Pioneer Columnist 24

The Community of Madrid has once again led the creation of companies in the month of June, according to the latest data from the National Statistics. Thus, the Madrid region has come to generate one out of every four companies in all of Spain, with 2,192, that is, 24.6% of the country’s total.

The increase with respect to those that were launched in May has been 12.8%, while the decline at the national level was 2.4%. Following Madrid are the autonomous communities of Catalonia (1,586 new firms) and Andalusia (1,538 companies).

It has been the National Institute of Statistics (INE) who has recently made these data public – sources from the Community of Madrid point out –, which reflect that the region also heads the ranking of subscribed capital , with 23.4%, and that it amounts to to 85.1 million euros. So far this year, the Community of Madrid has also become the number of companies incorporated as the subscribed capital, with 12,539 (22.8% of the total in Spain) and 882.9 million euros (33, 6%).

In quantitative terms, this means that an average of 69 have begun their journey daily. Catalonia (with 10,637) and Andalusia (9,543) occupy second and third place . In addition, the average capitalization of the companies in the region was 70,411 euros, compared to the 47,729 national average.

The numbers released by the INE maintain that the Community of Madrid comes to support the rest of the official indicators that position Madrid as the economic engine of the country, a leadership that contributes to its first position in state GDP, to which it contributes 19 ,3%.

Thus, the number of unemployed in July stood at 310,032, 25.4% less than in the last year, which was the largest drop in the historical series for this month.

On the other hand, Social Security affiliates reached 3,420,917, the third highest figure since records began. Otherwise, the Community is also the leader in foreign investment in 2021, with 73% of the Spanish total (21,260.8 million euros).

15% drop
In the month of July, but this time according to data from Informa D&B, the incorporation of companies fell by 15%, to 7,406 constitutions, its lowest level since October 2021.

Compared to June data, the fall in the constitution of companies amounts to 21%. In total, 62,888 companies have been incorporated in the first seven months of the year, 3% less than in the same period of the previous year.

The capital invested in the constitution of companies has also been reduced during this time. Between January and July, 2,915 million euros were allocated for this purpose, 13% less than in the first seven months of 2021.

In July alone, the capital for the incorporation of companies was 263 million euros, with a drop of 50% and the lowest amount recorded in 2022. In the seventh month of the year, the three companies incorporated with the highest investment were Dreamvest Iberia SL, which received 28 million euros, Maskomgroup SL, with 22 million euros, and Waecrest Capital SL, with 8 million euros, in positions created in July, occupied by women.

Access to new drugs is one of the points that generates the most tension in the health system. In the last four years, Spain has only financed 16 of the 39 cancer drugs authorized by the European Medicines Agency, 41% . In addition, it has only given its approval to 33% of the treatments dedicated to other diseases, according to the report “Financing of medicines: a challenge for the entire health system in Spain” by the consulting firm Iqvia.

The therapies available in Spain are those that have a lower cost compared to the others approved by Europe. During this period, 79.6% of the drugs approved by the agency applied for marketing in Spain and around 57 treatments received a positive price resolution .

The area of ​​oncology is the one that concentrates a greater number of pharmacological innovations, followed by infectious diseases and those related to the metabolic system.

However, Spain invests more in treatments in the Respiratory, Digestive and Musculoskeletal area . It has authorized half of those approved by the EMA. Therapies dedicated to ocular and endocrine or metabolic pathologies are those in which the least money is disbursed in terms of medicines.

If an X-ray is carried out by type of drug, Spain only financed 38% of the 50 orphan drugs approved in Europe, and they took an average of 23 months to market. It also covered 33% of the non-orphans who were delayed an average of 16.2 months. In reference to conditional approvals, of the 25 drugs approved by the EMA, only six (24%) received approval in Spain and it took 20.2 months for them to be marketed . Furthermore, of the non-conditional ones, 36% obtained financing from the CIMP and took 14.3 months.

Regarding hospital drugs and those sold in pharmacies on the street (also known as retail ), 47% of hospital drugs received the approval of the country of Spain and took 18.3 months . As for retail , only 26% were distributed in Spain and it took an average of 20.3 months.

“These data indicate that in retail products it is, or has been, more difficult to find an agreement between the laboratory and the administration,” the report indicates. “It should be noted that most of the products approved by the European Medicines Agency in this period in Spain are classified as hospital products,” he stresses.

On the other hand, there are differences between the Autonomous Communities in the time frame that a medicine takes from when it receives the green light by the AEMPS until it is available in the hospitals of said region .

Between 2017 and 2019, Catalonia was presented as the place where the least time is required for a health center to report consumption of the drug since its approval (17 months, that is, almost a year and a half). In other territories such as the Community of Madrid, Murcia or the Balearic Islands, sales were already reported at 18 and 19 months. In addition, the Basque Country, Navarra and La Rioja were the communities in which the most months passed, specifically, between 23 and 21 (almost two years) until sales were reported.

The reality that Spain presents is that there are delays in the times in which drugs are available to patients , especially when compared to other socioeconomic powers of the Old Continent. This coexists with a reduction in the number of products and indications that become part of the portfolio of medicines of the National Health System.

The reasons that have led to this situation , according to the Iqvia report, is the lack of transparency in the journey from commercialization until the product is available to patients. In addition, marketing authorization and funding have taken a back seat and “not everything that gets the go-ahead doesn’t have to be funded, especially in recent years.”

Also, there has been a mismatch between the evaluation models that have a more systematic approach, compared to the new products that come with a more targeted focus. On the other hand, some mechanism should be established that allows an accelerated process to facilitate an early arrival of all products that are considered to provide a differential value for patients.

The final data on the GDP of the eurozone between April and June surprised in the best way. Eurostat applies a very small cut (one tenth), on its preliminary calculation, to place the advance of the Monetary Union at 0.6% quarter-on-quarter.

This is a very remarkable development considering the period in which it occurred, with the Ukraine war already raging and legacy issues from 2021 (high inflation and supply chain disruptions) still playing out.

However, these circumstances are not enough to spur the optimism of the experts. On the contrary, analysts show great skepticism about the latest National Accounts data and the truth is that there are compelling reasons for this.

Everything points to a very conjunctural rebound in activity in the second quarter, derived from the expectations of the first summer in two years without Covid restrictions and very focused on the services sector.

Despite the strength of the GDP in the second quarter, the leading indicators point to a stagnation already in the summer

The best proof of this is the complete stagnation in which an economy as industrial and exporting as the German one is already mired. More important now are the indicators for the third quarter for economists and they throw bad news, at a community level, on multiple fronts.

It is enough to remember the setbacks shown, as of July, in consumer and investor confidence, activity in factories and even foreign trade (with a clear increase in the trade deficit). Everything points to a stagnation of GDP in the eurozone already underway this summer and, what is more worrying, paves the way for a contraction of the economy from autumn, fueled by the unstoppable rise of the CPI and the foreseeable energy rationing .