MEDICINAL PRODUCTS MARKET AND FINANCIAL POSITION OF PHARMACEUTICAL COMPANIES IN THE REPUBLIC OF CROATIA

The healthcare needs are unpredictable and inconsistent, and quite often their costs grow faster than the cost of living and real wages. The average life expectancy is set to increase by development and improvement of the standard of living, which automatically calls for higher expenses for financing of healthcare services. The continuous research and innovation in the segments of healthcare and pharmacy, as well as the increase in the number of expensive innovative medicinal products cause growth of prices of medicinal products sold by retail. The main aim of this paper is to analyse the pharmaceutical products market (level and structure of consumption) in Croatia and to assess the financial position of the main suppliers of medicinal products and the largest market participants - pharmaceutical companies. Following the introduction, the second part analyses the scope of the medicinal products market in Croatia - the institutional framework and the major market participants, especially the distribution of medicinal products in the period from 2010 to 2017 and their consumption. The third part assesses the financial position of ten largest pharmaceutical companies in Croatia in the period from 2013 to 2017 based on the consolidated balance sheets and income statements. It also includes the calculation and analysis of the selected financial performance indicators that are prepared for the assessment of the market position of the major participants. The fourth part comprises the conclusions.