Boston, MA -- (SBWIRE) -- 02/12/2013 -- BMI View: We remain less than optimistic about the short-term growth of the Belgian pharmaceutical market. Through to 2016, the market's value is expected to post a negative compound annual growth rate (CAGR) of -1% in both local currency and US dollar terms, largely on account of cost containment measures and patent expirations. Nevertheless, foreign companies are expected to continue using Belgian production sites for exports, the country also being a popular re-export source.

Headline Expenditure Projections

- Pharmaceuticals: EUR6.12bn (US$8.51bn) in 2011 to EUR5.96bn (US$7.57bn) in 2012; -2.6% in local currency terms and -11.0% in US dollar terms. Local currency forecast broadly unchanged from Q412.
- Healthcare: EUR38.96bn (US$54.15bn) in 2011 to EUR40.05bn (US$50.86bn) in 2012; +2.8% in local currency terms and -6.1% in US dollar terms. Local currency forecast broadly unchanged from Q412.
- Medical devices: EUR1.67bn (US$2.32bn) in 2011 to EUR1.74bn (US$2.21bn) in 2012; +4.2% in local currency terms and -4.8% in US dollar terms. Local currency forecast unchanged from Q412.

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Risk/Reward Rating: Belgium is again ranked sixth out of 10 countries in Western Europe, with its risks and rewards scores virtually mirroring the regional average. Despite the well-developed nature of the market, including the high consumption of patented medicines, growth in the coming years will be moderated by factors such as cost containment initiatives and patent expirations. Key Trends And Developments

- Pharmaceutical and biotechnology companies in Belgium are attracting most of the investment in the sector in Europe, as reported by Reuters in October 2012. Investors, particularly from the US, have been putting funds into small local biotechnology companies that have innovative products, such as ThromboGenics and Ablynx. Strategic buyers are acquiring small players to try to cope with patent expiries and clinical trial failures and replenish their product pipelines, thereby boosting the share prices of Belgian biotechnology firms. In mid-September to mid- October, there was a 20% month-over-month (m-o-m) rise in the share prices of Belgian companies. The shares of Devgen, TiGenix, Ablynx, Galapagos and IBA rose by 65%, 60%, 59%, 29% and 20% respectively.

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