2013-02-19 10:16:46 - Recently published research from Business Monitor International, "Venezuela Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research
BMI View: High inflation, currency devaluation, import and foreign currency controls, as well as other structurally distorting policies in Venezuela have made the country's pharmaceutical market increasingly unattractive to multinationals. We expect the market to grow below nominal GDP levels between 2011 and 2015, and experience a contraction in real growth terms.
Headline Expenditure Projections
* Pharmaceuticals: VEB36.28bn (US$8.45bn) in 2011 to VEB44.85bn (US$10.44bn) in 2012; +23.6% in local currency terms and +23.6% in US dollar terms. Forecasts up due to new macroeconomic information.
* Healthcare: VEB64.07bn (US$14.92bn) in 2011 to VEB81.68bn (US$19.02bn) in 2012; +27.5% in local currency terms and +27.5% in US dollar terms. Forecasts up due to new macro data.
* Medical devices: VEB11.07bn (US$2.58bn) in 2011 to
VEB14.11bn (US$3.29bn) in 2012; +27.5% in local currency terms and 27.5% in US dollar terms. Forecasts up due to new macroeconomic data.
Full Report Details at
- www.fastmr.com/prod/536598_venezuela_pharmaceuticals_healthcare_ ..
Risk/Reward Rating: The attractiveness of the Americas to multinational pharmaceutical companies has increased, according to BMI's Pharmaceutical and Healthcare Risk/Reward Ratings (RRRs) for Q113. The average RRR score for the region has increased from 49.2 in Q412 to 49.4 in Q113. Venezuela's ranking in BMI's RRR matrix has remained the same at the 14th place in Q113, one position above its ranking last quarter. However, we highlight the risks of the government's increasingly harsh pricing policies, strict regulations and currency devaluation.
Key Trends And Developments:
* In November 2012, BMI expects Venezuela's pharmaceutical market is expected to grow at a faster rate between 2011 and 2016, experiencing a compound annual growth rate (CAGR) of 22.2% in local currency terms, instead of the previously forecast 19.3%. This accelerating growth is largely due to the longer period of high inflation that BMI's Country Risk team is forecasting. Inflation averaging more than 20% over the past decade has been forecast to increase to 22.0% by end-2012, as some of the government-led disinflationary policies are no longer in place, and it will be extended to the end of 2016 due to a combination of political and economic factors.
* In September 2012, Pfizer Consumer Healthcare has rolled out a new advertising campaign for its pain reliever - Advil (ibuprofen) - in Venezuela. The new campaign is aimed at boosting Advil's position in the country. Advil is seeking to position itself as the perfect analgesic treatment for headaches and back, muscular, menstrual and dental pain. The new campaign, which is produced by McCann Erickson Concept, will be aired across the country for the remaining part of 2012.
* In August 2012, the Venezuelan authorities have worked to tighten the regulations governing the import of pharmaceutical imports, according to the Pharma Times. The moves have proven controversial, with the Venezuelan industry body Cifar complaining that it was not consulted on the move and warning that the results could be severe, leading to price increases and potential drug shortages.
Partial Table of Contents:
BMI Industry View
- Business Environment
- Pharmaceutical Market Forecast
- Table: Pharmaceutical Sales, 2009-2017
- Healthcare Market Forecast
- Table: Overall Healthcare Expenditure, 2009-2017
- Table: Government Healthcare Expenditure, 2009-2017
- Table: Private Healthcare Expenditure, 2009-2017
- Table: VENEZUELA - ECONOMIC ACTIVITY
- Prescription Drug Market Forecast
- Table: Prescription Drug Sales, 2009-2017
- Patented Drug Market Forecast
- Table: Patented Drug Sales, 2009-2017
- Generic Drug Market Forecast
- Table: Generic Drug Sales, 2009-2017
- OTC Drug Market Forecast
- Table: OTC Medicine Sales, 2009-2017
- Industry Forecast Import/Export
- Table: Pharmaceutical Trade, 2009-2017
- Table: Pharmaceutical Trade, 2008-2016
- Medical Devices Forecast
- Table: Table: Medical Device Sales, 2009-2017
- Industry Forecast Other Healthcare Data
- Key Risks To BMI's Forecast Scenario
Industry Risk Reward Ratings
- Table: Table: Americas Pharmaceutical Risk/Reward Ratings, Q113
Industry Trends And Developments
- Communicable Diseases
- Non-Communicable Diseases
- Healthcare Sector Developments
- Hospital Sector
- Private Healthcare Sector
- Supply Chain
- Table: Members of CAVEDRO, 2009
- Research & Development
- Medical Devices
- Regulatory Regime
- Intellectual Property
- Regulatory Developments
- Pharmaceutical Registration
- Table: Registration Requirements
- Table: Renewal Requirements
- Biologics And Biosimilars
- Intellectual Property Issues
- International Collaboration
- Pharmaceutical Sector
- Foreign Industry
- Domestic Industry
- Table: Members of CAMESIP, 2010
- Pharmaceutical Distribution
- Table: Members of CAVEFAR, 2009
- Table: Members of CAVEME, 2010
- Table: Members of CIFAR, 2010
- Company Developments
- Grupo Farma
- Strides Latina (Sumifarma)
- Calox International
Full Table of Contents is available at:
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