Denmark Pharmaceutical and Medical Device Market worth $3.0 billion & $2.3 billion Respectively by 2020
Dallas, TX (PRWEB) December 05, 2014 -- The report “CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Denmark" is an essential source of information on and analysis of the healthcare, regulatory and reimbursement landscape in Denmark. Increasing demand for medicine and higher healthcare expenditure, as well as government healthcare reforms, will drive the pharmaceutical market. However, government-initiated price-cap agreements may restrain growth. The pharmaceutical market in Denmark was valued at $3.5 billion in 2013, dominated by the antineoplastic, Central Nervous System (CNS) and anti-infective drugs segments. The increasingly elderly population and the corresponding increase in the incidence of chronic diseases such as cancer and CNS diseases will boost future growth. Complete Report is Available @ http://www.reportsnreports.com/reports/319488-countryfocus-healthcare-regulatory-and-reimbursement-landscape-denmark.html .
The pharmaceutical market is expected to grow at a steady rate in the Danish krone but decline in US dollars at a Compound Annual Growth Rate (CAGR) of 2.2% from $3.5 billion in 2014 to $3.0 billion in 2020 (SSI, 2014). In 2013, the medical device market was valued at $1.6 billion, having grown at a CAGR of 4.8% from $1.3 billion in 2008, driven by the increasingly elderly population and the consequent increase in the demand for healthcare products, services and new technologies. The major segments were ophthalmic devices (22.9%), In Vitro Diagnostics (IVD) (13.0%), orthopedic devices (10.5%), diagnostic imaging (7.4%), and healthcare IT (6.9%). Order a Purchase copy of this report @ http://www.reportsnreports.com/Purchase.aspx?name=319488 .
As a member of the EU, Denmark shares a common regulatory platform with other member states and thereby has a transparent regulatory system to facilitate the fast approval of pharmaceutical products and medical devices.
The healthcare market in Denmark is strictly regulated. The Marketing Authorization (MA) of pharmaceutical products and medical devices is regulated according to EU regulations. The Danish Health and Medicine Authority (DHMA) is the regulatory authority responsible for the approval of medicines. It was formed on March 1, 2012, with the merger of the Danish National Board of Health (NBH) and the Danish Medicines Agency (DHMA, 2014g). The national procedure for the registration of pharmaceutical products takes an average of six to 12 months, which is less than the average time taken by regulatory authorities in the US (322 days) and the EU (366 days). Authorization by either the EU or DHMA is required for selling pharmaceutical products in Denmark.
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The Danish Patent and Trademark Office (DKPTO) regulates the granting of patents and trademarks according to the Patent and Trademark Act and provides exclusive rights to the patent holder for 20 years. The DKPTO provides e-services to facilitate the registration process and provide transparency to customers. In 2013, the share of patient Out-Of-Pocket (OOP) expenditure was 12.2%, which is lower than in Germany (12.9%) and Italy (18%) (OECD, 2014b). Public healthcare expenditure accounted for approximately 85.7% of healthcare expenditure (World Bank, 2012n).
The decline in the real estate market and the global economic crisis sent Denmark into a recession in 2008, and in 2011 it suffered as a result of the eurozone crisis. Gross Domestic Product (GDP) declined by 0.8%, in 2008, and by 5.7%, in 2009 (IMF, 2014b). Denmark exited recession in early 2012, owing to strong government finances and the implementation of increased tax rates and loans. The central government financing requirement is expected to be DKK132 billion ($22.4 billion) in 2013 and DKK112 billion ($19.1 billion) in 2014. The financing requirement was met through borrowing or by drawing on the central government account (MoF, 2014).
The government failed to control external debts, and central government debt increased to 43% in 2013, from 33% in 2008. Foreign Direct Investment (FDI) decreased from $2.4 billion in 2012 to $1.6 billion in 2013. The government took various measures, including the primary suspension of property taxes and registration fees, to boost the real estate market and gain consumer confidence (DCC, 2013b). The unemployment rate reached a high mark of 7.1% in 2013. In order to curb central government debt, the central government’s domestic financing requirement in 2014 has been increased by DKK109 billion ($5.4 billion) in connection with Budget May 1, 2014 (MoF, 2014). Accordingly, the target for domestic bond issuance was changed from DKK75 billion ($12.8 billion) to DKK100 billion ($17.1 billion) in 2014 (DNB, 2014).
With the current economic reforms taken by the government to curb national debt, the GDP is expected to rise by 1.5% in 2014 and 1.7% in 2015.
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