The Polish pharmaceutical industry is projected to record a steady compound annual growth rate of 3.2%, according to a report by GlobalData.

Titled ‘CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Poland’, the report forecasts the industry to grow from $9.4bn last year to $11bn by 2021.

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The Polish pharmaceutical sector recorded a slump in 2012 following the implementation of the reimbursement act, which reduced reimbursed drug prices, and profit margins for wholesalers and retailers.

"Poland’s healthcare system is one of the most advanced systems in the Commonwealth of Independent States region."

Recovery of the market is being primarily driven by the increases in elderly population and associated disease, availability of inexpensive medicines, and clear regulatory guidelines. In addition, Poland’s healthcare system is one of the most advanced systems in the Commonwealth of Independent States region.

The country’s population has access to universal healthcare coverage, while reimbursement ensures compliance and easy access to medicines. The country also has lower drug prices compared to other EU member countries.

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Focus on boosting foreign investments and funds from the EU are other factors aiding growth in the country. The Operational Program for Infrastructure and Environment 2014-2020, aimed at increasing foreign investments, is financed by both the European Development Fund (ERDF) and the European Social Fund (ESF). The government has also set aside approximately €2.28bn ($2.92bn) for investing in various healthcare measures.

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With annual revenues of $100m, the biotechnology sector is also expected to provide opportunities for growth and has been recognised as an economic priority by the government.