2013-08-19 09:55:00 - Recently published research from Business Monitor International, "Puerto Rico Pharmaceuticals & Healthcare Report Q3 2013", is now available at Fast Market Research
The loss of confidence in the key pharmaceutical sector is expected to impact consumption levels directly. The fate of the Puerto Rican pharmaceutical market will also remain closely tied to its economy, given that the US remains its key export partner. Nevertheless, we expect volume consumption to continue boosting the pharmaceutical sales value in the territory, especially as the effect of patent expirations gradually wears off.
Headline Expenditure Projections
* Pharmaceuticals: US$2.92bn in 2012 to US$3.05bn in 2013; +4.4% in local currency terms. Forecast broadly in line with the previous quarter's figures.
* Healthcare: US$7.53bn in 2012 to US$7.81bn in 2013; +3.7% in local currency terms. Forecast unchanged from the previous quarter.
Full Report Details at
- www.fastmr.com/prod/670586_puerto_rico_pharmaceuticals_healthcar ..
slight adjustment of our assessment tool, Puerto Rico's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 again ranks the territory third out of the 17 markets surveyed in the Americas region, trailing only the US and Canada. However, we expect Puerto Rico's position to become increasingly vulnerable to the challenges posed by Latin American markets, which have large populations and better longer-term prospects.
Key Trends And Developments
* Puerto Rico's healthcare providers are seen as not being able to upgrade to the new standards that are covered under the Health Information Technology for Economic & Clinical Health (Hitech) Act. The legislation aims to make a universal use of electronic health records (EHRs), but Caribbean Business reports from May 2013 suggest only 58% of the 9,950 primary care physicians and specialists are currently implementing the required programmes. Key issues slowing down the uptake include concerns over information privacy and finances available for the transition. The new system must be implemented by 2015 under the American Recovery & Reinvestment Act (ARRA), which will grant bonuses for compliance, but also penalise for non-compliance.
* In May 2013, US-based Maxor National Pharmacy Services concluded the fifth deployment of the Will Call System in Puerto Rico, growing its operations in the country. The company's pharmacy technology division PickPoint specialises in the Will Call System, which allows an easy track of prescription hangers through wireless technology. The system, which fits any size pharmacy, is being considered as a huge potential growth area during the next five years by the company, which is seeking to become a leading pharmacy solution in the country. The system enables improved inventory management and increased accuracy and efficiency.
BMI Economic View: Puerto Rico's uncompetitive labour market, particularly in the manufacturing sector, will remain a major drag on economic growth over a multi-year period. Relatively high minimum wages, combined with declining labour force participation, which will see a loss in skill sets, will weigh heavily on economic activity and private consumption.
BMI Political View: We believe the current debate in Washington on immigration reform will reignite discussion in Puerto Rico regarding its potential bid for US statehood. However, the attention given to immigration reform by the US congress will also likely delay a serious discussion on the commonwealth's political status, reaffirming our view that statehood is unlikely in the near future. The best case scenario for Puerto Rico's statehood bid is comprehensive immigration reform in the US.
Report Table of Contents:
BMI Industry View
- Pharmaceutical Market Forecast
- Table: Puerto Rico Pharmaceutical Sales, Historical Data and Forecasts
- Healthcare Market Forecast
- Table: Puerto Rico Healthcare Expenditure Trends, Historical Data and Forecasts
- Prescription Drug Market Forecast
- Table: Puerto Rico Prescription Drug Market Indicators, Historical Data and Forecasts
- Patented Drug Market Forecast
- Table: Puerto Rico Patented Drug Market Indicators, Historical Data and Forecasts
- Generic Drug Market Forecast
- Table: Puerto Rico Generics Drug Market Indicators, Historical Data and Forecasts
- OTC Medicine Market Forecast
- Table: Puerto Rico Over-The-Counter (OTC) Medicine Market Indicators, Historical Data and Forecasts
- Pharmaceutical Trade
- Table: Puerto Rico Pharmaceutical Trade Data And Forecasts (USDmn)
- Other Healthcare Data
- Key Risks To BMI's Forecast Scenario
- Economic Activity
- Table: Puerto Rico - Economic Activity
Industry Risk Reward Ratings
- Americas Risk/Reward Ratings
- Puerto Rico Risk/Reward Ratings
Industry Trends And Developments
- Table: Incentives, Benefits And Discounts For Pharmaceutical Manufacturers
- Table: Major International Drugmakers In Puerto Rico
- Table: Puerto Rico Continues To Attract Foreign Investment, Despite Challenges
- Table: Puerto Rico: Multinational Downscaling
- Merck & Co
- Abbott Laboratories
- Eli Lilly
- Johnson & Johnson (J&J)
- Puerto Rico
- Table: Puerto Rico's Population By Age Group, 1990-2020 ('000)
- Table: Puerto Rico's Key Population Ratios, 1990-2020
- Table: Puerto Rico's Rural And Urban Population, 1990-2020
- Pharmaceutical Expenditure Forecast Model
- Healthcare Expenditure Forecast Model
- Notes On Methodology
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com
or call us at 1.800.844.8156.