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Bentley hit by Spain’s rule change
Exeter-based Bentley Pharmaceuticals expects to take a big hit in revenue, thanks to a regulatory change in Spain, the company announced Wednesday.
The change, which lowers the Spanish government’s reimbursement rate, was announced by the Ministry of Health on Dec. 30 and goes into effect March 1. It will particularly hurt the generic drug provider because a large portion of its sales in Spain. If the reimbursement rate was in effect last year, consolidated revenue would have been reduced by approximately 10 to 12 percent, the company said.
The company hopes to offset the change with new product launches, increased unit sales and further geographical diversification outside of Spain, as well as reductions in material and production costs.
“We experienced a similar event in 2003 and took effective steps to mitigate the impact on our overall results,” said John Sedor, Bentley’s president. – BOB SANDERS
