Pharmaceutical export price to peak in 2024

The Spanish pharmaceutical industry is accelerating price increases for its exports. In August, medicines produced in Spain increased their export prices by 1.7% year on year, recorded the biggest increase this year. According to the National Institute of Statistics (INE), the index of export prices for industrial products (Iprix) increased by 1.6% in July. On the other hand, the import price index (Iprim) fell by two tenths, from 0.8% in July to 0.6% in August.

With rising export prices He pharmacy The Spanish language maintains a positive trend that has continued since July 2018.the last month in which export prices fell. At the end of 2023, Iprix for the sector registered growth of 2.3%, compared with growth of 3.6% a year earlier. The biggest increase in recent years occurred in February 2023, when pharmaceutical exports rose 5.8% year on year.

In general industry in Spain The Iprix index was up 0.9% in August compared with the same month in 2023.the rate is one tenth lower than in July. As for import prices of industrial products, in the eighth month of the year they increased by 1% year on year, which is one point lower than in the previous month.

After recovering in August, import prices posted four straight months of year-on-year growth, while export prices added three months of positive gains.

According to statistics, among the sectors that positively influence the dynamics of industrial export prices, energy stood out, which in August raised its annual figure by two tenths, to negative 4.7%. due to the increasing cost of production, transportation and distribution of electrical energy.

Between July 2021 and November 2022, inflation led to double-digit increases in export prices across the industry, pushing up pharmaceutical prices. The above-mentioned increase in prices for production, transportation, electricity and gas entailed additional costs of 1.5 billion euros.According to a report by International Financial Analysts (AFI) commissioned by Farmaidustria in June 2023.

The report stated that the increased costs should be absorbed by pharmaceutical companies without affecting the selling price as it is a regulated market. In particular, out of more than 1.5 billion additional costs, 504 million registered in 2021, and the rest, almost a billion, in 2022..

Iprix is ​​a short-term indicator that measures the monthly dynamics of prices for industrial products produced on the domestic market and sold on the foreign market. For its part, Iprim measures the dynamics of prices for industrial products in the rest of the world. To obtain it, a continuous monthly survey is carried out, during which industrial enterprises operating in the foreign market are examined monthly.