Fast Market Research recommends "Kazakhstan Pharmaceuticals & Healthcare Report Q4 2012" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/13/2012 -- Kazakhstan remains the most open pharmaceutical market in Central Asia and is the one most integrated into the broader global pharmaceutical market. The government continues to push for World Trade Organization (WTO) accession in the near term (by the end of 2012), although the precise timeline remains uncertain. Kazakhstan's membership of the Customs Union with Russia and Belarus provides another driver for market harmonisation, although this has proved somewhat slower than officials had previously pledged. Three of the country's top five pharmaceutical producers - Chimpharm, Nobel and Global Pharm - are now controlled by foreign investors, underlining the market's potential. Key downsides remain the market's relatively small population size and logistical challenges - a population of 15mn spread over a territory the size of Western Europe - as well deep uncertainty regarding the country's political stability when President Nursultan Nazarbayev leaves the scene. In addition, for the first time since the early 1990s, the country has seen outbreaks of social unrest and acts of terrorism, revealing underlying tensions. .
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Headline Expenditure Projections
- Pharmaceuticals: KZT195.8bn (US$1.34bn in 2011 to KZT1.34bn) in 2011 to KZT218.3bn (US$1.47bn) in 2012; up 11.5% in local currency terms and 9.7% in US dollar terms. Forecast adjusted downward slightly due to updated macroeconomic forecasts.
- Healthcare: KZT1,043.5bn (US$7.12bn) in 2011 to KZT1,167.1bn (US$7.83bn) in 2012; up 11.8% in local currency terms and 10.1% in US dollar terms. Forecast adjusted downward slightly due to updated macroeconomic forecasts.
- Medical Devices: KZT86.51bn (US$590mn) in 2011 to KZT93.97bn (US$627mn) in 2012; up 7.9% in local currency terms and 6.2% in US dollar terms. Forecast adjusted downward slightly due to updated macroeconomic forecasts.
Risk Reward Rating: Kazakhstan ranks 15th this quarter in BMI's Risk Reward Ratings (RRR) for Eastern Europe, its score unchanged from Q311. The market's key attractions for investors include the most liberal business environment in Central Asia, a commitment to long-term regulatory harmonisation and access to the broader Central Asian marketplace. WTO accession also appears likely in the near term following Russia's accession. Downsides include its relatively small population, under-developed infrastructure and an undiversified economy exposed to the commodity cycle. A primary risk is political uncertainty due to the lack of a clear succession process for the president and widespread corruption.
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