future, observes GlobalData, a leading data and analytics company.

    Press Release Healthcare

    World Cancer Day: What will 2018 mean for cancer research and treatment?

    The theme of this year’s World Cancer Day held on 4th February of “We can. I can.” aimed to reinforce the public message that all individuals and groups can play their part in reducing the global burden of cancer. Indeed in recent years many events have involved collaborations between traditional drug developers, cancer treatment professionals and those of varying disciplines. Examples include the IBM Watson supercomputer which is helping physicians make treatment decisions and the development of other databases such as ASCO’s CancerLinQ which assists oncologists in monitoring and analyzing patient data.

    Press Release Healthcare

    Melanoma sales are projected to rise to $5.5bn in 2026

    The value of the melanoma market was estimated to be $3.3bn across the seven major markets (7MM*) in 2016. This is expected to grow to $5.5bn in 2026, at a Compound Annual Growth Rate (CAGR) of 5.3%, according to GlobalData, a leading data and analytics company.

Media Enquiries

If you are a member of the press or media and require any further information, please get in touch, as we’re very happy to help.

Emailpr@globaldata.com
PhoneEMEA: +44 207 832 4399
PhoneAPAC: +91 40 6616 6809
Onlinecontact online

56% of #consumers are concerned about the impact of diet. Join us for more insight @incosmetics #cosmetics #trends… https://t.co/wJOJOqYIJF