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Venezuela Pharmaceuticals and Healthcare Report Q3 2010
Business Monitor International, July 2010, Pages: 80
Business Monitor International's 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 Q310 Pharmaceutical Business Environment Ratings (BER) for the Americas, Venezuela remains third from the bottom, above Nicaragua and Honduras, with a pharmaceutical rating of 34.0. Globally, this equates to a shared 76th place with Pakistan, which reinforces our view that Venezuela remains one of the most challenging pharmaceutical markets in the world.
Ongoing disruption at Puerto Cabello, Venezuela’s largest port, is exacerbating domestic shortages of food and other consumer goods, contributing to the country’s spiralling inflation levels. New nationalisations and diplomatic tension with Colombia are some of the other risks associated with South America’s largest oil exporter. Furthermore, in the run-up to September 2010’s legislative elections, the government appears committed to pursuing distortive and populist policies, which could push the country along a similar trajectory as that of Zimbabwe in the early 2000s.
On June 3 2010, the government established a new agency that has been given the power to block or suppress information considered to be potentially damaging to the country. Cesna is being viewed as further control on anti-government news by President Hugo Chávez in the lead-up to legislative elections on September 26 2010.
In addition to these political and economic problems, there are unique negative factors within the pharmaceutical industry itself. Venezuela suffers from weak intellectual property (IP) laws, including the patent-annulment of Bayer’s Avelox (moxifloxacin), and a political regime that regularly speaks out against private enterprise. However, a rapidly growing 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) indicate positive long-term prospects.
This potential has not escaped some pharmaceutical companies that are seeking entry and expansion in Latin America. Earlier in 2010, 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, plans to enter the South American drug market via the acquisition of a generic drugmaker in the region, although it is yet to elaborate on any potential targets. Teva and Lupin have also looked at expansion opportunities in the region.
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