2013-09-16 09:04:29 - New Healthcare research report from Business Monitor International is now available from Fast Market Research
Improvements in Colombia's pharmaceutical regulation system will increase access to medicines for local patients. However, it will also put pricing pressure on drugmakers, which will undermine the growth of the patented drug market. Nevertheless, on account of the country's strong economic growth and the government's commitment to improve its regulation regime, more foreign pharmaceutical companies will invest in Colombia to capitalise on its long-term growth prospects.
Headline Expenditure Projections
* Pharmaceuticals: COP7,588bn (US$4.22bn) in 2012 to COP8,120bn (US$4.35bn) in 2013; +7.0% in local currency terms and +3.1% in US dollar terms. Local currency forecast unchanged since Q313.
* Healthcare: COP40,230bn (US$22.39bn) in 2012 to COP43,043bn (US$23.08bn) in 2013; +7.0% in local currency terms and +3.1% in US dollar terms. Local currency
forecast unchanged since Q313.
Full Report Details at
- www.fastmr.com/prod/684657_colombia_pharmaceuticals_healthcare_r ..
Risk/Reward Rating: In our Q413 regional Risk/Reward Rating (RRR) assessment, Colombia remains ranked eight out of 17 markets surveyed in the Americas region. Both its Rewards and Risks components remain slightly more favourable than the regional average, but we caution that the country's intellectual property (IP) regime will continue to represent barriers to multinational involvement. Nevertheless, Colombia will continue to be of interest from the longer-term point of view, not least on account of its substantial population numbers.
Key Trends And Developments
* In June 2013, in a meeting between Argentina's industry minister Debora Giorgi and Colombian health officials, it was agreed that Colombia would adopt a pharmaceutical patent examiner system implemented by Argentina. The Argentine regulation provides specific instructions regarding the application of patentability standards in the pharmaceutical field. The guidelines state that frivolous (minor) changes to the original drugs will not be considered for patentability, which in turn will prevent other players from replicating the original drug.
BMI Economic View: While real private consumption growth in Colombia has been trending lower since H211, we expect household spending to begin to pick up throughout H213 and expand at a greater pace in 2014 and 2015. We believe declining unemployment, cheap credit conditions, and improving consumer confidence will position the Colombian consumer for a multi-year expansion.
BMI Political View: With widespread labour disputes and social tensions emerging across the country, as well as a major setback in the government's efforts to secure a lasting ceasefire with the separatist group Fuerzas Armadas Revolucionarias de Colombia (Farc), President Juan Manuel Santos's chances of re- election have certainly dimmed. That said, still-high approval ratings and a favourable economic outlook suggest that the president will more likely than not hold on to power come May 2014.
Partial Table of Contents:
BMI Industry View
- Business Environment
- Pharmaceutical Market Forecast
- Table: Colombia Pharmaceutical Sales, Historical Data and Forecasts
- Healthcare Market Forecast
- Table: Colombia Healthcare Expenditure Trends, Historical Data and Forecasts
- Table: Colombia Government Healthcare Expenditure Trends, Historical Data and Forecasts
- Table: Colombia Private Healthcare Expenditure Trends, Historical Data and Forecasts
- Prescription Drug Market Forecast
- Table: Colombia Prescription Drug Market Indicators, Historical Data and Forecasts
- Patented Drug Market Forecast
- Table: Colombia Patented Drug Market Indicators, Historical Data and Forecasts
- Generic Drug Market Forecast
- Table: Colombia Generics Drug Market Indicators, Historical Data and Forecasts
- OTC Medicine Market Forecast
- Table: Colombia Over-The-Counter (OTC) Medicine Market Indicators, Historical Data and Forecasts
- Pharmaceutical Trade Forecast
- Table: Colombia Pharmaceutical Trade Data And Forecasts (US$mn)
- Table: Colombia Pharmaceutical Trade Data And Forecasts (COPmn)
- Other Healthcare Data
- Key Risks To BMI's Forecast Scenario
- Economic Analysis
- Table: Colombia - GDP by Expenditure, Real Growth %
Industry Risk Reward Ratings
- Americas Risk/Reward Ratings
- Colombia Risk/Reward Ratings
Industry Trends And Developments
- Table: Pharmaceutical Research and Science Centre (CECIF) Members, 2012
- Table: Colombia-US FTA Mechanisms Relevant To Intellectual Property
- Table: New Drug Pricing Classification by Type, 2005
- Pharmaceutical Industry
- Table: Pharmaceutical Landscape, 2000-2009
- Table: Members Of Asociacion De Laboratorios Farmaceuticos De Investigacion (AFIDRO), 2012
- Table: Leading Pharmaceutical Companies By Revenues, 2011 (COPmn)
- Table: Leading Pharmaceutical Importers/Wholesalers By Revenues, 2011
- Table: Leading Pharmaceutical Retailers, 2009-2010
- Laboratorios Genfar SA
- Laboratorios Bussie
- Merck & Co
Full Table of Contents is available at:
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