Consumption of generic medicines up in volume, down in value

Consumption of generic medicines (in value) remained at low levels in Greece despite increased use, an ICAP survey released on Monday said.

Total pharmaceutical spending (public and private) grew to 8.461 billion euros in the period 2006-2009 (3.7 pct of the country’s GDP), falling to 5.780 billion in 2017 (3.3 pct of GDP).

Public pharmaceutical spending grew at an average annual rate of 14.6 pct in 2006-2009 falling to 1.945 billion euros in 2017 (recording an average annual rate of decline of 11.2 pct in 2010-2017) and was expected to remain around this level in 2018.

Private pharmaceutical spending grew strongly in the 2012-2015 period rising to 3.875 billion euros in 2016 and 3.835 billion in 2017.

Stamatina Panteleou, head of Economic Surveys ICAP, said that the penetration of generic medicines in the total market was around 18 pct in value and 23 pct in volume in 2017, up 4.6 pct from the previous year in volume, but down in value due to successive price reductions.

Domestically produced generic medicines covered around 45-50 pct of total pharmaceutical production in Greece, with the industrial production index for pharmaceutical products rising 18.1 pct in the January-August 2018 period compared with the same period in 2017.