Compounding of medicinal products is an effective way to reduce the cost of medicines. However, in the Netherlands, drug companies have raised concerns about the safety of compounded medicines that have not been approved by European regulators.
The Netherlands compounding pharmacies market is estimated to account for US$ 520.5 Mn in terms of value by the end of 2027.
Netherlands Compounding Pharmacies Market: Drivers
Increasing demand for cheaper drugs and dermatologic products is expected to boost growth of the Netherlands compounding pharmacies market over the forecast period. For instance, Chenodal (chenodeoxycholic acid) oral tablet 250 mg may cost around US$ 49,391 for a supply of 100 tablets. It is used for the treatment of Cerebrotendinous xanthomatosis (CTX) is a rare genetic metabolic disorder of cholesterol and bile acid metabolism that results in systemic and neurologic abnormalities.
Netherlands Compounding Pharmacies Market: Opportunities
Key players in the market can focus on developing compounding drugs for indication in companion animals and livestock. However, use of compounds in companion animals is not closely monitored as federal regulation of veterinary medicine is largely focused on avoidance of drug residues in food-producing animals.
Netherlands Compounding Pharmacies Market: Restraints
Stringent regulations are expected to hider growth of the market. For instance, 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.
The oral medication segment in the Netherlands compounding pharmacies market was valued at US$ 167.7 Mn in 2018 and is expected to reach US$ 349.9 Mn by 2027 at a CAGR of 8.5% during the forecast period. The growth of the segment is attributed to demand for cheaper drugs and dermatologic products.
The pain management segment held dominant position in the Netherlands compounding pharmacies market in 2018, accounting for 75.5% share in terms of volume, followed by hormone replacement therapy. The growth of the segment is attributed to increasing incidence of acute and chronic pain during forecast period.
The government in the Netherlands is focused on introducing pharmacy exemption in patent law in order to address unreasonable medicines prices. For instance, In February 2019, article 53(3), 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 tend to get repeatedly purchased in case of first time prescriptions, as these offer customized benefits as opposed to those offered by other commercially available drugs. This trend is observed across hospital and community compounding pharmacies.
Netherlands Compounding Pharmacies Market: Competitive Landscape
Major players operating in the Netherlands compounding pharmacies market include, GMP Apotheek Mierlo Hout, Apotheek A15, Vemedia, and Fagron,
Netherlands Compounding Pharmacies Market: Key Developments
Key players in the market are focused on geographical expansion through M&A activities. For instance, 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 in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, 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.
“*” marked represents similar segmentation in other categories in the respective section.