By G. Sakkas
[email protected]
Accumulated losses in the retail pharmacy sector over the 2009-2016 reached 2.85 billion euros, according to a recent study by ICAP. Turnover in 2016 was estimated at 4.795 billion euros.
The sector nevertheless appeared to stabilize in 2016, losing only 1 percent, yoy. The development was attributed to an increase in the sale of non-prescription drugs and other products usually sold at pharmacies.
The ICAP study, which was unveiled by “N”, is the fifth by the Athens-based economic studies group on the sector.
According to results of the study, the decrease in sales is not attributed to a reduction in consumer visits to pharmacies, but rather due to a reduction in the average expenditure per receipt. Lower drug prices and intense efforts by the state to steer demand to cheaper brands, and especially generic products.
According to ICAP senior consultant Markos Kontes, retail sales of pharmaceuticals increased by 11 percent, on average, between 2004 and 2009.
In fact, 2009, which is usually viewed as the last year before the crushing economic crisis emerged in Greece, posted a historic record in terms of retail pharmaceutical sales, with turnover of pharmacies totaling 7.7 billion euros — in a country with roughly 11 million residents.
Sales of pharmaceutical through pharmacies reached 4.119 billion euros in 2015, down from 4.234 billion euros (a loss of 2.7 percent) from the previous year. Finally, the forecast for 2016 is 4.050 billion euros.
