Pharmaceuticals Industry Trends Belgium - 2022

市場監測

  • 比利時
  • 化學/制藥

2022年03月15日

Sharp output growth in 2021 due to vaccine production

IT Belgium pharma credit risk 2022

Belgium is one of Europe´s largest producers and a major export hub of pharmaceuticals. In 2019 (i.e. prior to the Covid-19 pandemic spread), the small country accounted for 13% of the EU´s pharmaceutical exports and 10% of pharmaceutical R&D investment. Belgium has become a major producer of Covid-19 vaccines, which led to a whopping 83% pharmaceuticals value added output increase in 2021, while pharmaceuticals exports accounted for 15% of total Belgian exports.

IT Belgium pharma output 2022

The health crisis has highlighted the strength of Belgian pharmaceutical companies, which were able to accelerate their R&D in record time and to provide several therapeutic solutions. Additionally, the sector has benefited from pent-up demand for non-Covid-19 related medical treatments and healthcare spending since last year.

For Belgian pharmaceutical producers, competition is strong with their European peer businesses, and Belgian companies will have to continue with high spending in R&D in order to stay ahead, i.e. by launching new patented drugs. In the domestic market, pharmaceutical wholesalers and distributors face increasing pressure on margins, as competition is getting fiercer. Distributors from abroad (e.g. France) have entered the Belgian market, and there has been a sharp rise in e-commerce sales by so-called “para-pharmacies”. Those mainly sell over-the-counter drugs and health care products with no need for medical prescription.

Demand for external financing in the sector is high, in particular from those producers with high R&D expenses. Most pharmaceutical businesses have good access to bank financing, even if they are highly geared. Payment duration in the industry is 30 days on average, and payment behaviour has been good over the past two years. The amount of both payment delays and insolvencies has been low over the past 12 months, and we expect no deterioration of the good credit risk situation in 2022. Therefore, and due to the robust demand situation our underwriting stance remains open for pharmaceutical businesses across all segments.

 

相關資料

免責聲明

Each publication available on or from our websites, such as, but not limited to webpages, reports, articles, publications, tips and helpful content, trading briefs, infographics, videos (each a “Publication”) is provided for information purposes only and is not intended as a recommendation or advice as to particular transactions, investments or strategies in any way to any reader. Readers must make their own independent decisions, commercial or otherwise, regarding the information provided. While we have made every attempt to ensure that the information contained in any Publication has been obtained from reliable sources, Atradius is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in any Publication is provided ’as is’, with no guarantee of completeness, accuracy, timeliness or of the results obtained from its use, and without warranty of any kind, express or implied. In no event will Atradius, its related partnerships or corporations, or the partners, agents or employees thereof, be liable to you or anyone else for any decision made or action taken in reliance on the information in any Publication, or for any loss of opportunity, loss of profit, loss of production, loss of business or indirect losses, special or similar damages of any kind, even if advised of the possibility of such losses or damages.