Espicom market intelligence, brought to you by Business Monitor InternationalOVERVIEW OF THE PHARMACEUTICAL MARKET IN SERBIAWhile the market is small in terms of absolute numbers, relative per capita spending on medicines is expected to improve over the long term. As the country continues its economic convergence with developed Europe, drug consumption is also expected to rise. However, financial inefficiencies within the health insurance system mean that the National Health Insurance Institution ( RZZO ) is unable to always meet its obligations on time, leaving patients to pay for formerly reimbursed medicines or hospitals having to cover the difference .Headline Expenditure Projections Pharmaceuticals: RSD75.70bn (US$1.03bn) in 2011 to RSD81.44bn (US$0.92bn) in 2012; +7.6% in local currency terms and -11.0% in US dollar terms. Healthcare: RSD347.71bn (US$4.74bn) in 2011 to RSD367.32bn (US$4.14bn) in 2012; +5.6% in local currency terms and -12.6% in US dollar terms. Medical devices: RSD16.64bn (US$223mn) in 2011 to RSD19.98bn (US$223mn) in 2012; +20.1% in local currency terms and -0.7% in US dollar terms. Competitive Landscape The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.

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The Pharmaceutical Market: Serbia, Business Monitor International
Published on January 2013
Report Summary
Espicom market intelligence, brought to you by Business Monitor International
OVERVIEW OF THE PHARMACEUTICAL MARKET IN SERBIA
While the market is small in terms of absolute numbers, relative per capita spending on medicines is expected to improve over the
long term. As the country continues its economic convergence with developed Europe, drug consumption is also expected to rise.
However, financial inefficiencies within the health insurance system mean that the National Health Insurance Institution ( RZZO ) is
unable to always meet its obligations on time, leaving patients to pay for formerly reimbursed medicines or hospitals having to cover
the difference .
Headline Expenditure Projections
Pharmaceuticals: RSD75.70bn (US$1.03bn) in 2011 to RSD81.44bn (US$0.92bn) in 2012; +7.6% in local currency terms and
-11.0% in US dollar terms.
Healthcare: RSD347.71bn (US$4.74bn) in 2011 to RSD367.32bn (US$4.14bn) in 2012; +5.6% in local currency terms and -12.6% in
US dollar terms.
Medical devices: RSD16.64bn (US$223mn) in 2011 to RSD19.98bn (US$223mn) in 2012; +20.1% in local currency terms and -0.7%
in US dollar terms.
Competitive Landscape
The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales -
for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.
Table of Content
Table of Contents
Executive Summary 7
SWOT Analysis 9
Serbia Pharmaceuticals And Healthcare Industry SWOT 9
Serbia Political SWOT 10
Serbia Economic SWOT 10
Serbia Business Environment SWOT 11
Pharmaceutical Risk/Reward Ratings 12
Table: Emerging Europe Regional Pharma Risk/Reward Ratings For Q113 12
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Rewards 13
Risks 13
Market Summary 15
Regulatory Regime 16
Table: The Number of Products On The Drugs List 16
Corruption In The Healthcare Sector 19
Intellectual Property Environment 21
Promotion 22
Pricing Regime 25
Price Developments 26
Reimbursement Regime 27
Table: Leading Suppliers Of Medicines To RZZO, By Value (RSDmn) 30
Table: Cost Of Prescriptions Covered By RZZO By Anatomical Therapeutic Chemical (ATC) Classification (RSD '000) 30
Industry Developments 31
Epidemiology 31
Communicable Diseases 31
Non-Communicable Diseases 32
Healthcare Sector 33
Table: Major General And Specialised Hospitals 35
Healthcare Insurance 36
Healthcare Debts 37
Clinical Trials 39
Medical Devices 40
Table: Medical Device Classification In Serbia 40
Industry Forecast Scenario 42
Overall Market Forecast 42
Table: Pharmaceutical Sales Indicators 2008-2016 43
Healthcare Market Forecast 44
Table: Healthcare Expenditure Indicators 2008-2016 45
Table: Healthcare Governmental Indicators 2008-2016 45
Table: Healthcare Private Indicators 2008-2016 46
Key Growth Factors ' Macroeconomic 46
Table: Serbia ' Economic Activity 50
Prescription Drug Market Forecast 50
Table: Prescription Drug Sales Indicators 2008-2016 51
Patented Drug Market Forecast 52
Table: Generic Drug Sales Indicators 2008-2016 53
Generic Drug Market Forecast 53
Table: Generic Drug Sales Indicators 2008-2016 54
OTC Medicine Market Forecast 55
Table: OTC Medicine Sales Indicators 2008-2016 56
Pharmaceutical Trade Forecast 56
Table: Exports Indicators 2008-2016 58
Table: Imports Indicators 2008-2016 58
Table: Trade Balance Indicators 2008-2016 59
Medical Device Market Forecast 59
Table: Medical Devices Sales Indicators 2008-2016 60
Other Healthcare Data Forecasts 60
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Key Risks To BMI's Forecast Scenario 61
Competitive Landscape 62
Investment Climate 62
Pharmaceutical Industry 62
Table: Companies Involved In The Serbian Pharmaceutical Industry 63
Domestic Pharmaceutical Industry 64
Domestic Company Activity 65
Foreign Pharmaceutical Industry 66
Table: Proposed Members Of Serbia's Pharmaceutical Industry Association 67
Foreign Company Activity 68
Pharmaceutical Wholesale And Retail 68
Company Monitor 71
Indigenous Company Profiles 71
Hemofarm (Stada) 71
Galenika 74
Zdravlje Actavis (Watson + Actavis) 78
Jugoremedija 81
Multinational Company Profiles 83
Pfizer 83
GlaxoSmithKline 84
Novartis 85
Sanofi 86
Merck & Co 87
Krka 88
Demographic Outlook 90
Table: Serbia's Population By Age Group, 1990-2020 ('000) 91
Table: Serbia's Population By Age Group, 1990-2020 (% of total) 92
Table: Serbia's Key Population Ratios, 1990-2020 93
Table: Serbia's Rural And Urban Population, 1990-2020 93
Glossary 94
BMI Methodology 96
How We Generate Our Pharmaceutical Industry Forecasts 96
Pharmaceuticals Business Environment Ratings 97
Risk/Reward Ratings Methodology 97
Ratings System 97
Table: Pharmaceutical Business Environment Indicators 98
Weighting 99
Table: Weighting Of Components 99
Sources 99
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