Any drug utilised for medicinal purposes is considered a pharmaceutical. Pharmaceuticals are goods that include drugs in specified dosages and are intended for use in medical care. Concern for one's life and well-being is growing among people. This is the market's motivator.
Netherlands Pharmaceutical Market Driving Factors and Challenges
The country has all the makings of a great biopharmaceutical operation: world-class research institutions, highly educated labour force, excellent healthcare system, and innovative government. A strong indication of the enormous potential for new medication research, infrastructure development, and entry/expansion opportunities is the recent surge in healthcare and medical spending. It is anticipated that the government's concurrent efforts to lower the price of pharmaceutical products will negatively impact the profitability of pharmaceutical companies. In the near future, the Netherlands is expected to negotiate lower medicine pricing with pharmaceutical companies. Consequently, because of the previously mentioned causes, market growth is anticipated during the course of the projection period.
The increasing prevalence of infectious and chronic diseases, the stepped-up R&D efforts of key players for innovative prescription-based pharmaceuticals, and the launch of new products by well-known market players are the main factors driving the segment's rise. The increase in heart disease is one of the primary factors propelling the market's growth. Important advancements achieved by market participants and a rise in product approvals are also contributing to segment expansion. As a result, it is projected that the category will grow in the future as a result of the growing number of illnesses, product approvals, growing public awareness of cardiovascular diseases, and enhanced health recommendations.
However, the high failure rate and expensive expense of producing new items will probably prevent the market from expanding. Because producing pharmaceuticals requires specialised skill sets, there is a serious shortage of skilled workers, which has limited market expansion. Medical equipment and some research organisations are the only places these skill sets are found. Moreover, one of the factors impeding the expansion of the global pharmaceutical market is the volatility of raw material costs. Additionally, there is a growing talent gap because the skills of the pharmaceutical workforce are not up to date with the new biopharma manufacturing environment. Businesses in the biopharmaceutical industry are having difficulty finding the necessary experience in cutting-edge fields like automation, computer science, and process modelling. These are skills that were not necessary in the past for producing pharmaceuticals but are now crucial in the current biopharmaceutical industry. If this skills gap is allowed to grow unchecked and disregarded, it may impede innovation.
Impact of COVID-19 on Netherlands Pharmaceutical Market
A number of lockdown laws that were put in place during the early stages of the COVID-19 epidemic had a big effect on the market. For example, as stated in a January 2021 PubMed Central publication, a cross-sectional study was conducted and the results indicated that the COVID-19 pandemic had a significant effect on the logistic processes and services given by Dutch pharmacies. Drug sales decreased as a result of the cutbacks in these services. Consequently, the market was first greatly impacted by the COVID-19 outbreak. In the course of the study's forecast term, the market under investigation is anticipated to rise steadily following the pandemic.
Netherlands Pharmaceutical Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott Laboratories, AbbVie Inc., Amgen Inc., Astellas Pharma, AstraZeneca PLC, F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co., Novartis AG, Pfizer Inc., Others.
Netherlands Pharmaceutical Market Segmentation:
By ATC/Therapeutic Class: Based on the ATC/Therapeutic Class, Netherlands Pharmaceutical Market is segmented as; Alimentary Tract and Metabolisma, Antiinfectives for Systemic Use, Antineoplastic and Immunomodulating Agents, Antiparasitic Products, Insecticides, and Repellents, Blood and Blood-forming Organs, Cardiovascular System, Dermatological Drugs, Genitourinary System and Reproductive Hormones, Musculoskeletal System, Nervous System, Respiratory System, Sensory Organs, Systemic Hormonal Preparations, Excluding Reproductive Hormones and Insulins, Various ATC Structures.
By Mode of Dispensing: Based on the Mode of Dispensing, Netherlands Pharmaceutical Market is segmented as; OTC, Prescription.
By Region: This research also includes data for East Netherlands, North Netherlands, South Netherlands, West Netherlands.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.