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Venezuela Pharmaceuticals and Healthcare Report Q3 2009
Business Monitor International, July 2009, Pages: 79
The Venezuela Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Venezuela's pharmaceuticals and healthcare industry.
The author forecasts a negative US dollar value growth between 2009 and 2013 for Venezuela’s drug market, due to the expected economic difficulties in 2009 and 2010. In local currency terms, the market is expected to increase to around VEB21.2.bn (US$2.23bn) by 2013. However, its dollar value should be lower than in 2008. Part of the problem is that Venezuela has very high inflation which is eroding any nominal growth in the drug market.
Despite the current economic difficulties in the country, Venezuelan President Hugo Chávez is looking to increase the domestic pharmaceutical production sector. In May 2009, he inaugurated a drug production centre in Caracas. He also approved a US$40mn budget for 2009 and US$43mn budget for 2010 for the construction of a pharmaceutical industrial complex in Guacara. The medicine production centre was initially set up in 1993 but was abandoned and labelled unproductive as a result of a lack of government investment. The newly refurbished centre will produce a range of generic medicines including insulin, antibiotics, syrups and antiretrovirals (ARVs). Production is set to start shortly, using raw materials sourced from India, China, Sweden and Germany. President Chávez said, ‘We are going to convert ourselves into exporters of medicines in the future. First, of course, for us, and later to share with other countries.’ The medicines are to be sold at subsidised or production cost prices to the country’s citizens and to countries of the Bolivarian Alternative for the Americas (ALBA), a trade bloc.
Meanwhile, Venezuela’s consumer protection agency is planning to ask President Hugo Chávez to take over a closed Pfizer medicine factory. The plant is located in the eastern city of Valencia, which is an economic hub that contains the South American country’s top manufacturing companies. It is not known why the world’s largest drugmaker ceased production, but Pfizer has stated it is ‘committed to engaging in an ongoing dialogue with the Venezuelan authorities.’ The appropriation of the factory will send shockwaves around the already damaged business environment in the country. Despite, the impact of the financial crisis on Venezuela’s revenues, Chavez has recently embarked on a large nationalisation spree.
According to AFP, Chavez announced in May 2009, that in order to pave the way for a state-run set of enterprises, the government will nationalise various iron and steel firms in the country. Venezuela finds itself at the bottom of the rankings once again in Q309, as the author forecasts a serious contraction in the country’s pharmaceutical market.
The operating environment for drugmakers is also challenging due to weak IP laws and a political regime that regularly speaks out against private enterprise.
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