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Venezuela Pharmaceuticals and Healthcare Report Q2 2008Published by: Business Monitor International Published: May. 12, 2008 - 57 Pages Table of Contents
AbstractProspects in Venezuela’s pharmaceutical market continue to be dampened by government policy. Overal lmarket growth of around 7% per annum between 2008 and 2012 should be driven by the over-the-counter(OTC) and generics sectors. However, this serves to mask severe problems in the patented drug market, which is expected to experience little or no growth over the forecast period. Per capita drug expenditure growth should be slower still. From an estimated US$76.7 in 2007, drug expenditure is only expected toreach US$97.2 by 2012.The generics market should gain at the expense of the patented drug market, despite bioequivalence standards remaining a concern. More stringent testing is to be carried out by the Venezuelan Institute of Scientific Research (IVIC), which should allow a stronger distinction to be made between copy drugs and bioequivalents. Such action on bioequivalence is in common with other major Latin American markets, and should lead to greater confidence in the quality of locally produced generics. Nevertheless, there has been some progress in the multinational sector, with Swiss drug maker Nycomed opening a sales and marketing office in Caracas in February 2008. The company plans to start launching its products in April 2009 and also intends to offer licensing opportunities to partners looking to sell their medicines in the country. In BMI’s updated Q208 Business Environment Rankings, Venezuela is placed ninth out of ten Americas markets surveyed. Venezuela’s score is held back by its regulatory environment. Limitations within the country’s intellectual property (IP) environment remain a cause for international concern and resulted in Venezuela appearing on the USTR Special 301 Report Priority Watch List for 2007. Meanwhile, the pricing regime also adds to risk - around a third of medicines are subject to strict price controls. No price increases have been allowed on the list of 1, 300 essential medicines since 2003. The government appears to be increasingly looking to preventative care as a way of keeping health expenditure under control. Immunisation forms an important plank in this strategy and in November 2007the country set a regional record by administering 6.8mn rubella vaccinations in just three weeks. Meanwhile, doctor:patient ratios continue to be boosted by a deal whereby Venezuela offers Cuba cheap oil in return for Cuban medical personnel. Get Full Details About This Report >> |
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