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Chile Pharmaceuticals and Healthcare Report Q3 2007
Business Monitor International, Oct 2007, Pages: 51
The Chile Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Chiles pharmaceuticals and healthcare industry.
We have updated our 2006 Chilean pharmaceutical market figure to US$989mn in final consumer prices, based on several market sources. This is somewhat higher than the previous estimate and translates into 8.75% local currency growth and 10.5% US dollar growth. We have also upgraded our five-year market forecast somewhat, seeing a five-year 2006 to 2011 average annual growth rate of 6.4% per annum, compared to an earlier 5.5% annual growth estimate. In 2007, the market is now expected to reach a market value of US$1.05bn, representing 7.7% year-on-year growth and a value of US$1.35bn by 2011.
The government of President Michelle Bachelet has increased social spending, including a major expansion of the AUGE plan this year. Still, the government has become the focus of street protests by the country’s largest union representing both public and private-sector workers and strikes by health workers, including the key doctor’s organisation, the Medical College. Bachelet’s government is arguably at a low point since taking office in March 2006. With record copper prices, she is under pressure from the left to further increase social spending while trying to keep a lid on inflation and spending. In the last months of 2007, the government will be looking for some concrete results and to announce new initiatives to calm social tensions.
Increased spending also means continued wrangling over stronger regulation and market protections for makers of patented drugs. Despite its liberal economic credentials, Chile’s intellectual property (IP) environment remains problematic, although there are continued signs of forward progress. In May 2007, the government announced that it was making substantial progress on a tougher anti-piracy law, due to be ready at the end of the year. Measures reportedly include modifications to the country’s patent law to close loopholes. Crucially, the government is said to be planning to launch an independent patent office, INAPI, to replace the current Intellectual Property Department.
For local players, the seeming inevitability that tougher rules will eventually prevail presents the challenge of meeting GMP requirements by next year. It also means finding new markets. In September, Laboratorios Andrómaco reportedly signed a deal to acquire three smaller Colombian producers, California, Memphis Products and Psipharma, further boosting its regional penetration. Closer to home, market leading retailer Farmacias Ahumada (FASA) launched a discount generics programme and vowed to capture 32% of the market by the end of 2007. Along with a US$100mn tie-up with developer Grupo Euroamérica to develop new locations, FASA’s aggressive moves could spark a renewed pricing war as rivals Salcobrand - now under new ownership - and Cruz Verde look to defend their market positions. Intriguingly, Congress is reportedly looking at legislation that would liberalise over-the-counter drug sales, a move that could significantly open the market.
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