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The Pharmaceutical Market: Venezuela
Management Report
Published: January 2010
Pages: 32
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 595.00 Buy Now!
Research from: Espicom
Sector: Prescription Medicines
Espicom’s in-depth pharmaceutical market reports are 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.
Until the devaluation and creation of a two-tiered official exchange-rate system in January 2010, the Venezuelan pharmaceutical market was comparable to Argentina in dollar terms. The economic outperformance experienced in recent years had boosted out-of-pocket pharmaceutical expenditure in the private pharmacy sector to unexpected levels. The Barrio Adentro Mission, which is the basis of the new National Public Healthcare System (SPNS – Sistema Público Nacional de Salud), had also increased drug expenditure, particularly in the public sector. The market had grown in value but also in volume, as the consumption of generic medicines had increased, demanded by the previously excluded population, now covered by Barrio Adentro. Pharmaceutical market growth in dollar terms, however, is expected to fall as the economy will deepen in recession in 2010.
In November 2009, the Ministry of Popular Power for Trade (MinComercio – Ministerio del Poder Popular para el Comercio) announced the government’s intentions to review the most important pharmaceutical patents issued under CAN legislation. The government believes that patents are important market barriers for the public production of generic medicines. One of the first patents that has been cancelled is for an antibiotic owed by Bayer. MinComercio pointed out that the government has been carefully assessing pharmaceutical patents over the last five years and is working on a new Industrial Property draft. In May 2009, MinComercio also said that it was drafting a report for the government’s consideration on the provisional seizure of pharmaceutical facilities. Pfizer, for instance, which has been operating a manufacturing plant in Valencia, in the state of Carabobo, since 1964, is said to be considering its options if the government eventually takes its manufacturing plant. This might be an increasing threat for pharmaceutical companies.
According to the Economist Intelligence Unit (EIU), the country will be in recession in 2010. Inflation is one of the highest in the world, and will continue to remain high for the next five years. The President Hugo Chávez announced a devaluation and creation of a two-tiered official exchange-rate system in January 2010. A rate of VEF4.3 to the US dollar will apply to most imported items. However, a preferential rate of VEF2.6 to the US dollar will be reserved for essential items, including pharmaceuticals. The EIU is factoring in maxi-devaluations of the fixed exchange rate in the next five years, which will result in a contraction of GDP in dollar values. Hugo Chávez’s win in February 2009, allowing him to be re-elected indefinitely, could give his government more room to implement spending cuts and tax rises, following the devaluation of the fixed exchange of the bolivar to the dollar.
Highly detailed report content
MARKET OUTLOOK
Key national data projections
Pharmaceutical Market Analysis
Current market size
Market structure
Unique 5-year market projections
Imports
Domestic manufacturing
Exports
Research & development
Pharmaceutical regulatory analysis
Including regulation, pricing & reimbursement and intellectual property
Pharmaceutical distribution
Healthcare analysis
Including demographics, healthcare system, health expenditure, healthcare infrastructure and personnel HEALTHCARE DATA
A comprehensive tabula review of the market, including economic indicators, demographics, health expenditure, hospital and primary care data, and healthcare personnel.
In November 2009, the Ministry of Popular Power for Trade (MinComercio – Ministerio del Poder Popular para el Comercio) announced the government’s intentions to review the most important pharmaceutical patents issued under CAN legislation. The government believes that patents are important market barriers for the public production of generic medicines. One of the first patents that has been cancelled is for an antibiotic owed by Bayer. MinComercio pointed out that the government has been carefully assessing pharmaceutical patents over the last five years and is working on a new Industrial Property draft. In May 2009, MinComercio also said that it was drafting a report for the government’s consideration on the provisional seizure of pharmaceutical facilities. Pfizer, for instance, which has been operating a manufacturing plant in Valencia, in the state of Carabobo, since 1964, is said to be considering its options if the government eventually takes its manufacturing plant. This might be an increasing threat for pharmaceutical companies.
According to the Economist Intelligence Unit (EIU), the country will be in recession in 2010. Inflation is one of the highest in the world, and will continue to remain high for the next five years. The President Hugo Chávez announced a devaluation and creation of a two-tiered official exchange-rate system in January 2010. A rate of VEF4.3 to the US dollar will apply to most imported items. However, a preferential rate of VEF2.6 to the US dollar will be reserved for essential items, including pharmaceuticals. The EIU is factoring in maxi-devaluations of the fixed exchange rate in the next five years, which will result in a contraction of GDP in dollar values. Hugo Chávez’s win in February 2009, allowing him to be re-elected indefinitely, could give his government more room to implement spending cuts and tax rises, following the devaluation of the fixed exchange of the bolivar to the dollar.
Highly detailed report content
MARKET OUTLOOK
Key national data projections
Pharmaceutical Market Analysis
Current market size
Market structure
Unique 5-year market projections
Imports
Domestic manufacturing
Exports
Research & development
Pharmaceutical regulatory analysis
Including regulation, pricing & reimbursement and intellectual property
Pharmaceutical distribution
Healthcare analysis
Including demographics, healthcare system, health expenditure, healthcare infrastructure and personnel HEALTHCARE DATA
A comprehensive tabula review of the market, including economic indicators, demographics, health expenditure, hospital and primary care data, and healthcare personnel.