The pharmaceutical market in Spain is around 25 billion dollars, with an annual growth forecast of close to 1%. Growth is being driven by the consolidation of the biotechnology sector, government support, an infrastructure that encourages innovation, the availability of highly qualified labor and the favorable human capital cost-benefit ratio. An aging population plays a key role in boosting the Spanish health sector.
According to Global Data, the introduction of tax incentives for R&D spending by the Spanish government, has eased the impact of the austerity measures of previous years, and as a result the pharmaceutical industry has recovered part of what was lost. Following the introduction of price containment measures by the Spanish government, which included homogenizing pools of substitutable products so that pharmacists could provide the cheapest drug, and removing the two-year period that existed for pharmaceutical companies to reduce the prices of their medicines below the reference prices, pharmacists were obliged to dispense the cheapest medicine available.
The Spanish pharmaceutical industry invests annually between 1,2 and 1,5 billion dollars in R&D, encouraged by tax incentives, which has helped create a strong R&D base. The demand for innovative medicines is expected to help boost the local pharmaceutical market. The government is also investing in the implementation of electronic clinical records and the use of information and communication technologies to integrate the services provided by public hospitals with those of the National Health System. The introduction of e-health services will allow patients to make appointments and obtain prescriptions online, improving access and thereby boosting the healthcare sector.
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