New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/13/2013 -- Increased longevity in developed markets translates into increased demand for healthcare services and medicines for the elderly. However, in emerging markets such as Sri Lanka, despite increased life expectancy, communicable diseases will remain a significant health burden over the next two decades. This will continue to limit revenue-earning opportunities for companies whose product portfolios contain medicines for the treatment of long-term diseases.
Headline Expenditure Projections
- Pharmaceuticals: LKR59.86bn (US$469mn) in 2012 to LKR67.69bn (US$535mn) in 2013; +13.1% in local currency terms and +14.0% in US dollar terms.
- Healthcare: LKR252.37bn (US$1.98bn) in 2012 to LKR280.94bn (US$2.22bn) in 2013; +11.3% in local currency terms and 12.3% in US dollar terms.
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According to our Q313 regional matrix, with a score of 39 out of 100.0 Sri Lanka is ranked 17th out of the 18 markets surveyed - above Cambodia and below Bangladesh. Sri Lanka's rewards and risks profiles are relatively evenly balanced, Low per capita expenditure on drugs and the modest overall market size are two of the key factors contributing to its low ranking.
Key Trends And Developments
At a government cabinet meeting held in June 2013, the Ministry of Health received approval to purchase essential drugs for public hospitals from Bangladesh. The State Pharmaceuticals Corporation was appointed as the local agent for these procurements.
In June 2013, Hemas Hospital, the multi-specialty, private hospital chain in Sri Lanka, opened a new, LKR1.3bn, full-capability facility in Thalawathugoda, Sri Lanka, which aims to enhance the healthcare offerings in the country. Consisting of 62,000 square feet of space, the multi-specialty, patient care building is a 60-bed fully equipped hospital including modern operating theatres, intensive care unit and high-tech 24 hour laboratory with the latest sophisticated MRI and CT scanners. Additionally, it features a 24-hour emergency care unit. Over 200 leading specialist consultants have been engaged to provide indoor and channel services at the Thalawathugoda hospital.
BMI Political View: With an above-average score of 77.1 out of 100, Sri Lanka sits comfortably in the top half of our short-term political risk ratings for the region. While the island should continue to enjoy broad political stability over the foreseeable future, this does not mean that it will be devoid of political opportunities and threats. In this article, we briefly outline the top political issues to watch - namely, the state of India-Sri Lanka relations, the upcoming northern provincial elections, and the political ramifications of the recent electricity tariff hikes.
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