2013-09-17 09:10:43 - Fast Market Research recommends "Puerto Rico Pharmaceuticals & Healthcare Report Q4 2013" from Business Monitor International, now available
Puerto Rico's importance as a major production hub for multinational pharmaceutical companies will continue to diminish on account of patent expirations, production quality issues, increasing labour and operational costs, and a potential tax increase by the local government. However, the pharmaceutical industry will still be an economic mainstay for the country, as evidenced by the recent investment by US major Bristol-Myers Squibb (BMS). The island's incentives will continue to attract multinational drugmakers' investment provided the market's appeal continues to offset the effect of negative issues.
Full Report Details at
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Headline Expenditure Projections
* Pharmaceuticals: US$2.92bn in 2012 to US$3.06bn in 2013; +4.6% in local currency terms. Forecast broadly in line with the previous quarter's projection.
* Healthcare: US$7.53bn in
2012 to US$7.81bn in 2013; +3.7% in local currency terms. Forecast unchanged from the previous quarter.
Risk/Reward Rating: In our latest Pharmaceutical Risk/Reward Rating (RRR) regional assessment, Puerto Rico remains ranked third of the 17 markets surveyed in the Americas region, trailing only the US and Canada. While its high per capita spending on medicines distinguishes it from countries in Latin America, its longer-term potential is under pressure due to an economic slowdown and falling population numbers.
Key Trends and Developments
* In July 2013, local press reported that Humana has given notice to around half its 700 staff following the loss of a government contract to run three Mi Salud regional programmes, which cover the poorer sections of society. Shortly before, rival Triple-S had secured contracts to manage all eight regions covered by Mi Salud, having previously been responsible for the other five. As a result of the loss of the contract, Humana faces serious financial repercussions, given that Mi Salud and its 34,000 beneficiaries accounted for some 70% of its overall business in Puerto Rico.
BMI Economic View: After emerging from a five-year recession in FY2012, recent economic data suggests the Puerto Rican economy could have fallen back into another. Indeed, contracting economic activity across several sectors, rising unemployment and a contraction in business loans have increased the likelihood of a double-dip recession in FY2013. Moreover, while the commonwealth's close affiliation with the US bolsters its stability, a low 'Growth' score reflects the structural weaknesses of its economy.
BMI Political View: More than six decades after Puerto Rico became a commonwealth of the US, the question of formal statehood remains unresolved. We have previously argued that the potential for immigration reform during US President Barack Obama's second term in office will make a stronger case for eventual statehood. However, despite the growing political importance of the Hispanic demographic in the US, and Puerto Rico's strong links to the Hispanic community in the country, continued debate over immigration reform in the US Congress and Senate is further delaying the process and pushing discussions on formal statehood further into the future.
Partial 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 OTC Medicine Market Indicators, Historical Data and Forecasts
- Pharmaceutical Trade Forecast
- Table: Puerto Rico Pharmaceutical Trade Data And Forecasts (US$mn)
- 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
- Healthcare Sector
- Effects of US Healthcare Reform
- Healthcare Financing
- Healthcare Provision
- Medical Tourism
- Research & Development
- Clinical Trials
- Pricing And Reimbursement Issues
- Tax Incentives
- Table: Incentives, Benefits And Discounts For Pharmaceutical Manufacturers
- Trade Accords
- Pharmaceutical Industry
- Table: Major International Drugmakers In Puerto Rico
- Pharmaceutical Production
- Plant Expansions
- Table: Puerto Rico Continues To Attract Foreign Investment, Despite Challenges
- Plant Closures
- Table: Puerto Rico: Multinational Downscaling
- Company Developments
- Pharmaceutical Wholesale
- Pharmaceutical Retail
- Merck & Co
- Abbott Laboratories
- Eli Lilly
- Johnson & Johnson (J&J)
- Puerto Rico
Full Table of Contents is available at:
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