Medical devices: EUR670mn (US$931mn) in 2011 to EU607mn (US$771mn) in 2012; -9.3% in local currency terms and -17.1% in US dollar terms. Forecast unchanged from Q3 12.

1. The Pharmaceutical Market: Greece
THE PHARMACEUTICAL MARKET: GREECE - REVIEW
The immediate threat of a Greek default and eurozone exit was reduced as the outcome of the legislative elections in June had a much more benign outcome than
many feared. A n exit would have - and could still be - disastrous for drugmakers operating in the market. But even Greece staying in the monetary union means
the government must continue with its austerity programme. While we continue to hold to our view that Germany and the rest of the EU may reduce the focus on
austerity and introduce some pro-growth strategies, these are unlikely to generate any upside for the pharmaceutical industry and structural reforms within Greece
will be maintained. T he government remains committed to huge cuts in its public drug expenditure for 2012, with a painful claw-back tax in operation and no
extra resources available to pay-back existing debts.
Headline Expenditure Projections
Pharmaceuticals: EUR6.72bn (US$9.35bn) in 2011 to EUR5.92bn (US$7.52bn) in 2012; -12.0% in local currency terms and -19.6% in US dollar terms. Forecast
broadly maintained from Q3 12.
Healthcare: EUR21.80bn (US$30.31bn) in 2011 to EUR20.34bn (US$25.83bn) in 2012; -6.7% in local currency terms and -14.8% in US dollar terms. Forecast
broadly stable from Q3 12.
Medical devices: EUR670mn (US$931mn) in 2011 to EU607mn (US$771mn) in 2012; -9.3% in local currency terms and -17.1% in US dollar terms. Forecast
unchanged from Q3 12.
Risk/RewardRating
In our latest RRRs, we have revised down our assessment of the Greek market, with a downgrade to the industry risk score as a result of broadly unfavourable
operating conditions worsening, specifically re-payment terms, which we have criticised previously, and our assessment of whether innovative drugmakers would
want to launch new products on the market.
Competitive Landscape
The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical
sector, as well as the OTC, generics, and distribution sub-sectors.
table Of Contents
bmi Industry View 7
swot 10
political 12
economic 13
business Environment 14
industry Forecast 15
pharmaceutical Market Forecast 15
table: Greece Pharmaceutical Sales, Historical Data And Forecasts 18
healthcare Market Forecast 19
table: Healthcare Expenditure Trends, Historical Data And Forecasts, 2009-2017 20
table: Healthcare Governmental Indicators, 2009-2017 20
table: Healthcare Private Indicators, 2009-2017 21
economic Analysis 21
table: Economic Activity 25
prescription Drugs Market Forecast 26
table: Prescription Drug Sales Indicators, 2009-2017 27
patented Drugs Market Forecast 28
table: Patented Drug Sales, 2009-2017 29
The Pharmaceutical Market: Greece

2. generic Drugs Market Forecast 30
table: Generic Drug Sales, 2009-2017 31
otc Medicine Market Forecast 32
table: Otc Medicine Sales, 2009-2017 33
table: Otc Medicine Sales Breakdown, 2007-2010 33
pharmaceutical Trade Forecast 34
table: Pharmaceutical Trade Forecast, 2009-2017 35
key Risks To Bmi's Forecast Scenario 36
industry Risk Reward Ratings 37
table: Central And Eastern Europe Pharmaceutical Risk/reward Ratings, Q213 37
rewards 38
risks 39
market Overview 41
industry Trends And Developments 44
epidemiology 44
healthcare Sector 45
infrastructure 49
table: Inpatient Facilities And Beds By Speciality, 2008 49
table: Outpatient Facilities And Beds By Region, 2008 50
drug Retailing 51
table: Pharmacies By Region, 2007-2009 51
regulatory Development 52
regulatory Regime 52
intellectual Property Regime 53
pricing Regime 53
table: Quarterly Total Sales Volume Per Medicinal Product (additional To 9% Of The Current Decision Rebate Amount) 55
reimbursement Regime 58
competitive Landscape 61
The Pharmaceutical Market: Greece

3. company Profile 63
abbott Laboratories 63
alapis Pharma 65
elpen 68
genesis Pharma 70
glaxosmithkline 72
kleva 74
lavipharm 76
merck Sharpe & Dohme 78
novartis 80
sanofi 82
pfizer 84
pharmathen 86
vianex 88
demographic Forecast 90
table: Greece's Population By Age Group, 1990-2020 ('000) 91
table: Greece's Population By Age Group, 1990-2020 (% Of Total) 92
table: Greece's Key Population Ratios, 1990-2020 93
table: Greece's Rural And Urban Population, 1990-2020 93
methodology 94
methodology 94
risk/reward Ratings Methodology 94
ratings Overview 95
table: Pharmaceutical Business Environment Indicators 95
weighting 96
table: Weighting Of Components 96
sources 96
The Pharmaceutical Market: Greece

4. glossary 97
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The Pharmaceutical Market: Greece