Despite the global economic decline, Central and Eastern European (CEE) countries such as Poland, the Czech Republic, Slovakia, Hungary, Bulgaria and Romania still represent an attractive healthcare market. Both the pharmaceutical as well as medical devices segments have not developed to their full potential, with healthcare expenditures expected to rise further. The increasing importance of this market is attracting multinational corporations (MNCs) for developing proprietary or acquiring local production sites. Merger with or an acquisition of a local market participant is considered as the most efficient way to access the local market and to further expand into the CEE markets.
New analysis from Frost & Sullivan (http://www.pharma.frost.com), Overview of Pharmaceutical and Medical Devices Industry in Central and Eastern Europe, finds that the pharmaceutical and medical devices market will grow on average at 6.9 per cent and 7.4 per cent respectively from 2009 to 2012. Bulgaria and Romania will be the fastest-growing markets, while the Czech and Hungarian markets will experience below-average growth.
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"On one hand, the Western European markets are saturated with marginal scope for growth," says Frost & Sullivan Research Analyst Vitaliy Lehkyy. "On the other hand, CEE countries still boast of an unmet demand for pharmaceuticals and medical devices, driven by the rising purchasing power of the population."