Markets
For companies that seek to start or expand their business in this region, Serbia is the place to be for a number of reasons.
Serbia is the only country outside Commonwealth of Independent States (CIS) that enjoys a Free Trade Agreement with Russian Federation, offering customs-free access to its market of 150 million people.
Furthermore, Serbia is in the middle of the South East Europe Free Trade Area that provides duty-free access to a potential market of 55 million people. The local Serbian market itself is among the largest in the region (7.5 million people - 2008.).
Pharmaceutical market
The Serbian market for pharmaceutical is estimated at US$1.17bn. It is expected that the market will continue to expand at a rate of 12% per annum, taking it to US$1.712bn, equal to US$235 per capita by 2013.
Germany and Switzerland accounted for around 21% of imports in 2006. The EU supplied 48.0% of imports in the same year. The value of imports has risen consistently in recent years with an increase of 37.5% in 2006.
Pharmaceutical industry
The pharmaceutical industry in Serbia is dominated by small, privately owned companies, however, industry leaders are large companies.
Serbian pharmaceutical industry exports around 20% of its annual output and meets approximately 60% of the local market's needs. The remaining 40% is being met by imported pharmaceuticals.
New pharmaceutical legislation based on EU directives, was introduced in September 2004. The regulations require manufacturers to update their facilities in accordance with GMP standards within five years, dating from the enforcement of the Law on Medicinal Products and Medical Devices.
Key industry players have already completed this process, as those who fail to do so will simply be forced to withdraw from the market, since their products will be substituted with exported products.
Healthcare system
The condition of the healthcare system is gradually improving, with investments from foreign agencies financing the refurbishment or development of new health centers. However, much equipment remains outdated and there is still a surplus of medical personnel. The private healthcare sector is slowly expanding, although currently it only serves a wealthy minority. The health system in Serbia is funded primarily by the Republican Health Insurance Fund (HIF). The insurance scheme provides universal coverage and reimburses a wide range of services.
*source:SIEPA
*source:www.researchandmarkets.com
