Market Report, "Chile Pharmaceuticals & Healthcare Report Q1 2013", published

2013-01-01 05:49:47 - New Healthcare research report from Business Monitor International is now available from Fast Market Research

BMI View: Pharmaceutical companies will continue to look to fast-growing emerging markets for revenue growth, and we believe Latin American economies, with their rising incomes, ageing populations and increased spending on healthcare will provide significant opportunities. Indeed, it is our view that emerging markets will be the main drivers of the pharmaceutical sector's expansion over the coming years as growth

in traditional markets such as the US, Western Europe and Japan remains lacklustre. Chile's open economy and its bilateral, regional and multilateral trade agreements have facilitated a steady increase in trade between it and pharmaceutical markets globally, boosting the country's international competitiveness. Trade agreements will provide foreign drugmakers with more direct access to the Chilean pharmaceutical market, and in the long term may improve regulations within the pharmaceutical industry, ultimately attracting increased foreign investment.

Full Report Details at
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Headline Expenditure Projections

Pharmaceuticals: CLP1,485bn (US$3.07bn) in 2011 to CLP1,604bn (US$3.30bn) in 2012; +8.0% in local currency terms and +7.5% in US dollar terms.

Healthcare: CLP8,904bn (US$18.40bn) in 2011 to CLP9,584bn (US$19.72bn) in 2012; +7.6% in local currency terms and +7.2% in US dollar terms.

Medical devices: CLP384bn (US$790mn) in 2011 to CLP408bn (US$842mn) in 2012; +6.1% in local currency terms and +5.7% in US dollar terms.

Risk/Reward Rating: In Q113's Americas Pharmaceutical Risk/Reward Ratings (RRRs) matrix, Chile ranks in seventh place out of the 17 countries surveyed, scoring a total of 56.7 out of 100. We expect Chile, which has a favourable rewards profile, to climb up the regional matrix over the coming years as operational risks become addressed. In the Q113 RRRs, with regards to the country's attractiveness to innovative drug companies, Chile stands above Argentina and Peru and below Mexico and Brazil.

Key Trends And Developments

In October 2012, Chile signed an agreement with Mexico at the Ninth Meeting of Medicine Regulators of the Ibero-American Countries (EAMI), in Santiago, Chile. The trade agreement will allow pharmaceutical products registered in Mexico to enter Chile directly, as soon as 'the health agencies in both nations exchange the necessary technical information', according to the secretariat. The secretariat added that 'mutual recognition will benefit consumers and the pharmaceutical industries in both countries and mark a milestone for the Chile domestic pharmaceutical industry.'

In October 2012, the government will reintroduce a bill proposing that non-prescription drugs may be sold in local pharmacies that meet health requirements, according to Minister of the Economy Pablo Longueira. The bill allows the sale of non-prescription medicines by drug stores, supermarkets and other approved establishments, Longueira said. The changes are expected to introduce competition in the regional pharmaceutical industry and provide a sanitary and legal option for drug sales on the street. Consumers in Chile cannot purchase medical products directly from the market, and often buy unintended drugs from unhygienic street shops, Longueira said.

BMI Economic View: Over the next five years, we expect the Chilean economy to struggle with rebalancing from robust growth driven by the global commodity boom of the past decade. We forecast real GDP to slow from 5.6% in 2011 to 4.8% in 2012 and 4.0% in 2013, the result of a hard landing in China. The process of rebalancing away from rapid Chinese copper consumption will weigh on the Chilean economy for many years to come; we expect real GDP growth to average 3.8% from 2013-2017,down from 4.4.% from 2002-2011.

BMI Political View: We expect Chilean President Sebastian Pinera's chronically low approval ratings to persist, as unrest from the student movement, a weakening economy, and rising unemployment keep the president and his coalition unpopular. That being said, while Pinera is not eligible for immediate re-election, the inability of the opposition to capitalize on the president's weakness thus far suggests that his coalition could hold onto the presidency and perform well in elections scheduled for December 2013.

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