Chile Pharmaceuticals & Healthcare Q4 2006

Published by: Business Monitor International

Published: Dec. 1, 2006 - 60 Pages

Table of Contents

Chapter 1 - Executive Summary

Chile Pharmaceuticals & Healthcare Industry SWOT

Chapter 2 - Chile: 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 - Chile: Market Summary

Chapter 4 - Regulatory Regime

Intellectual Property

National Formulary

Pricing & Reimbursement Issues

Chapter 5 - Industry Developments

Healthcare Sector

Pharmaceutical Sector

Table - Latin American Regulations on Bioequivalence and GMP

Chapter 6 - Industry Forecast Scenario

Overall Market Forecast

Table: Chile Drug Market Expenditure Forecasts 2005-2

Key Growth Factors - Industry

Table: Chile Health Expenditure Forecasts 2005-2010

Key Growth Factors - Macroeconomic

Table: Chile - Economic Activity

Prescription Market Forecast

Table: Chile Prescription Market Forecasts 2004-2010

OTC Market Forecast

Table: Chile OTC Market Forecasts 2004-2010

Generics Market Forecast

Table: Generics and Branded Market Indicators

Export/Import Forecast

Table: Chile Pharmaceuticals Exports & Imports Forecasts 2005-2009

Key Risks to BMI’s Forecast Scenario

Chapter 7 - Country Snapshot: Chile Demographic Data

Section 1: Population:

Table: Demographic Indicators (2005)

Table: Rural/Urban Breakdown

Section 2: Education & Healthcare

Table: Education

Table: Healthcare: Vital Statistics

Chile Pharmaceuticals & Healthcare Report Q3 2006

Table: Healthcare: Expenditure

Section 3: Labour Market And Spending Power

Table: Employment Indicators

Table: Consumption and Stratification

Table: Wages per year

Chapter 8 - Competitive Landscape

Manufacturing Sector

Retail Sector

Chapter 9 - Company Monitor

Profiles

LabChile

Laboratorios Andrómaco

Laboratorios Maver

Chapter 10 - Latin America: Regional Market Overview

BMI Forecast Modelling

How we generate our industry forecasts

Technical Process

Pharmaceutical Industry

Chapter 11 - 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

Abstract

Data for 2005 indicate that Chile's pharmaceutical market continues to perform strongly. However, growth in the sector has been uneven, with the uptake of generic medicines far outpacing the remainder of the market. According to IMS Health, in 2005 Chile's drug market expanded by 5% in unit terms, 11% in local currency terms and 23% in US dollar terms, reaching a total US$857.1mn. By the end of the 2006-2010 forecast period, BMI expects market value to reach US$1.19bn.

Generics and over-the-counter (OTC) medicines performed well in 2005, respectively reaching US$134mn and US$167mn, according to BMI estimates. The off-patent prescription sector recorded annualised sales growth of 20% in the year, thanks mainly to new government healthcare schemes, continued demand from the institutional market and - according to some observers - lax enforcement of patent and bioequivalence legislation by national market regulator ISP.

The strength of the OTC market, which expanded by 10% in 2005, is more surprising. This may owe much to local definitions for the sector as the ""Popular Market"", comprising all medicines sold without a doctor script - including many drugs officially classified as prescription-only. Furthermore, in Chile, OTCs are sold behind the counter in pharmacies, entrenching the role of the pharmacist in consumer preferences and stifling the potential of the self-medication market. The vested interests of the large pharmacy chains have been blamed for this structural deficiency in the market.

In BMI's Business Environment Ranking, Chile's position has been substantially downgraded from second to fourth place. This reflects the rising threat to international research-based pharmaceutical companies from illicit copying and increasingly lax regulation in the country. However, the growth potential of the Chilean market remains solid, despite high consumption levels, with the country's stability and increasing prosperity set to drive significant sales value growth in the coming years.

The market share of US firms continues to decline in Chile in unit terms. This reflects the lack of a direct manufacturing presence, and also the dominance of indigenous firms, which account for more than 80% of the market in volume terms and 55% in value terms. Although the market share of European firms is stable, Chile's homegrown producers continue to exploit the lax domestic regulatory environment and target new markets in the region. At the same time, a number of low-cost generic firms of Asian origin have recently entered the market, principally as clients of the government's new minimum-guarantee healthcare plan, known as AUGE.

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