The Opinion
of Juan Carlos Portasany, Commercial Director at BMS
Challenges and Opportunities in the Healthcare Sector in Portugal
Since January 2024, I have had the privilege of being welcomed in Portugal in my new role as Commercial Director at BMS. Our company, which will celebrate 60 years in Portugal next year, has been providing Portuguese patients with innovative medicines in key areas such as lung, gastric, renal, melanoma, colorectal, and multiple myeloma cancers, as well as cardiovascular diseases, multiple sclerosis, and rheumatoid arthritis, among others. Additionally, in the specific case of cancer, we have been global pioneers in the development of immunotherapy.
In my opinion, Portugal holds untapped potential, with numerous factors that could drive its growth and competitiveness in the coming years. Since my arrival, I have noticed and conveyed the idea that “Portugal is in vogue.” This country is characterized by its safety, controlled debt and inflation rates, low unemployment, and a GDP growth forecast above the European average. Moreover, it boasts excellent infrastructure and a highly skilled population, particularly in terms of language proficiency. With three major geographic hubs—Lisbon, Porto, and the Algarve—and a centralized political-economic operational structure, Portugal has the ability to streamline its strategic decision-making and, if it chooses to, can do so efficiently.
One of the most striking differences I have noticed since my arrival, compared to my home country, is the importance that healthcare holds for the Portuguese population. Healthcare-related topics are frequently discussed in the media, and recently, a report published by the TOP Health Association highlighted that, among the areas of economy, politics, and security, healthcare is the primary concern of respondents, with 81.7% ranking it as the most important issue.
However, the same study indicates that 45% of respondents consider the state of healthcare in Portugal to be poor or very poor. Given this data, it is necessary to reflect on several aspects:
Firstly, although the healthcare budget in the State Budget is increasing, the percentage of GDP allocated to healthcare in Portugal remains several points below the European Union average.
Secondly, Portugal has one of the highest percentages of people over 65 years old in the world (approximately 1 in 4 people), which should lead to an increase in the healthcare budget to ensure better care for the population.
In my opinion, the pharmaceutical industry, particularly the American one, can play a much more significant role in investing in the country and being part of the solution to this negative perception among the Portuguese. However, to achieve this, several aspects need to be addressed to facilitate greater investment from the industry in Portugal:
Increasing the focus on clinical trials: Clinical trials represent an opportunity for patients to access the most innovative medicines, a development opportunity for healthcare professionals, and a significant source of investment from the industry in the country. While there have been improvements in recent years, there is still much work to be done to foster better collaboration between the industry and public administration. At BMS, for instance, we are the fifth company with the most active clinical trials in Portugal (Atlas of Clinical Trials in Portugal, Apifarma, H1 2024), and we could invest even more if the bureaucratic environment were improved.
Improving patient access to medicines: According to the latest EFPIA study (June 2024), it takes 710 days in Portugal (794 for oncology drugs) from the time medicines are approved in Europe until they become available to the patients who need them. This places Portugal among the lowest-ranking countries in Europe, although it is true that the availability rate for oncology medicines is one of the highest in Europe (73%). It is essential for the industry and the government to continue working together to reduce these delays.
Removing barriers to business growth: To attract investment in the healthcare sector from companies, especially multinational ones, it is necessary to eliminate any restrictions on business growth and to view healthcare as an investment rather than an expense. A recent study by Farmaindustria, the Spanish pharmaceutical industry association, indicates that the pharmaceutical industry generates over €27 billion in added value in Spain, nearly 2% of the country’s GDP. Portugal has the opportunity to leverage the potential of this industry.
Streamlining legal processes in the business environment: To attract business investment, the legal environment must not only be secure but also agile when issues arise. In cases of industrial and intellectual property, it is crucial that judicial procedures are swift and that patent exclusivity periods are upheld to encourage pharmaceutical industry investment in innovation.
The COVID-19 pandemic has taught us a valuable lesson about the importance of rethinking what truly matters in our daily lives. It has shown us that without health, there is no economy or future. Now, we will see if we have learned this lesson and if we focus on what truly matters.
References:
1.- Estudo TOP Health apresentado na APIFARMA – Apifarma
2.- https://www.indexmundi.com/es/datos/indicadores/SP.POP.65UP.TO.ZS/rankings
3.- Atlas dos ensaios clínicos em Portugal: Dados globais
4.- https://www.efpia.eu/media/vtapbere/efpia-patient-wait-indicator-2024.pdf