Friday, 7 May 2010

Estonia - What are the future prospects for Estonia’s pharmaceutical and biotechnology industries?

The pharmaceutical and biotechnology markets in Estonia are expected perform well over the next few years, despite the recession.

Estonia is the smallest pharmaceutical market in Central & Eastern Europe, although the per capita figure is above average. Imports account for around 75% of the market and are the most significant factor driving market growth; imports rose by a high double-digit CAGR over 2004-2008. The market is predicted to expand at a moderate CAGR in US dollar terms over the next few years, although the continuing recession may affect the growth rate.

According to the Estonian Biotechnology Association (EBio), Estonia’s biotechnology sector is still at an early stage of development and it will not reach its full potential for around 20 years. EBio has developed the Estonian Biotechnology Strategy 2008-2013, to help advise the government on how it could efficiently support the country’s biotechnology sector and help the sector itself contribute to future development. It is hoped that by 2013, biotechnology will have become Estonia’s fastest-growing sector.

Further reading - An in-depth report on the Estonian pharmaceutical market is available from Espicom: The Pharmaceutical Market: Estonia (published April 2010)

No comments:

Post a Comment