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Peru Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Sep 2008, Pages: 54
Peru Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Peru's pharmaceuticals and healthcare industry.
Peru’s pharmaceutical market is continuing to display good growth. In 2008, forecasts that the market will expand by 11% in nominal terms. However, after factoring in inflation, the market will only grow by around 7% in real terms. Meanwhile, over the forecast period growth will start to tail off. This is a reflection of a similar trend regarding GDP, which will see real growth fall from 7% in 2008 to 3.9% in 2012. Meanwhile, due to the many challenges the country faces involving modernisation, as well as the impact that tighter intellectual property (IP) regulations will have on the market for unauthorised generics, the impact of the US-Peru Free Trade Agreement (FTA) will have a limited influence on the Peru’s drug sector during the forecast period. Nevertheless, over the longer term, BMI believes the agreement will be beneficial to the market, attracting greater investment and improving quality standards.
In the latest quarter the most important development has been the implementation of new laws regarding Intellectual Property. A bill approved by the country's Congressional Health Commission allows anyone convicted of selling, storing, packaging or producing substandard medicine to be imprisoned for up to 10 years. BMI supports tougher action on those that are involved in the counterfeit drug industry and believes it will help the country improve its business environment, helping to attract foreign investment. However, for the significant number of Peruvians existing beneath the poverty line, the removal of lowcost similares from the market could significantly impact access to medicines.
Patented drugs continue to dominate the market, taking a 70% share in value terms, a situation that BMI believes will only be reinforced by the recent FTA with the US and the strengthening of anti-counterfeit legislation. Leading therapeutic categories include cardiovascular drugs, followed by more basic treatments such as alimentary and metabolism drugs and anti-infectives. Due to Peru’s young population, there is not much market for drugs in disease areas intimately linked to ageing such as Alzheimer’s and certain types of cancer.
In Q308 Peru remains bottom of BMI’s Business Environment Ranking for the Americas region, for the most part due to the country’s low per capita spend on drugs, which in 2007 stood at just US$26.80. But strong growth could see it overtake close rivals such as Venezuela in the coming years.
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