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Chile Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, April 2010, Pages: 78
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 report calculates that pharmaceutical sales in Chile reached a value of CLP670.34bn in 2009, up from CLP634.82bn in 2008. The report notes that as a result of the weak Chilean peso, 2009 drug market expenditure in US dollar terms experienced a -5.61% decline from US$1.21bn in 2008 to US$1.15bn. The analyst also attributes the decline in Chile’s pharmaceutical expenditure growth to the economic downturn and the resultant drop in the country’s GDP growth, from 3.2% in 2008 to -1.2% in 2009. In 2010, we expect pharmaceutical sales to reach a value of CLP716.59bn (US$1.41bn), experiencing a 6.90% growth in local currency terms and 23.05% in US dollar terms, which we attribute to improved economic conditions, fiscal expenditure is expected to increase from CLP29,723bn in 2009 to CLP31,200bn in 2010, and an increase in GDP growth rates (from -1.2% in 2009 to 5.0% in 2010).
By 2014, we forecast the Chilean pharmaceutical market to be worth CLP905.05bn (US$1.97bn), increasing at a CAGR of 6.19% in local currency terms and 11.43% in US dollar terms. By 2019, the sale of prescription and OTC drugs will have reached a value of CLP1,173bn (US$2.52bn), increasing at a CAGR of 5.75% in local currency terms and 8.21% in US dollar terms.
In the Q210 Business Environment Ratings for the 10 markets of the Americas, Chile receives a composite pharmaceutical rating of 48.1, therefore maintaining its ranking as eighth overall in our coverage of the Americas region. Generally speaking, 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. However, Chile’s attractiveness as a destination for pharmaceutical investment suffers from the fact that reimbursement is minimal, despite the recent expansion through the flagship Universal Access and Explicit Guarantees (AUGE) healthcare plan, in addition to low retail drug prices and a poor intellectual properly environment.
Highlighting this, Chile was included on the Pharmaceutical Research and Manufacturers of America’s Special 301 Submission 2010 Priority Watch list, despite the establishment of an Intellectual Property Institute (INAPI) in January 2009 and the Chilean government stepping up communication with the innovative biopharmaceutical industry regarding the establishment of an effective patent linkage mechanism. The report stated that the government had not yet taken concrete action to adopt regulatory and other changes needed to establish a linkage system consistent with the obligations contained in the US-Chile Free Trade Agreement (FTA). The report also added that regarding data protection, the current draft of the Health Ministry’s new regulation (which in December 2009 was under legal review by the General Controller of the Republic (CGR)) did not provide adequate assurance that prior partial disclosures of data by foreign regulatory agencies could not be used to justify denial of data protection in Chile.
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