New Healthcare market report from Business Monitor International: "Chile Pharmaceuticals & Healthcare Report Q2 2014"
Boston, MA -- (SBWIRE) -- 04/10/2014 -- New legislation encouraging generic drug use is an important step in bringing high quality medicines to the Chilean market and eventually improving access to medicines in the country. The tightened bioequivalent regulations will boost genuine medicine sales and force similares out of the market. However, we believe the current lack of vigilance in bioequivalence regulations in Chile has allowed the proliferation of low quality medicines in the market. Despite the ongoing capacity issues reported by domestic manufacturers, we believe local generic drugmakers need to adopt production processes that guarantee the quality of their drugs and improve their global competitiveness. We expect stronger political and legal intervention to address the monopoly issue in the country's pharmacy sector and improve drug access. The bulk purchasing of medicines by CENABAST will further reduce medicine prices in Chile's public health sector due to the increasing competitiveness of the international pharmaceutical markets.
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Headline Expenditure Projections
- Pharmaceuticals: CLP1,724bn (US$3.5bn) in 2013 to CLP1,851bn (US$3.4bn) in 2014; +7.4% in local currency terms and -1.3% in US dollar terms.
- Healthcare: CLP10,663bn (US$21.5bn) in 2013 to CLP11,932bn (US$22.1bn) in 2014; +11.9% in local currency terms and +2.9% in US dollar terms.
Chile's RRR score for Q214 stands at 55.5 out of 100, with the company ranked seventh out of the 18 markets in the Americas matrix. The country has improved from Q114, due to its more promising pharmaceutical market growth outlook in US dollar terms when we calculated the RRR scores .
Key Trends And Developments
- The Congress of Chile passed a new Drug Act on January 7 2014 to promote the use of generic medicines. Health Minister Jaime Manalich said that the new law 'aims solely to benefit the citizens with medications that have certified quality. Patients who have fewer resources but have to manage chronic diseases will benefit the most.' The new law requests the compliance of bioequivalent regulation on medicines in Chile. It also demands that pharmacies supply generic drugs with bioequivalent certifications issued by the Ministry of Health and sell medicines with a single united dose form if necessary; over-the-counter (OTC) medicines should be sold at pharmacies without pharmacists' intervention. Further, doctors in Chile must prescribe medicines with generic names as an alternative to branded medicines, and the Central Purchasing Agency (CENABAST), which centralises public expenditure on pharmaceuticals and medical products, is authorised to import directly in case of drug shortage or emergencies.
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