Venezuela Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, December 2009, Pages: 80
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.
Our Q110 Business Environment Ratings table continues to demonstrate the fact that Venezuela’s pharmaceutical market is one of the most challenging in the Americas with the country placing last, out of the 10 countries surveyed regionally, as well as globally. The operating environment for drugmakers in Venezuela remains challenging, due to weak intellectual property (IP) laws and a political regime that regularly speaks out against private enterprise, even though – theoretically – potential for strong development of its pharmaceutical market is considerably, given the country’s fast-growing urban population and superior distribution networks.
By 2019, the report forecasts the Venezuelan pharmaceutical market will be worth VEB63bn, increasing at a compound annual growth rate (CAGR) of 33% in local currency terms. However, the authors note that – as a result of the weakening Venezuelan bolivar and double-digit inflation levels in 2009 as well as 2010 – drug market expenditure in US dollars will experience a decline over the five-year forecast period, falling to a value of US$4.06bn at consumer prices (from the projected US$3.49bn in 2009). This equates to a negative CAGR of -2.29%, although US dollar growth is respected to re-enter the positive territory through to 2019 (albeit in single digits).
The deep economic recession and rising inflation will, in fact, force the government into public spending cuts, which could impact the pharmaceutical market, the development of which remains strongly linked with more general economic and political issues. Devaluation of the local currency has acted as another sizeable barrier to foreign direct investment (FDI), as has the possibility that pharmaceutical producers could be nationalised, as has happened in food manufacturing and a number of other industries considered essential for a nation’s survival.
Similarly, while the government is aware of the fact that any rise in the cost of imports will limit access to essential medicines, and that the local industry is ill equipped to meet demand for sophisticated products, authorities have considered annulling certain patents, in the belief that the move would stimulate the development of domestic output. Earlier in the year, the government reported that it would restrict the import of finished medicines into Venezuela, although the authors do not expect the country’s reliance upon imported drugs to decrease significantly in the short term.
In the meantime, in October 2009, Venezuelan President Hugo Chávez declared the country’s health sector to be in an ‘emergency situation’, re-launching the Barrio Adentro free healthcare programme, following claims that nearly a third of local medical clinics have been abandoned. Highlighting the declining state of the scheme, an increasing number of Venezuelans are turning to the private sector for treatment, in order to gain access to better facilities and resources, although for-profit facilities are also stretched by this unanticipated influx of patients.
Executive Summary
SWOT Analysis
Venezuela Pharmaceuticals And Healthcare Industry SWOT Analysis
Venezuela Political SWOT Analysis
Venezuela Economic SWOT Analysis
Venezuela Business Environment SWOT Analysis
Pharmaceutical Business Environment Ratings
Table: Americas Pharmaceutical Business Environment Ratings, Q110
Limits of Potential Returns
Risks to Realisation of Returns
Regulatory Regime
Other Regulatory Issues
Intellectual Property Environment
IP Shortcomings
International Collaboration
Counterfeit Drugs
Pricing And Reimbursement
Industry Developments
Epidemiology
Communicable Diseases
Non-Communicable Diseases
Healthcare Sector
Recent Healthcare Sector Developments
Hospital Sector
Private Healthcare Sector
Regional Healthcare Collaboration
Retail Pharmacy Sector
Medical Devices
Industry Forecast Scenario
Overall Market Forecast
Key Growth Factors – Industry
Key Growth Factors – Macroeconomic
Table: Venezuela – Economic Activity, 2005-2014
Prescription Drug Market Forecast
Patented Product Market Forecast
Generics Market Forecast
OTC Medicine Market Forecast
Medical Device Market Forecast
Pharmaceutical Trade Forecast
Other Healthcare Data Forecasts
Key Risks to BMI’s Forecast Scenario
Competitive Landscape
Pharmaceutical Sector
Company Activity
OTC Medicines
Company Profiles
Leading Multinationals
Pfizer
Sanofi-Aventis
GlaxoSmithKline
Boehringer Inglelheim
Novartis
Merck & Co
Indigenous Company Profiles
Grupo Farma
Elmor
Strides Latina (Sumifarma)
Calox International
Country Snapshot: Venezuela Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)
How We Generate Our Pharmaceutical Industry Forecasts
Pharmaceutical Business Environment Ratings Methodology
Ratings Overview
Table: Pharmaceutical Business Environment Indicators
Weighting
Table: Weighting Of Components
Sources
Forecast tables
- Pfizer
- Sanofi-Aventis
- GlaxoSmithKline
- Boehringer Inglelheim
- Novartis
- Merck & Co
- Grupo Farma
- Elmor
- Strides Latina (Sumifarma)
- Calox International
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