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The Pharmaceutical Market: Peru
Espicom Business Intelligence Ltd, Sep 2009, Pages: 98
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical 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, pricing/reimbursement, intellectual property, 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 for raw materials and finished products 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.
Executive Summary
The pharmaceutical market is valued at US$1.1 billion at retail prices in 2009. According to the Ministry of Health (MINSA), the pharmacy sector represents 72% of the market at manufacturers. prices, and the hospital sector 28%. Historically, growth in pharmaceutical expenditure has been positive but unstable. Between 2009 and 2014, annual growth in pharmaceutical expenditure at retail prices is expected to be 5%.
USA - Peru Trade Promotion Agreement Effective from February 2009. The agreement should result in further intellectual property compliance by the pharmaceutical industry, a more competitive market and more widespread generics use by the government.
Counterfeit medicine bill passed. In May 2008, the Congressional Health Commission passed a bill to crack down on counterfeit medicines, introducing a maximum 10 year prison sentence for those that sell, store or produce fake medicine. The penal code was amended, making sentencing tougher for counterfeiters, smugglers and dealers. Around 30% of medicine sold in Peru is adulterated.
Emerging urban population demanding better healthcare. Per capita wealth has risen, especially around Lima, leading to a sizeable urban population which demands improved healthcare and has the ability to pay for it.
Domestic producers produce branded and unbranded generics. Imports of original drugs are generally consumed by the pharmacy sector, whilst locally produced branded and unbranded generics are consumed by the pharmacy and hospital sectors. Leading domestic producers include Farmindustria, Infarmasa Corporation (Magma and Sanitas), Medifarma and Medco Corporation (Cofana and Marfan).
Universal Health Insurance Law approved and reverse auctions continue. Around 42% of Peruvians are poor and, of these, only 23% can buy medicines. A Universal Health Insurance Law was approved in December 2008, to help the poor access healthcare. The first reverse auction for medicine, worth US$46 million, was held in December 2006, saving around US$12 million. Several further auctions have been held since.
High inflation and a revised GDP forecast. Peru has high inflation and a rapid reduction is not foreseen in the near future. The National Statistics Institute found the 2008 domestic inflation level to be 7.3%. Purchasing power has been reduced on a large scale, particularly amongst the poorest regions of the country and the capital, Lima, has high levels of poverty. Short term GDP forecasts have been revised downwards to reflect current global economic conditions. For 2009 the government is activating a US$5,800 million 'Anticrisis Plan' to sustain economic growth in the global downturn.
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