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Chile Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Jan 2010, Pages: 75
The 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.
The Chilean pharmaceutical market is the second smallest in the Latin American region of the reports coverage universe, trailed only by Peru. Nevertheless, Chile offers considerable longer-term benefits to foreign companies, as the absolute size of its drug market is expected to grow as public health coverage expands. Although the market is relatively well-developed compared with others in the region, many poorer people are yet to receive comprehensive healthcare coverage. In the meantime, the country’s economic development is forecast to experience modest growth, with real GDP growth and fiscal expenditure expected to increase and provide a solid foundation for the further growth of healthcare and pharmaceutical expenditure.
The publisher calculates that pharmaceutical sales in Chile reached CLP634.82bn (US$1.21bn) in 2008. This represents impressive market growth of 9.51% in local currency terms and 9.81% in US dollar terms since 2007. However, the reports forecasts for 2009 is more conservative. We calculate that the drug market will experience growth of 5.59%, reaching a value of CLP670.34bn in 2009. The publisher notes that as a result of the weakening Chilean peso, 2009 drug market expenditure in US dollar terms will experience a -5.61% decline to US$1.15bn, before rising to US$1.37bn in 2010. The publisher also attributes the decline in Chile’s pharmaceutical expenditure growth in 2009 to the economic downturn and the resultant drop in the country’s GDP growth. Our Country Risk team forecasts GDP growth declining from 3.2% in 2008 to -1.2% in 2009.
Chile’s pharmaceutical market will expand more quickly in US dollar terms over the 5- and extended 10- year forecast periods, a fact that should be of interest to foreign multinationals. By 2014, we forecast the Chilean pharmaceutical market will be worth CLP899.88bn (US$1.96bn), increasing at a compound annual growth rate (CAGR) of 6.07% in local currency terms and 11.31% in US dollar terms. By 2019, the sale of prescription and over-the-counter (OTC) drugs will have reached a value of CLP1,165.35bn (US$2.50bn), increasing at a CAGR of 5.69% in local currency terms and 8.14% in US dollar terms. In August 2009, continuing with its global expansion, Indian drugmaker Bal Pharma revealed plans to increase its presence in the Chilean drug market via the sale of its range of active pharmaceutical ingredients (APIs) in the Latin American country. The publisher believes this is approach is ideal for the market and expects the Karnataka-based company to gain market share rapidly due to the active demand for APIs and the presence of formulation units in the country. Furthermore, The publisher believes Bal Pharma can utilise the knowledge and experience of the Chilean drug market (gained via the sale of finished dosage formulations in Chile) to create a successful API business in the country. The report notes that Bal Pharma is also present in other Latin American markets, including Brazil, Venezuela, Argentina, Honduras, Costa Rica, Panama, Peru, Venezuela and Guatemala.
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