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The Medical Device Market: Cuba
Espicom Business Intelligence Ltd, April 2013, Pages: 66
Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Cuba’s imported medical device market grew rapidly up to 2007, however this was followed by a 43.2% fall in imports in 2008, and a further drop of 34.9% in 2009, negatively affecting the market. Cuba does not release official import and export data so this information is gathered by checking the imports/exports in other countries relating to Cuba.
For its 2012 budget, the government has pledged the equivalent of 52% of the total budget (17.4 billion pesos), to spend on education, health and social needs. It has also guaranteed free healthcare to the poorest.
Cuba is one of the world’s last unreformed communist countries. The healthcare sector is highly centralised and controlled by the government. The new regime has made small changes. However, Raúl Castro is more open to liberalising the economy whilst still retaining communist values, looking to China’s example.
The government is still focused on reducing expenditure. In 2011 Castro’s efficiency drive will see one in ten state employees (500,000 people) laid off. In total, one million public sector jobs will be cut with the government granting 250,000 self-employment licences in compensation.
Fellow communist nation China is loaning Cuba US$350 million to repair and renovate its hospitals as it looks to boost economic ties in South America, and China also supplies a good amount of Cuba’s medical imports.
US companies cannot directly supply the market because of the trade embargo. However, there has been cautious positive movement between the two nations. In April 2009 President Obama lifted restrictions on US based relatives travel and money transfers. In October 2011, one of the Cuban Five prisoners which Cuba had been campaigning to release was freed.
Cuba is politically close to Venezuela. A joint Cuban-Venezuelan oil venture is evidence of this. Cuba pays for the energy partly by collaborating on joint projects, providing healthcare staff, for example, for Operation Miracle and Barrio Adentro.
Unlike many communist countries, Cuba has always made a priority of healthcare. Medical research has a good reputation, and the country trains more doctors per head of population than anywhere else in the world. However, in reality, healthcare provision is often very basic. The country lacks the funds to expand and upgrade equipment, which generally needs to be imported. Patients may therefore have good access to doctors and facilities, but advanced treatments are far harder to come by.
ALBA (the Bolivarian Alliance for the Americas) introduced a common virtual currency in 2010, called the Sucre, to decrease reliance on US dollars in business. This is also the name of the payments system, which stands for the Unitary System for the Regional Compensation of Payments (SUCRE). ALBA, created in 2004, comprises the countries Antigua & Barbuda, Bolivia, Cuba, Ecuador, Nicaragua, St.Vincent & the Grenadines and Venezuela.
ALBA introduced a common currency in 2010, the Unitary System for the Regional Compensation of Payments (SUCRE), initially intended to be used as virtual currency. The aim is to further strengthen the bonds between its members and eventually decreasing the need to use US dollars in business. ALBA, created in 2004, comprises the countries Antigua & Barbuda, Bolivia, Cuba,Ecuador, Nicaragua, St.Vincent & the Grenadines and Venezuela.
Includes 3 quarterly updated outlook reports!
Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication date given for the full report.