The text below is kindly provided by Business Monitor International
Growth in the Bulgarian pharmaceutical market will be negatively impacted by the recession that is forecast to hit the country in 2009 and 2010 although it is proving to be more resilient than other sectors. BMI forecasts that drug market expenditure in Bulgaria should grow from US$1.09bn to US$1.16bn between 2008 and 2013, a rise of 1.3% per year.
However, the health budget is being undermined by the economic difficulties facing the country, with the IMF predicting that the economy will shrink by 3.5% in 2009 and 1% in 2010. With government finances being stretched this year by the deterioration in tax collection and increased demand for fiscal stimulus, Bulgarian MPs warned the public that they may be forced to pay for medical services in hospitals.
Bulgarian drugmaker Sopharma registered a 6% year-over-year (y-o-y) growth in sales for FY08. Sopharma’s exports were in line with its FY08 expectations. Revenues from the international markets grew by 14% y-o-y; however, the company witnessed a 6% decline in the domestic market. Sopharma exports products to Russia, the US, Latvia, Vietnam, Ukraine, Kazakhstan, the UK, Georgia, Serbia, Azerbaijan, Moldova, Germany, Mongolia, Albania, Singapore, India, Benin, Hungary, Poland and Armenia.
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