Paul Thomen

Tuesday, 30 April 2013

Japan Pharmaceutical Market Outlook Deregulation and Foreign Investment

The Declining and Rapidly Aging Population Presents Significant Challenges to the Healthcare System and Economy as a Whole

Japan had a population of 127,817,277 in 2011, making it the 10th most populated country in the world (The World Bank, 2012). However, since 2005, as the number of deaths exceeded that of births, the population has declined. Without significant government intervention, the depopulation process is expected to continue.

The proportion of people aged 65 or over is 23.3% and projected to reach 29.1% by 2020 and almost 40% by 2050 (Statistical Research and Training Institute, 2012).

These demographic changes will present further challenges to a stagnating economy, which, as the data in this report confirms, is already struggling with reduced economic growth. A diminishing workforce and falling productivity levels will likely add to the economic difficulties Japan is experiencing.

The associated increase in disease burden has also had implications for the healthcare system. Healthcare expenditure has risen, and is set to rise further as the population continues to age.

In 2010, Japan’s healthcare spending per capita was $4,065.4, a significant increase from 2005.

Japan’s universal healthcare system may therefore prove unsustainable as the government looks to control spending. A combination of pro-generic policies, government initiatives to prevent lifestyle diseases, and higher copayments should help to keep healthcare expenditure under control.

Regulatory Reform will Continue to Attract Foreign Pharmaceutical Companies

The ongoing deregulation of the Japanese pharmaceutical industry has made it an attractive market for big pharma. Improvements to the new drug approval process have significantly shortened the approval time. Consultation services provided by approval bodies have been expanded and improved, approval standards have been clarified and the number of trained personnel involved in the review process has increased.

Many of these changes have occurred following the introduction of a number of plans and government policies. Plans are currently being implemented to shorten the review period and improve cooperation with other countries, particularly Western and other Asian nations, such as the Second Medium Range Plan (2009–2014), which includes the International Strategic Plan.

In April 2007, the government introduced the 5-Year Strategy for the Creation of Innovative Pharmaceuticals and Medical Devices, which contributed towards the reduction in lag time associated with new product approvals.

In addition to attracting foreign investment, deregulation has also improved the competitiveness of Japan’s pharmaceutical companies. The market now consists of multinational players such as Takeda and Daiichi Sankyo, who market leading products globally.
Takeda Maintains its Position as the Leading Company in the Japanese Pharmaceutical Industry

Takeda maintained its position as the leader in Japan’s pharmaceutical industry in 2012, with revenues of $18.9 billion. This was followed by Otsuka Holdings, Astellas, Daiichi Sankyo and Eisai.

M&A activity has become a common theme within the global pharmaceutical industry. This is often a strategic response to patent expirations, reduced R&D productivity and the need to cut costs.

The Japanese pharmaceutical industry has followed this trend. Although historically dependent on domestic R&D, the recent globalization of Japanese companies has been driven by enhanced M&A activity. Significant deals have been completed in the US, Europe and developing nations, such as China, India and Brazil.

With a total of 20 M&A, including two recently announced, Takeda has been the most active Japanese company.

The M&A strategy is seen as necessary for pharmaceutical companies keen to expand product pipelines following patent expirations and gain access to untapped markets. It is hoped that such strategic measures will help develop or maintain growth and revenue.

Reasons to buy

- Primarily, the report will allow clients to gain a strong understanding of the economic and healthcare challenges facing Japan.
- In addition, the report will assist in identifying opportunities within Japan’s pharmaceutical market, including:
- Potential for market growth – A number of factors could provide strong potential for sales growth in the Japanese pharmaceutical market. Examples include the world leading life expectancy and associated increase in lifestyle diseases, and government initiatives to prevent such diseases, which provides opportunities for healthcare and pharmaceutical companies, who often carry out the work.
- The report provides a source of information covering Japan’s regulatory landscape, and importantly, recent deregulation, to help identify the reasons Japan has become an attractive market for big pharma.
- The report will provide new market entrants with a comprehensive overview of the leading Japanese pharmaceutical companies, and the specific therapeutic indications they are currently targeting.
- Overall, allowing clients to determine whether the Japanese pharmaceutical market will provide them with commercially viable opportunities for growth.

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Lubricants Industry 2017 Developing Markets Expected to Lead Future Demand Growth

Matured Developed Lubricant Markets Move into Decline, Promising Outlook for Developing Markets

In recent years, debt has meant that developed US and European economies have moved into decline, while there is a promising outlook for the lubricants market in emerging economies in the regions of Asia-Pacific and Middle East and Africa in coming years. The Asia-Pacific region accounted for the largest share of global lubricants demand with 42% of the overall lubricants market in 2012. By 2017, with the exception of Europe and North America, all regions are expected to increase their global share, with the Asia-Pacific region expected to account for 46%, while the Middle East and Africa and South and Central America are expected to account for respective shares of 11.6% and 8.9% of the global lubricants market. Europe and North America are expected to account for 16.7% of global lubricants demand each by 2017.

Asia-Pacific is Largest and Fastest Growing Regional Lubricants Market

The Asia-Pacific region is the largest and fastest growing regional lubricants market worldwide. The region accounted for a share of almost 42% of the global lubricants market in 2012. Asia-Pacific is expected to register the highest growth of any region worldwide, to reach 17 million tons by 2017. Other regions such as Middle East and Africa and South and Central America are also expected to contribute substantially to the growth of the global lubricants market by 2017. Increasing consumption in emerging economies such as China and India is no surprise to the industry. Foreign lubricant marketers, base stock manufacturers and additive suppliers are establishing their operations in these countries, encouraged by the steady growth rate.

Rebound of Motor Vehicle Market Provides Welcome Boost for Lubricants Industry

Motor vehicles are one of the largest markets for lubricants. In 2012, motor vehicles accounted for almost 56% of global lubricants demand. The global automotive industry is now on the growth path after a setback caused by the financial crisis. Global motor vehicle sales, which dipped in 2008 and 2009 due to the economic crisis, re-gained momentum in 2009. The industry is now actively pursuing innovative new technologies, production and business techniques.

According to the International Association of Motor Vehicle Manufacturers (OICA), the total number of global vehicle sales amounted to 81.7 million units in 2012, increasing by approximately 5% over the previous year (OICA, 2013). Improvement in global vehicle sales figures can be identified in every region, with the exception of Western Europe. Asia has recovered well compared to the West, which is reflected in the growing automobile sales numbers in the region. Within Asia, Thailand registered strong growth, when vehicle output increased by 70.3% over the previous year to reach 2.5 million units in 2012. Production activity also increased in the North American market. With global vehicle production and sales activity slowly gaining momentum, it is expected that this will provide a welcome boost to the global lubricants industry in coming years.

Shell Remains the Lubricant Market Leader for the Year 2012

Shell Lubricants retained its position as the leading lubricants supplier globally in 2012. The company accounts for around 13% of the global market in terms of finished lubricant sales in 2012. The company manufactures and manages a wide range of products for automotive and industrial applications. Shell’s global presence, strong Research & Development (R&D) activities, strategic investments in blending plants, and relationship with Original Equipment Manufacturers (OEMs) have all contributed to the company’s leadership in the lubricants market.In the recent past, Shell announced a number of strategic investment plans. Shell continues to invest in technology and partnerships that support new product development and maximize fuel efficiency, thereby benefiting customers.

Reasons to buy

- Develop business strategies with the help of specific insights about the Global Lubricant Industry
- Identify opportunities and challenges in the Global Lubricant Industry
- Understand the regional markets of the Lubricant Industry in terms of the demand of Lubricant
- Increase future revenues and profitability with the help of insights into the future opportunities and critical success factors in the Global Lubricant Industry.
- Benchmark your operations and strategies against the major players in the Global Lubricant Industry

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2020 Foresight Report: Trends in Non-Life Insurance Underwriting


The report provides in depth market analysis, information and insights into underwriting industry trends for non-life insurance globally, including:
- Comprehensive assessment of non-life underwriting market dynamics
- Analysis of the effect of changes in regulations on underwriting
- Analysis of the underwriting cycles
- Detailed analysis of the technological trends impacting underwriting
- Detailed analysis of the effect of natural and man-made disasters on underwriting


The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice. Insurance companies are augmenting their processes to maintain a social media presence and also to help combat fraud. With the advent of Solvency II and other risk-based capital (RBC) approaches, underwriting has become increasingly dependent on movements in the regulatory environment. Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008-2012). Telemetric, predictive analytics, automated software programs and the use of social networking sites has transformed the way in which insurance underwriting operates.


- This report provides a global snapshot of the key performance indicators impacting underwriting including combined ratio, loss ratio and expense ratio and underwriting profit/loss trends
- It studies the impact of regulatory trends on underwriting including Solvency II and EU gender neutral insurance
- It provides detailed analysis of the different underwriting cycles
- It provides detailed analysis of the relationship between economic growth and the insurance industry’s growth in key markets
- It provides detailed analysis of the impact of technological trends in underwriting
- It provides detailed analysis of the impact of natural and man-made disasters on underwriting

Reasons To Buy

- Make strategic business decisions using detailed assessment of the key challenges and opportunities that non-life insurance underwriting presents currently
- Understand directives of new regulations and the necessary changes required in the current business structure of an underwriting firm
- Assess underwriting profit or loss trends in key markets
- Assess the impact of economic growth on the insurance industry
- Assess the adoption of technology trends in different companies across different geographies
- Find out how underwriting has evolved due to the impact of natural disasters

Key Highlights

- The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice.
- Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008-2012).
- While, mature markets such as the US, the UK, France and Italy are recording stagnant growth, emerging economies are driving premiums.
- The US non-life insurance segment registered the highest underwriting loss in 2012, while, Japan recorded the highest underwriting profit.
- The growth in telematics users in Europe will be driven by the UK and Italy.
- Predictive analytics has revolutionized the world of premiums and claims management in the insurance industry.

Table of Content

1 Executive Summary
2 Global Snapshot: Assessment of Non-Life Underwriting Market Dynamics
2.1 Analysis of Key Performance Indicators Impacting Underwriting
2.1.1 Comparison of underwriting profit/loss trends
2.1.2 Comparison of global loss ratios
2.1.3 Comparison of global expense ratios
2.1.4 Comparison of global combined ratios
3 The Effect of Regulations on Underwriting
3.1 Overview
3.2 EU Ruling on Gender Neutral Insurance to Affect Underwriting
3.3 Impact of Solvency II on Underwriting
3.3.1 Evolution of regulations affecting underwriting
3.3.2 Solvency I vs Solvency II
3.3.3 Basel II vs Solvency II
3.4 Solvency II Risk Assessment and Challenges
3.5 Analysis by Solvency II Pillars
3.5.1 Pillar I - capital adequacy
3.5.2 Pillar II - systems of governance
3.5.3 Pillar III - supervisory reporting and public disclosure
4 Market Dynamics Related to Economic Risk
4.1 Underwriting Cycles
4.2 Market Dynamics during 2008-2012
4.3 Relationship between GDP and Gross Written Premium Growth
5 The Technological Trends in Underwriting
5.1 Telematics
5.1.1 Key takeaways
5.1.2 Snapshot of different telematics-based insurance schemes
5.2 Predictive Analytics
5.2.1 Analyzing the impact of predictive modelling in different facets of the industry
5.2.2 How Santam Insurance used predictive analytics in motor insurance to counter fraud
5.3 Automation
5.4 Social Media
6 Natural Disasters and their Impact on Underwriting
6.1 Catastrophe Insurance and Pricing
6.2 Case Studies
6.2.1 Swiss Re - Taking catastrophic underwriting modelling to a new level following the Japanese Earthquake and Tsunami, 2011
6.2.2 Hurricane Katrina's effect on property and casualty underwriting industry
6.2.3 2011 Thai Floods and their Subsequent Effect on Underwriting
6.3 Impact of Man-made Disasters
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer
7.4 Disclaimer

For more details contact Mr. Priyank Tiwari: / +18883915441

Travel and Tourism in Finland 2017


The report provides detailed market analysis, information and insights, including:
- Historic and forecast tourist volumes covering the entire Finnish travel and tourism sector
- Detailed analysis of tourist spending patterns in Finland
- The total, direct and indirect tourism output generated by each category within the Finnish travel and tourism sector
- Employment and salary trends for various categories in the Finnish travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others
- Detailed market classification across each category, with analysis using similar metrics 
- Detailed analysis of the airline, hotel, car rental and travel intermediaries industries


Finland has an abundance of natural attractions, including 37 national parks from the Southern shores of the Gulf of Finland to Lapland. The country is popular for outdoor activities such as Nordic skiing, golf, fishing, yachting, lake cruises and hiking. Finland’s main competitors in the international tourism markets are Sweden and Norway. Finland’s economy did suffer due to the adverse impact of global financial crisis. However, the economic outlook is improving and as a result, the tourism sector is set to record fairly healthy growth.


This report provides an extensive analysis related to tourism demands and flows in Finland:
- It details historical values for the Finnish tourism sector for 2008-2012, along with forecast figures for 2013-2017
- It provides comprehensive analysis of travel and tourism demand factors with values for both the 2008-2012 review period and the 2013-2017 forecast period
- The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Finland
- It provides employment and salary trends for various categories of the travel and tourism sector
- It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries with values for both the 2008-2012 review period and the 2013-2017 forecast period

Reasons to Buy

- Take strategic business decisions using historic and forecast market data related to the Finnish travel and tourism sector
- Understand the demand-side dynamics within the Finnish travel and tourism sector, along with key market trends and growth opportunities
- Identify the spending patterns of domestic, inbound and outbound tourists by individual categories
- Analyze key employment and compensation data related to the travel and tourism sector in Finland

Key Highlights

- The tourism sector suffered during the global financial crisis, which caused a decline in tourism activities and tourism spending in 2009, including domestic, inbound and outbound tourism. Although the economies in the Eurozone remain weak, Finland is expected to record stable growth in international arrivals over the forecast period.
- Domestic tourist volume increased from 31.1 million trips in 2008 to 36.3 million trips in 2012, and it is expected that domestic tourist volume will continue to expand over the forecast period, with forecast CAGR of 2.59% over next five years. Domestic demand will be mainly driven by economic growth and government initiatives to promote tourism in the country.
- Domestic tourism is largely divided between organized tours or free-for-all vacations which involve camping in distant locations. Finns like camping for leisure, a trend which has contributed to the country’s developing tourism infrastructure.
- Finland is a key destination in the travel itinerary of tourists from the countries which were part of the former Soviet bloc. Citizens from Nordic countries, such as Denmark, Norway and Sweden, travel to Finland because they share similar cultures. Additionally, transport links between the countries are well established and visa procedures for citizens of these countries are not so complex.
- Domestic economic weakness has constrained outbound travel in recent years. The economy contracted sharply in 2009, resulting in a decline in outbound travel.
- The number of seats available in the air transport market increased from 22.2 million in 2008 to 26 million in 2012, at a CAGR of 4.12%. Full-service airlines held the largest share of the total number of seats with 79.6% in 2012, followed by low-cost airlines with 11.2% and charter airlines with 9.3%.
- Location plays an important role for the growth in hotel occupancy rates, as leisure or business tourists tend to choose hotels mainly for their location rather than their facilities. Most of the leading hotels or hospitality companies are situated in or operate from the country’s major urban centers, principally Helsinki, Espoo, Tampere, Vantaa and Turku. Substantial recent growth in the number of hotels was recorded in Helsinki.
- The majority of Finns travel in groups, and when they travel domestically by road, they do so using their own vehicles. Renting a car is expensive, insurance is mandatory and included in the cost of the rental. Most small towns have little or no parking and some do not permit cars at all.
- The well-developed e-commerce sector is making it essential for travel agents and tour operators to adopt self-booking tools to remain competitive. Tour operators generally sell their products and services through travel agents. Despite the growth in online travel bookings, senior citizens and those in the lower income groups still continue to purchase trips from traditional channels.

Table of Content

1 Executive Summary
2 Market Overview
2.1 The Domestic Economy
2.2 Travel and Tourism Trends and Issues
2.3 Key Travel and Tourism Indicators
2.4 Tourism SWOT
2.4.1 Strengths
2.4.2 Weaknesses
2.4.3 Opportunities
2.4.4 Threats
2.5 Country Fact Sheet
2.6 Demographic Profile
3 Tourism Flows
3.1 Domestic Tourism
3.1.1 Performance outlook
3.1.2 Key issues and trends
3.2 Inbound Tourism
3.2.1 Performance outlook
3.2.2 Key issues and trends
3.3 Outbound Tourism
3.3.1 Performance outlook
3.3.2 Key issues and trends
3.4 Tourism Flows Forecast Highlights
4 Airlines
4.1 Performance Outlook
4.2 Key Issues and Trends
4.3 Airlines Forecast Highlights
5 Hotels
5.1 Performance Outlook
5.2 Key Issues and Trends
5.3 Hotels Forecast Highlights
6 Car Rental
6.1 Performance Outlook
6.2 Key Issues and Trends
6.3 Car Rental Forecast Highlights
7 Travel Intermediaries
7.1 Performance Outlook
7.2 Key Issues and Trends
7.3 Travel Intermediaries Forecast Highlights
8 Company Profiles - Airlines
8.1 Company Profile: Finnair Oyj
8.1.1 Finnair Oyj - company overview
8.1.2 Finnair Oyj - business description
8.1.3 Finnair Oyj - main services and brands
8.1.4 Finnair Oyj - history
8.1.5 Finnair Oyj - SWOT analysis
8.1.6 Finnair Oyj - strengths
8.1.7 Finnair Oyj - weaknesses
8.1.8 Finnair Oyj - opportunities
8.1.9 Finnair Oyj - threats

For more details contact Mr. Priyank Tiwari: / +18883915441