Although still tightly regulated, healthcare industry stakeholders-buoyed by regulatory reforms aimed at increasing patient access to innovative new therapies-are cautiously optimistic that the Czech Republic will further close the gap with Western Europe.
Although dwarfed in size by some of the biggest economies in Europe with which it shares its borders, the Czech Republic is one of the Central and Eastern European (CEE) region’s best-performing economies. Indeed, on a per capita level, the Czechs are well ahead of their CEE neighbors, with GDP (PPP) per capita standing at USD 39,337 in 2019.
Moreover, the Czechs can proudly boast one of the best healthcare systems in the CEE; despite healthcare expenditure as a percentage of GDP standing at 7.2% compared to an EU average of 9.8%. A universal healthcare system funded by seven insurance companies covers the healthcare needs of the vast majority of the country’s 10 million citizens. The Czech healthcare system is “slowly progressing and converging with Western standards,” says Janssen’s managing director, Martin MinaroviÄ. Minister of Health Adam VojtÄch agrees, stating that, “we are comparable to all EU members and can serve as an example to countries in the East."
Against this backdrop stands a USD 3.38 billion domestic pharmaceutical market buoyed by regulatory reforms aimed at increasing patient access to innovative new therapies. Although still tightly regulated, industry stakeholders are cautiously optimistic that the Czech Republic stands to further close the gap with Western Europe.
To view the full article on the Czech Republic’s life sciences and healthcare markets, produced by Focus Reports and featured in Pharm Exec's April 2020 issue, click
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