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Venezuela Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, March 2010, 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.
In our updated, Q210 Business Environment Ratings (BER) table for the 10 major countries of the Americas, Venezuela is once again ranked the lowest, reaffirming our view that the country remains one of the most challenging pharmaceutical markets in the region. Globally, Venezuela ranks only 68th of the 71 countries surveyed, as negative factors – such as weak intellectual property (IP) laws (including the most recent patent-annulment of Bayer’s Avelox (moxifloxacin) patent) and a political regime that regularly speaks out against private enterprise – continue to outweigh possible draws to the market, which include its fast-growing urban population and the support for the Barrio Adentro healthcare system (including the preferential exchange rate introduced in January 2010 to ensure the continued supply of medicines).
The authors calculate that, under pressure from economic and pricing factors, pharmaceutical sales in Venezuela reached VEB7.47bn (US$3.49bn) in 2009, a decline on the previous year. By 2014, we forecast the Venezuelan pharmaceutical market will be worth just under VEB28.94bn, increasing at a CAGR of 31% in local currency terms. However, the authors note that – as a result of the weakening Venezuelan bolivar – drug market expenditure in US dollars will experience a decline over the five-year forecast period, to fall by a CAGR of 3.67% to a value of US$2.89bn. Part of the problem is that Venezuela has very high inflation levels, which are eroding any nominal growth in the drug market. In 2009 and 2010, the consumer price index is expected to average around 30-35%.
Nevertheless, Venezuelan pharmaceutical players remain of interest to companies looking to expand in the Latin America region. To this end, over the past few months, Brazilian pharmaceutical company Eurofarma confirmed that it is in negotiations to acquire companies in Uruguay, Paraguay and Colombia and its longer-term strategy includes five additional laboratories, with targeted acquisitions in Chile, Mexico and Venezuela. Similarly, Japan’s largest drugmaker, Takeda, announced that it plans to enter the South American drug market via the acquisition of a generic drugmaker in the region, though the company is yet to elaborate on any potential targets.
In the meantime, established multinationals are rolling out new strategies in a bid to ensure revenue streams in emerging markets, including Venezuela. For example, announcing that it will launch its eCard system in Russia, Pfizer also revealed Mexico, Brazil and Venezuela are to be targeted by the programme. The scheme will allow patients to access discounts of between 15 and 50% for the company’s medicines, while the drugmaker will be able to capture more accurate prescribing and consumption data and at the same time have closer contact with the patient. However, while the scheme has significant patient/prescriber loyalty potential, Pfizer may face numerous regulatory hurdles (especially in socially-minded Venezuela). The drugmaker’s system was surrounded in controversy in the Philippines in mid-2009, with its Sulit Card criticised for being offered as a ‘bribe’ to prescribers.
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