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Puerto Rico Pharmaceuticals and Healthcare Report Q3 2011
Description:
Puerto Rico 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 Puerto Rico's pharmaceuticals and healthcare industry.
Puerto Rico’s high per-capita healthcare and pharmaceutical spending represent a draw for manufacturers of patented drugs, which account for the majority of the territory’s market. Many of those products are manufactured locally, given the advantages of lower costs in Puerto Rico than in mainland US. However, the island remains highly dependent on exports to the US, with changes in this market likely to have a major bearing on the development of Puerto Rico’s pharmaceutical trade balance.
Additionally, underperforming economy and public sector spending cuts will conspire with upcoming patent expirations to keep annual growth rates of the Puerto Rico’s pharmaceutical values at low levels.
Headline Expenditure Projections
- Pharmaceuticals: US$2.75bn in 2010 to US$2.81bn in 2011; +2.0% in local currency terms. Forecast down slightly from Q211 due to macroeconomic factors.
- Healthcare: US$10.81bn in 2010 to US$11.06bn in 2011; +2.3% in local currency terms. Forecast down significantly from Q211 due to macroeconomic factors.
- Medical devices: US$528mn in 2010 to US$536mn in 2011; +1.7% in local currency terms. Forecast down slightly from Q211 due to macroeconomic factors.
Business Environment Rating: In our Q311 proprietary Business Environment Rating (BER) matrix for the Americas, Puerto Rico remains in an unchanged third position, after the US and Canada. Puerto Rico’s composite score is also unchanged, at 65.6 out of a maximum 100. Its risks and rewards profiles are relatively evenly balanced, although concerns do exist over its economic structure and the extent of bureaucracy. However, in the long term, Puerto Rico will increasingly be challenged by Latin American countries, which are beginning to improve their business environments and increasingly offer the added bonus of massive domestic demand.
Key Trends & Developments
In January 2011, Bristol-Myers Squibb (BMS) recalled 64mn tablets of its blood pressure oral medicine Avalide (irbesartan-hydrochlorothiazide) from the US and Puerto Rico. The recall follows BMS's concerns over potential inconsistencies in levels of irbesartan, the less-soluble form of Avalide's active ingredient, which could result in slower dissolution. However, no reports of reduced efficacy of the drug have been received, according to BMS spokesperson Christina Trank.
Economic View: Huge structural reforms in Puerto Rico – including major cuts to public sector spending – have dramatically improved the island's fiscal outlook, reflected in upgrades to its credit status in early 2011. However, even though it will return to positive territory, economic growth is set to remain weak, at around 1.65% in 2011. We also caution that revenues will continue to suffer, while expenditure will come under pressure from recent tax cuts, despite the government's commitment to austerity in other areas.
Political View: In line with its attempt to continue improving tax collection systems, the government of Puerto Rico has levied a temporary tax on offshore manufacturers. While this tax will provide further support to its fiscal accounts over the coming years, for its duration (the tax is set to expire in 2016), it may also provide detrimental to the governments’ desire to attract crucial foreign direct investment (FDI), which is required for economic growth. Nevertheless, recent reforms to the tax system, including a 0-1% tax rate for any firms engaging in innovative activities based solely in Puerto Rico, should go some way to providing an attractive pharmaceutical manufacturing base.
Puerto Rico’s high per-capita healthcare and pharmaceutical spending represent a draw for manufacturers of patented drugs, which account for the majority of the territory’s market. Many of those products are manufactured locally, given the advantages of lower costs in Puerto Rico than in mainland US. However, the island remains highly dependent on exports to the US, with changes in this market likely to have a major bearing on the development of Puerto Rico’s pharmaceutical trade balance.
Additionally, underperforming economy and public sector spending cuts will conspire with upcoming patent expirations to keep annual growth rates of the Puerto Rico’s pharmaceutical values at low levels.
Headline Expenditure Projections
- Pharmaceuticals: US$2.75bn in 2010 to US$2.81bn in 2011; +2.0% in local currency terms. Forecast down slightly from Q211 due to macroeconomic factors.
- Healthcare: US$10.81bn in 2010 to US$11.06bn in 2011; +2.3% in local currency terms. Forecast down significantly from Q211 due to macroeconomic factors.
- Medical devices: US$528mn in 2010 to US$536mn in 2011; +1.7% in local currency terms. Forecast down slightly from Q211 due to macroeconomic factors.
Business Environment Rating: In our Q311 proprietary Business Environment Rating (BER) matrix for the Americas, Puerto Rico remains in an unchanged third position, after the US and Canada. Puerto Rico’s composite score is also unchanged, at 65.6 out of a maximum 100. Its risks and rewards profiles are relatively evenly balanced, although concerns do exist over its economic structure and the extent of bureaucracy. However, in the long term, Puerto Rico will increasingly be challenged by Latin American countries, which are beginning to improve their business environments and increasingly offer the added bonus of massive domestic demand.
Key Trends & Developments
In January 2011, Bristol-Myers Squibb (BMS) recalled 64mn tablets of its blood pressure oral medicine Avalide (irbesartan-hydrochlorothiazide) from the US and Puerto Rico. The recall follows BMS's concerns over potential inconsistencies in levels of irbesartan, the less-soluble form of Avalide's active ingredient, which could result in slower dissolution. However, no reports of reduced efficacy of the drug have been received, according to BMS spokesperson Christina Trank.
Economic View: Huge structural reforms in Puerto Rico – including major cuts to public sector spending – have dramatically improved the island's fiscal outlook, reflected in upgrades to its credit status in early 2011. However, even though it will return to positive territory, economic growth is set to remain weak, at around 1.65% in 2011. We also caution that revenues will continue to suffer, while expenditure will come under pressure from recent tax cuts, despite the government's commitment to austerity in other areas.
Political View: In line with its attempt to continue improving tax collection systems, the government of Puerto Rico has levied a temporary tax on offshore manufacturers. While this tax will provide further support to its fiscal accounts over the coming years, for its duration (the tax is set to expire in 2016), it may also provide detrimental to the governments’ desire to attract crucial foreign direct investment (FDI), which is required for economic growth. Nevertheless, recent reforms to the tax system, including a 0-1% tax rate for any firms engaging in innovative activities based solely in Puerto Rico, should go some way to providing an attractive pharmaceutical manufacturing base.
Contents:
Executive Summary
SWOT Analysis
Puerto Rico Pharmaceuticals And Healthcare Industry SWOT
Pharmaceutical Business Environment Ratings
Table: Americas – Regional Pharmaceutical Business Environment Ratings, Q311
Rewards
Risks
Puerto Rico – Market Summary
Regulatory Regime
Pricing and Reimbursement Issues
Tax Incentives
Table: Puerto Rico – Incentives, Benefits And Discounts For Pharmaceutical Manufacturers
Trade Accords
Industry Developments
Epidemiology
Healthcare Sector
Healthcare Financing
Clinical Trials
Biotechnology
Medical Devices
Recent Developments in Medical Devices Market
Industry Forecast Scenario
Overall Market Forecast
Table: Pharmaceutical Sales Indicators 2007-2015
Key Growth Factors – Industry
Table: Healthcare Expenditure Indicators 2007-2015
Table: Government Healthcare Expenditure Indicators 2007-2015
Table: Private Healthcare Expenditure Indicators 2007-2015
Key Growth Factors – Macroeconomic
Table: Puerto Rico – Macroeconomic Data And Forecasts
Prescription Drug Market Forecast
Table: Prescription Drug Sales Indicators 2007-2015
Patented Drug Market Forecast
Table: Patented Drug Market Indicators 2007-2015
Generic Drug Market Forecast
Table: Generic Drug Sales Indicators 2007-2015
OTC Medicine Market Forecast
Table: OTC Medicine Sales Indicators 2007-2015
Medical Device Market Forecast
Table: Medical Devices Sales Indicators 2007-2015
Pharmaceutical Trade Forecast
Table: Exports and Imports Indicators 2007-2015
Other Healthcare Data Forecasts
Key Risks to BMI’s Forecast Scenario
Competitive Landscape
Pharmaceutical Industry
Table: Puerto Rico: Multinational Downscaling
Pharmaceutical Production
Plant Closures
Manufacturing Quality Issues
Recent Company Developments
Research and Development
Pharmaceutical Wholesale
Pharmaceutical Retail
Company Monitor
Pfizer
GlaxoSmithKline
Merck & Co
Abbott Laboratories
Novartis
Sanofi-Aventis
Eli Lilly
Country Snapshot: Puerto Rico Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education and Healthcare
Table: Vital Statistics, 2005-2030
Section 3: Labour Market and Spending Power
Table: Employment Indicators, 1999-2004
Table: Average Annual Manufacturing Wages, 2000-2012
Glossary
BMI Methodology
How We Generate Our Pharmaceutical Industry Forecasts
Pharmaceuticals Business Environment Ratings
Risk/Reward Ratings Methodology
Ratings Overview
Table: Pharmaceutical Business Environment Indicators
Weighting
Table: Weighting Of Components
Sources
SWOT Analysis
Puerto Rico Pharmaceuticals And Healthcare Industry SWOT
Pharmaceutical Business Environment Ratings
Table: Americas – Regional Pharmaceutical Business Environment Ratings, Q311
Rewards
Risks
Puerto Rico – Market Summary
Regulatory Regime
Pricing and Reimbursement Issues
Tax Incentives
Table: Puerto Rico – Incentives, Benefits And Discounts For Pharmaceutical Manufacturers
Trade Accords
Industry Developments
Epidemiology
Healthcare Sector
Healthcare Financing
Clinical Trials
Biotechnology
Medical Devices
Recent Developments in Medical Devices Market
Industry Forecast Scenario
Overall Market Forecast
Table: Pharmaceutical Sales Indicators 2007-2015
Key Growth Factors – Industry
Table: Healthcare Expenditure Indicators 2007-2015
Table: Government Healthcare Expenditure Indicators 2007-2015
Table: Private Healthcare Expenditure Indicators 2007-2015
Key Growth Factors – Macroeconomic
Table: Puerto Rico – Macroeconomic Data And Forecasts
Prescription Drug Market Forecast
Table: Prescription Drug Sales Indicators 2007-2015
Patented Drug Market Forecast
Table: Patented Drug Market Indicators 2007-2015
Generic Drug Market Forecast
Table: Generic Drug Sales Indicators 2007-2015
OTC Medicine Market Forecast
Table: OTC Medicine Sales Indicators 2007-2015
Medical Device Market Forecast
Table: Medical Devices Sales Indicators 2007-2015
Pharmaceutical Trade Forecast
Table: Exports and Imports Indicators 2007-2015
Other Healthcare Data Forecasts
Key Risks to BMI’s Forecast Scenario
Competitive Landscape
Pharmaceutical Industry
Table: Puerto Rico: Multinational Downscaling
Pharmaceutical Production
Plant Closures
Manufacturing Quality Issues
Recent Company Developments
Research and Development
Pharmaceutical Wholesale
Pharmaceutical Retail
Company Monitor
Pfizer
GlaxoSmithKline
Merck & Co
Abbott Laboratories
Novartis
Sanofi-Aventis
Eli Lilly
Country Snapshot: Puerto Rico Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education and Healthcare
Table: Vital Statistics, 2005-2030
Section 3: Labour Market and Spending Power
Table: Employment Indicators, 1999-2004
Table: Average Annual Manufacturing Wages, 2000-2012
Glossary
BMI Methodology
How We Generate Our Pharmaceutical Industry Forecasts
Pharmaceuticals Business Environment Ratings
Risk/Reward Ratings Methodology
Ratings Overview
Table: Pharmaceutical Business Environment Indicators
Weighting
Table: Weighting Of Components
Sources
Companies Mentioned
- Pfizer
- GlaxoSmithKline
- Merck & Co
- Abbott Laboratories
- Novartis
- Sanofi-Aventis
- Eli Lilly
- GlaxoSmithKline
- Merck & Co
- Abbott Laboratories
- Novartis
- Sanofi-Aventis
- Eli Lilly
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