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Chile Pharmaceuticals and Healthcare Report Q3 2009
Business Monitor International, July 2009, Pages: 71
Business Monitor International's Chile 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 Chile's pharmaceuticals and healthcare industry.
In BMI’s Q309 Business Environment Rankings for the 10 markets of the Americas, Chile receives a slightly lower composite pharmaceutical rating, but remains ranked seventh out of the 10 markets surveyed in the Americas. Downward revisions to economic fundamentals have conspired to lower most countries’ scores, and Chile’s attractiveness will continue to suffer due to limited reimbursement, low retail drugs prices caused by strong competition, and the deficient intellectual property (IP) environment.
In fact, Chile is once again featured on the 2009 Priority Watch List prepared by the Pharmaceutical Research and Manufacturers of America (PhRMA)’s Special 301 Submission. The two key problems in Chile for research-based drugmakers remain data protection and the lack of co-ordination between the patent office and medicines regulator. However, comments by various officials following the publication of the report indicate that Chile was not overly concerned at being included on the Priority Watch List, viewing the document as a means of promoting the interests of private US companies.
Nevertheless, in the next five years, the drug market value – CLP635bn (US$1.21bn) in 2008 at consumer prices – is expected to continue rising steadily, to reach CLP801bn (US$1.73bn) in 2013. The compound annual growth rate (CAGR) is expected to come in at 7.38% in US dollar terms, but just 4.77% in local currency terms, as the peso makes gains against the US dollar towards the end of the forecast period. Generic medicines should make gains against their patented counterparts, boosted by the expansion of the Universal Access and Explicit Guarantees (AUGE) healthcare plan and the strength of the local pharmaceutical industry, as well as the forecast GDP growth of just 0.9% for 2009, which will negatively impact job security and consumer spending.
Strong competition among the leading pharmacy chains (Farmacias Ahumada (FASA), Salcobrand and Cruz Verde, which jointly control some 93% of the market) and their pressure on manufacturers to offer lower prices are likely to continue to keep retail prices relatively low. However, following a probe by Fiscalía Nacional Económica (FNE)’s office into monopoly abuse by the three retailers, launched in late 2007, the companies were fined US$12mn each. In March 2009, FASA admitted to colluding with rivals Cruz Verde and Salcobrand to push up the prices of more than 200 drugs in the country, although the other two chains denied the claims. Nevertheless, the probe confirms a pressing need for better regulation of the retail market, which would likely benefit the consumer.
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