Impact Analysis of Covid-19
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An effective way to reduce the cost of medicines is the compounding of medicinal products. However, pharmaceutical companies in the Netherlands have raised concerns about the safety of compounded drugs that are not approved by European regulators.
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The Netherlands compounding pharmacies market is expected to reach US$ 520.5 million in terms of value by 2027.
Netherlands Compounding Pharmacies Market: Drivers
Growth of the Netherlands compounding pharmacies market during the forecast period (2019 – 2027) is expected to be driven by the rising demand for cheaper medicines and dermatological products. For example, Chenodal (chenodeoxycholic acid) oral tablet 250 mg may cost around US$ 49,391 for 100 tablets. It can be used to treat Cerebrotendinous xanthomatosis (CTX), a rare genetic metabolic disorder of bile acid metabolism and cholesterol that results in neurologic and systemic abnormalities.
Netherlands Compounding Pharmacies Market: Opportunities
Key players are focused on developing compounding medicines to inform in companion animals and livestock. However, the use of compounds in companion animals is not strictly monitored as federal regulation of veterinary medicine is mainly focused on the avoidance of drug residues in food-producing animals.
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Netherlands Compounding Pharmacies Market: Restraints
Strict rules and regulations are expected to hamper the market growth. For example, in April 2018, Academic Medical Centre was warned by the IGJ to stop compounding chenodeoxycholic acid (CDCA) due to infringement of the Dutch Medicines Act.
In 2018, the oral medication segment was estimated to account for US$ 167.7 million in terms of value. The oral medication segment is expected to witness a CAGR of 8.5% during the forecast period and is expected to reach US$ 349.9 million by 2027. The growth of the segment is expected to be driven by the rising demand for cheaper medicines and dermatological products.
In 2018, the pain management segment dominated the Netherlands compounding pharmacies market, accounting for 75.5% share in terms of volume, followed by hormone replacement therapy. The growth of the segment during the forecast period is expected to be driven by the rising incidence of acute and chronic pain.
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To address unreasonable medicines prices, the government in the Netherlands is focused on introducing pharmacy exemption in patent law. For example, In February 2019, article 53(3), the second sentence of the Dutch Patent Act 1995 came into force introducing a patent exemption for the preparation of medicines in a pharmacy.
Compounded drugs are often purchased in case of first-time prescriptions and offer customized benefits compared to the other commercially available drugs. This trend is observed across community compounding pharmacies and hospitals.
Netherlands Compounding Pharmacies Market: Competitive Landscape
Major players operating in the Netherlands compounding pharmacies market are GMP Apotheek Mierlo Hout, Apotheek A15, Vemedia, and Fagron,
Netherlands Compounding Pharmacies Market: Key Developments
Key players in the market are focused on strategic mergers and acquisitions (M&A) to expand their market presence. For example, in April 2018, Fagron acquired Humco, a developer, manufacturer, and supplier of patented delivery vehicles and branded pharmaceutical products in the U.S.
Key players are focused on adopting various strategies such as collaborations to expand their product portfolio in the market. For example, in October 2019, Amsterdam UMC partnered with Quantib, a provider of Medical Imaging AI solutions, and to develop and validate AI software in a joint venture with University Medical Center Utrecht, named Quantib-U.
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- Netherlands Compounding Pharmacies Market, By Product Type:
- Oral Medication
- Topical Medication
- Netherlands Compounding Pharmacies Market, By Application:
- Medication for Adults
- Medication for Children
- Medication for Geriatric
- Medication for Veterinary
- Netherlands Compounding Pharmacies Market, By Therapeutic Area:
- Hormone Replacement Therapy
- Pain Management
- Netherlands Compounding Pharmacies Market, By Facilities:
- Community Pharmacies
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