Serbia recorded a decline in pharmaceutical import prices in June 2026, while exports of domestically produced medicines continued to grow, improving key trade indicators for the sector. Imported pharmaceutical prices fell 4.1% year on year and were 5.9% lower than in December 2025, creating a more favourable procurement environment alongside rising export activity.
During the first quarter of 2026, Serbia exported approximately €172.3 million worth of medicinal and pharmaceutical products, representing a 15.7% year-on-year increase. Pharmaceutical imports declined 15.3% to around €520 million, reducing the sector’s trade deficit from approximately €465.3 million to €347.7 million.
Domestic manufacturers expand while imports remain essential
Despite improving trade performance, Serbia’s pharmaceutical market continues to depend heavily on imported innovative medicines, specialised therapies, active pharmaceutical ingredients and medical products that are not manufactured domestically.
Local producers, including Hemofarm, part of Stada, and Galenika, controlled by Brazil’s NC Group, operate within a market where domestic production is expanding but import reliance remains significant for advanced pharmaceutical products.
The combination of lower import prices and stronger exports represents a favourable shift for domestic manufacturers while preserving the need for imported medicines across several therapeutic categories.
Consumer market growth driven by pricing and product mix
Serbia’s consumer healthcare market reached approximately €842 million in 2025, reflecting 8% value growth while sales volumes remained broadly unchanged. The divergence between value and volume growth indicates that market expansion was primarily supported by pricing and changes in product mix. Lower pharmaceutical import prices during 2026 could influence those market dynamics.
Medicine pricing in Serbia is determined through maximum wholesale prices, reimbursement lists, public procurement procedures, distribution agreements and currency assumptions, meaning lower import-price indices do not automatically translate into immediate reductions in medicine prices for every product.
Procurement opportunities emerge for the public health system
The current pricing environment provides the Republic Health Insurance Fund with additional flexibility in pharmaceutical procurement beyond direct price reductions.
Potential savings may be used to expand medicine availability, reduce supply shortages or accelerate the introduction of biosimilars and generic medicines. Industry representatives have also advocated procedural reforms aimed at shortening the period between marketing authorisation and approval of maximum wholesale prices.
Investment priorities focus on higher-value pharmaceutical production
Domestic pharmaceutical manufacturers also face investment opportunities supported by lower prices for imported equipment and production inputs together with stronger export demand. Expansion projects targeting sterile manufacturing, biologic medicines, high-value generic products and quality-control laboratories could improve production capacity while reducing dependence on lower-margin, volume-based pharmaceutical manufacturing.
The pharmaceutical sector remains exposed to concentrated global supply chains, regulatory developments and shortages of active pharmaceutical ingredients, making procurement policies and supply-chain resilience ongoing considerations despite the current decline in import prices.
