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Product Development is the way Forward in the European Radiopharmaceuticals Market

14 Dec 2007 - A spate of installations of positron emission tomography (PET) and PET/computed tomography (CT) diagnostic scanners has given a new lease of life to the mature, but far from saturated European radiopharmaceuticals market. These installations have not only revived the fortunes of the market, but also boosted the sales of 2-Deoxy-2-[18F] fluoro-D-Glucose (FDG), since a single installation of a PET or a PET/CT scanner can initiate multiple FDG sales. New analysis from Frost & Sullivan, European Radiopharmaceuticals Market, finds that the market earned revenues of $580.8 million in 2007.
 
The rising number of PET and PET/CT scanner installations will increase the number of procedures and thereby, boost market revenue. New products that are customised for specific indications also help revive the market. Product and application development will not only expand the scope of market penetration but also avert price wars by helping the market lose its "generic" tag.
 
"Smaller participants should concentrate on developing radiopharmaceuticals for new application areas through joint ventures with larger companies," says Frost & Sullivan Research Analyst Divya B. "This way, the bigger participants can contribute part of the money for research and later take up the distribution of the product once it obtains Food and Drug Administration (FDA) approval.
 
While high competition and lack of product differentiation have made price-based competition imperative in the European radiopharmaceuticals markets, lack of uniform reimbursement across the continent is further compounding participants' woes. Different countries favour reimbursement for different segments of the market. Hence, a prospective investor might find it more profitable to enter the FDG market in the United Kingdom, while in Sweden, there might be more takers for the therapeutics market.
 
These issues will soon be a thing of the past with the implementation of stringent market regulations. The European Union Council can reduce market complexity by harmonising individual country laws.
 
"Similarly, market participants could lobby for standardization of quality control measures across countries," notes Divya. "The professional organisation representing nuclear medicine physicians in Europe, European Association of Nuclear Medicine (EANM), could also be used to establish research studies and as an ally to governmental lobbying."
 
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the European Radiopharmaceuticals Market, then send an e-mail to Radhika Menon Theodore, using the 'contact' button below.