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Published by: Business Monitor International
Published: Oct. 1, 2006 - 59 Pages
Table of Contents
- Chapter 1 - Executive Summary
- Peru: Pharmaceuticals & Healthcare Industry SWOT
- Peru Political SWOT Analysis
- Peru Economic SWOT Analysis
- Peru Business Environment SWOT Analysis
- Chapter 2 - Peru: Business Environment Ranking
- Business Environment Ranking
- Economics - Long-term Risk
- Politics - Long-term Risk
- Regulatory Barriers
- Domestic Sector Threat
- Market Growth Potential
- Market Size Ranking
- Chapter 3 - Peru: Market Summary
- Chapter 4 - Regulatory Regime
- Intellectual Property Regime
- Pricing & Reimbursement Issues
- Other Regulatory Issues
- Chapter 5 - Industry Developments
- Healthcare Sector
- Pharmaceutical Sector
- Chapter 6 - Industry Forecast Scenario
- Overall Market Forecast
- Table: Peru Drug Market Indicators
- Key Growth Factors - Industry
- Table: Health Expenditure Indicators
- Key Growth Factors - Macroeconomic
- Table: Colombia - Economic Activity
- Prescription Market Forecast
- Table: Prescription Market Indicators
- OTC Market Forecast
- Table: OTC Market Indicators
- Generics Market Forecast
- Table: Generic Market Indicators
- Export/Import Forecasts
- Table: Import/Export Trends
- Other Healthcare Data Forecasts
- Table: Other Healthcare Data Forecasts
- Key Risks to CHAPTER - BMI’s Forecast Scenario
- Chapter 7 - Competitive Landscape
- Profiles: Leading Multinationals
- Sanofi-Aventis
- Merck & Co
- GlaxoSmithKline (GSK)
- Novartis
- Pfizer
- Chapter 8 - Company Monitor
- Indigenous Manufacturer Profiles
- Farmaindustria
- Unimed
- Chapter 9 - BMI Forecast Modelling
- How We Generate Our Industry Forecasts
- Technical Process
- Pharmaceutical Industry
- Sources
- Chapter 10 - Latin America: Regional Market Overview
- Appendix: Regional Demographic Data
- Wages (ave. per annum), US$
- Population
- Household Spending Per Capita, US$
- Private Consumption Per Capita, US$ PPP
- Market Size, GDP, US$bn
- Chapter 11 - Country Snapshot: Colombia Demographic Data
- Section 1: Population:
- Table: Demographic Indicators (2005)
- Table: Rural/Urban Breakdown
- Section 2: Education & Healthcare
- Table: Education
- Table: Healthcare: Vital Statistics
- Table: Healthcare: Expenditure
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators
- Table: Consumption and Stratification
- Table: Wages per year
AbstractThe Peruvian pharmaceutical market is currently approaching its value of 1997, at around US$495mn, making the market one of the smallest in Latin America. Until very recently, regulatory conditions were considered unacceptable by international standards, and although there has been significant reform in terms of intellectual property, other areas of market regulation are poorly conceived and enforced.
The Peruvian Congress has endorsed to a free-trade agreement with the US. The treaty introduces significant new terms relating to the protection of confidential data submitted to regulatory authorities. Meanwhile, the government has also created tougher requirements for generic products regarding clinical proof of therapeutic equivalence, as well as safety and efficacy, in relation to original products. Despite this positive progress, so-called 'similar' drugs - branded, non-equivalent copies of local origin - account for as much as 40% of the market in value terms. There is little evidence that the new measures will force the withdrawal of inferior quality products in the short term.
In terms of the breakdown of the market, the formal prescription market accounts for approximately 85% of sales, although it should be noted that some 55% of Peruvians routinely self-medicate with pharmaceuticals that are designated as prescription-only. Partly due to a thriving retail market in the major urban centres, the over-the-counter sector accounts for the remainder of sales. BMI's valuation for the generics sector - comprising equivalent, off-patent medicines - is some US$24mn for 2005, although this total is expected to more than double by the end of the forecast period.
The small size of the Peruvian pharmaceutical market and its poor regulatory environment have prompted BMI to rank the market seventh out of eight leading Latin American markets surveyed. Although the US FTA is a positive signal for the future, the more sophisticated markets of Mexico and Brazil are expected to attract the majority share of pharmaceutical sector investment in the region over the forecast period. At the same time, there appears to be little hope of a significant increase in healthcare sector investment, however badly such an increase may be required. Accordingly, BMI believes that market expansion will remain dependent upon the country's continued solid macroeconomic performance.
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