Fast Market Research recommends "Venezuela Pharmaceuticals & Healthcare Report Q4 2012" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 02/14/2013 -- We expect the Venezuelan government to continue its foreign currency and import control policies in Q412 and the local market will endure further government restrictions on pharmaceutical and healthcare industry. Multinationals will have the potential revenue-generation opportunities from Venezuela's increasing reliance on imported products to meet local demand, as the election outcome will not fix the production capacity issues in the domestic industry.
Headline Expenditure Projections
- Pharmaceuticals: VEB33.26bn (US$5.46bn) in 2011 to VEB40.77bn (US$6.00bn) in 2012; +22.6% in local currency terms and +10.0% in US dollar terms. Forecasts down due to new industrial information.
- Healthcare: VEB66.69bn (US$10.94bn) in 2011 to VEB83.29bn (US$12.26bn) in 2012; +24.9% in local currency terms and +12.0% in US dollar terms. Forecasts up due to new macro data.
- Medical devices: VEB9.62bn (US$1.58bn) in 2011 to VEB11.54bn (US$1.70bn) in 2012; +20.0% in local currency terms and 7.6% in US dollar terms. Forecasts down due to new macroeconomic data.
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Risk/Reward Rating: The attractiveness of the Americas to multinational pharmaceutical companies has decreased, according to BMI's Pharmaceutical and Healthcare Risk/Reward Ratings (RRRs) for Q412. The average RRR score for the region has reduced from 49.6 in Q312 to 49.2 in Q412. Venezuela's ranking in BMI's RRR matrix has improved, with the country moving up to 14th place in Q412, one position above its ranking last quarter. However, we highlight the risks of the government's increasingly harsh pricing policies, strict regulations and currency devaluation.
Key Trends And Developments:
- In August 2012, The Venezuelan authorities worked to tighten the regulations governing the import of pharmaceutical imports, according to the Pharma Times. The moves have proven controversial, with the Venezuelan industry body Cifar complaining that it was not consulted on the move and warning that the results could be severe, leading to price increases and potential drug shortages.
- In August 2012, the Venezuelan government consolidated its hold on the country's pharmaceutical sector. Changes include stripping the sector of its priority status and cutting the amount of money allocated to drug production and sales companies. The government's investment in the sector dropped by 33.1% year-on-year (y-o-y) in H112 to US$1.78bn, which has led to potentially severe drug shortages.v -
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