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Central America Pharmaceuticals and Healthcare Report Q4 2010
Business Monitor International, Aug 2010, Pages: 45
Business Monitor International's Central America 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 Central America's pharmaceuticals and healthcare industry.
Despite the region’s worsening macroeconomic performance, the business environment for multinational pharmaceutical companies in Central America has improved slightly since Q310, due to marginal improvements in levels of bureaucracy, corruption and transparency of legal framework. Central America represents the sixth largest market in Latin America.
In Q410, all seven countries in the region experienced an increase in their Pharmaceuticals & Healthcare BER scores, with an average rise of 4.4%. In BMI’s regional Pharmaceuticals & Healthcare Business Environment Ratings (BERs) for Q410, Panama showed the most improved score, 8.7% higher than that in the previous quarter. Also, an improved Country Risk score for Belize moved the country up the regional ranking from 14th to 12th position.
Pharmaceutical sales are expected to reach US$2.53bn in 2010, a 7.9% increase from US$2.35bn in 2009. BMI projects a pharmaceutical sales compound annual growth rate (CAGR) of 8.6% over a five-year period, and 8.4% over a ten-year period – a 1% decrease from our previous forecast, with pharmaceutical sales now expected to reach US$5.27bn by 2019.
The potential for market growth in the region is limited in comparison with other Latin American regions, due to low pharmaceutical per-capita spending and the large proportion of the population on low incomes. Governments face high burdens of disease from malnutrition, dengue fever, malaria and relatively high incidences of other preventable or curable diseases. Diplomatic and non-governmental donations remain common vehicles for improvements in healthcare in the region.
Central America is a low-cost base for manufacturing plants exporting to neighbouring markets. Therefore, with improvements in the region’s business environments, BMI expects pharmaceutical companies to continue to invest in expansion of production capabilities. Pharmaceutical exports are expected to be worth US$679.5mn in 2010. BMI believes that the Central America region is expected to be one of the main beneficiaries of the Panama expansion project of container shipping capacity, which, once completed in 2014, will allow the largest class of container vessels to sail directly from Asia to the east coast of the Americas, offering considerable potential for an increase in exportations. BMI’s Country Risk team maintains their view that narcotic-related crime in Central America is set to increase in 2010. The current level of political instability and structural shortcoming are factors limiting growth of the regional pharmaceutical industry, which means that full investment potential will not be realised in the short-term.
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