The Serbian pharmaceutical market is mid-sized in relation to the Central and Eastern European (CEE) region; larger than Slovenia yet smaller than Croatia and Kazakhstan. In terms of the country's pharmaceutical expenditure per capita, at just USD153, Serbia is grouped with countries such as Russia and Turkey, considerably below the regional average, highlighting the country's chronic under-spending on pharmaceuticals. Pharmaceutical sales in 2017 were worth RSD116bn (USD1.08bn), equating to 2.6% of GDP and 29.3% of total health expenditure. Serbia's pharmaceutical market is dominated by prescription drug sales (88% of total sales in 2017), of which generic medicines dominate (62% of total sales). Patented drugs accounted for 26% of total sales in 2017. OTC medicines, at 12% of total sales, are the smallest segment of the market. Serbia's Republic Health Insurance Fund (RFZO) provides full and partial reimbursement to insured citizens for pharmaceuticals placed on its positive Reimbursement List. Currently, the reimbursement list consists primarily of generic drugs and the market segmentation reflects this.

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