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news.A new government and new policies following the general election in March, 2008 could breathe fresh life into Spain's pharmaceutical industry quoted Scrip, citing Humberto Arnes, president of Farmaindustria, Spain's pharmaceutical industry association.
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According to Mr. Arnes, the cost-containment measures of the government had adverse impact on the fortunes of the pharmaceutical industry, as it affected the R&D allocations and lowered the innovation potential of the companies. It is believed that new regulatory laws linked to the reference pricing system like the ministerial order which added 14 new medicine groups to the reference pricing system, will cost the industry around E180 million annually. The regulatory measures enforced by the government have shaken investor confidence and led to a decline in foreign investment. Consequently Spain’s pharma industry which contributes to around 20% of the cross-sector total invested in R&D in the country, registered decline in growth.
Mr. Arnes said that strict adhering to TRIPS agreement and strengthening of patent protection laws along with relaxation in stringent price regulations adopted by the government may help the pharma industry achieve a turnaround in future.