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Puerto Rico Pharmaceuticals & Healthcare Report Q1 2007Published by: Business Monitor International Published: Jan. 1, 2007 - 44 Pages Table of ContentsChapter 1 - Executive Summary Puerto Rico Pharmaceuticals & Healthcare Industry SWOT Chapter 2 - Puerto Rico: 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 - Puerto Rico: Market Summary Regulatory Regime Pricing & Reimbursement issues Chapter 4 - Industry Developments Tax Incentives Table: Puerto Rico - Incentives, Benefits And Discounts For Pharmaceutical Manufacturers Trade Accords Biotechnology Corporate Activity Chapter 5 - Industry Forecast Scenario Table: Drug Market Forecasts Key Macroeconomic Factors Table: Puerto Rico: Historical Data And Forecasts Prescription Market Forecast Table: Prescription Market Forecasts 2004-2011 OTC Market Forecast Table: OTC Market Forecasts 2004-2011 Generics Market Forecast Table: Generics Market Forecasts Export/Import Forecasts Table: Leading Five Exported Drug Products, Q105 Table: Variations In Export Sales, Selected Products, Q105 Table: Puerto Rico Pharmaceuticals Exports & Imports Forecasts Key Risks To BMI’s Forecast Scenario Chapter 6 - Competitive Landscape Overview Table: Pharmaceutical Sales in Puerto Rico, US$, 2004 Leading Products, 2004 Chapter 7 - Company Monitor Profiles Eli Lilly Abbott Laboratories Pfizer GlaxoSmithKline (GSK) Merck & Co Chapter 8 - Regional Overview: Central America & Caribbean BMI Forecast Modelling How We Generate Our Industry Forecasts Pharmaceutical Industry Sources AbstractPuerto Rico’s pharmaceutical manufacturing sector exports medicines worth approximately US$100bn at consumer prices each year, but there are concerns that the island’s pre-eminence as a global hub for drug production is being steadily eroded. Other sites that are attractive for research-based firms, such as Ireland and Singapore, threaten to undermine the island’s international competitiveness. Changes in local tax incentives granted to manufacturers have also weakened industry sentiment. However, Puerto Rico’s administration has recently introduced a series of measures in order to offset the impact of the expiry of exemptions and credits available under Sections 936 and 30A of the US Internal Revenue Code in 2007.The added-value biotechnology sector and the research institutions that support it are the principal targets of the latest tax incentives. It is estimated that the stock of multinational sector investment in biotechnology product manufacturing is as much as US$3.5bn, due to robust commitments by major producers, including Amgen, Eli Lilly and Abbott Laboratories. In the main recent biotechnology development, Abraxis BioScience reported in February 2007 that it had completed the acquisition of Pfizer’s Cruce Dávila manufacturing facility in Barceloneta, which has capabilities of producing EU and US compliant injectable pharmaceuticals, as well as protein-based biologics and metered dosed inhalers. The acquisition also included a 90,000ft2 active pharmaceutical ingredients (API) manufacturing plant, which will be leased by Abraxis back to Pfizer. Abraxis expects to begin commercial manufacturing from the site in the first half of 2007. Despite initiatives such as this, BMI believes that the long-term future of pharmaceuticals manufacturing in Puerto Rico cannot be guaranteed, with the island likely to face continuing threats in drug development and manufacturing from low-cost markets such as India and China. At present, Puerto Rico’s proximity to the US mainland is a strong asset, although the imminent creation of the US-Andean free trade agreement (FTA) would place the Andean community on a more level footing. Additionally, there are limited prospects for the domestic pharmaceutical market. Puerto Rico is amid a severe financial crisis, and healthcare expenditure - at more than 17% of GDP - is a major drain on finances. In mid-2006, Puerto Rico’s Department of Consumer Affairs (DACO) updated its list of pricecontrolled medicines, imposing maximum selling prices on 47 leading brand-name medicines in 162 presentations. That said, it is questionable whether the price restrictions will bring significant savings for local consumers. Although the fast-growing generics sector is expected to fall slowly into line with US levels, with sales reaching over 15% of the total market in 2011, the prescription sector is likely to increase its share of overall sales to 79% by the end of the forecast period. This will be attributable to the continued dominance of branded medicines. The market’s total value is expected to reach US$1.84 by 2011. Get Full Details About This Report >> |
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