New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/21/2013 -- Given that the Peruvian government does not operate a comprehensive medicine pricing system, pharmaceutical companies can generate rapid sales growth, particularly in regards to the country's out-ofpocket spending sector. The strengthening of the nuevo sol will also benefit foreign drugmakers when they repatriate profits generated in Peru to their home countries. However, low per capita spending on drugs, competition from low-cost manufacturers in South America, and the Peruvian government's bias towards non-equivalent generic products all mean multinationals have a weak position in the short to medium term.
Headline Expenditure Projections
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- Pharmaceuticals: PEN4.11bn (US$1.56bn) in 2012 to PEN4.41bn (US$1.68bn) in 2013; +7.1% in local currency terms and +7.8% in US dollar terms. Local currency forecast broadly in line with Q213.
- Healthcare: PEN25.76bn (US$9.77bn) in 2012 to PEN27.79bn (US$10.61bn) in 2013; +7.9% in local currency terms and +7.6% in US dollar terms. Local currency forecast slightly lower than previously, on account of less favourable macroeconomic environment.
Risk/Reward Rating: In BMI's Risk/Reward Ratings (RRRs) for Q313, Peru remains ranked ninth out of the 17 markets surveyed in the Americas matrix, despite the slight adjustment of our proprietary assessment methodology. Peru's Reward and Risk scores remain very evenly balanced, and also still largely in line with the regional average. A small market size and a deficient intellectual property (IP) environment are some of the major drawbacks to the involvement of foreign companies in Peru. Nevertheless, Peru offers considerable longer-term benefits to foreign investors, not least because its population is expected to top 30mn by the end of 2013.
Key Trends And Developments
- In April 2013, the Peruvian Ministry of Health and several pharmaceutical companies engaged in the supply of drugs and medical devices to public hospitals agreed to fight corruption in regards to public procurement in the health sector. A total of 73 companies are reported to have signed the agreement, under which they are required to file a complaint against employees who commit unlawful acts relating to contracts. The initiative, driven by the High Level Anti-Corruption Commission, aims to guarantee the proper use of public resources.
- In March 2013, Brazilian pharmaceutical company Eurofarma acquired Peruvian Refasa for around US $25mn. Through the acquisition, the company aims to continue to expand its presence in Latin America. Latin America has a large number of family-owned businesses with succession issues, which provides good acquisition opportunities, according to Wesley Pontes, Eurofarma's exports director.
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