Recently published research from Business Monitor International, "Latvia Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 12/21/2012 --BMI View: Our view of the Latvian pharmaceutical market remains shaped by the prevailing economic conditions given the high out-of-pocket contributions to medicine spending. This is especially pertinent as the government has over the recent months cut healthcare spending in a bid to remain eligible for EU and IMF loan packages, as well in preparation for potential eurozone membership. While we still expect the market to contract in US dollar terms in 2012, the contraction is expected to be less severe, at 2.4% on a year-on-year basis on account of a somewhat improved economic environment and stronger-thanexpected wholesale trade.

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Headline Expenditure Projections

- Pharmaceuticals: LVL206mn (US$405mn) in 2011 to LVL220mn (US$396mn) in 2012; +7.0% in local currency terms and -2.4% in US dollar terms. Forecast up from Q412 on account of improved macroeconomic and wholesale trade data.
- Healthcare: LVL893mn (US$1.76bn) in 2011 to LVL926mn (US$1.66bn) in 2012; +3.7% in local currency terms and -5.4% in US dollar terms. Forecast unchanged from Q412.
- Medical Devices: LVL78mn (US$153mn) in 2011 to LVL81mn (US$145mn) in 2012; +3.7% in local currency terms and -5.4% in US dollar terms. Forecast unchanged from Q412.

Risk/Reward Rating: While Latvia offers a favourable risk profile, supported by a business-friendly operating environment, its pharmaceutical market value is expected to shrink in 2012 as measured in US dollars, which negatively impacts its potential commercial rewards. Therefore, Latvia continues to be viewed as one of the least promising markets in the Emerging Europe region, currently ranking 13th out of the 20 countries surveyed in Q113.

Key Trends And Developments

- Latvian drugmaker Olainfarm achieved a 65% year-on-year (y-o-y) increase in its provisional consolidated sales in August 2012, according to an announcement by the company at NASDAQ OMX Riga. Provisional consolidated sales amounted to about US$7.2mn in the month. The largest increase of 294% y-o-y was recorded in Latvia, followed by Kyrgyzstan with 162%, Canada with 111% and Russia with 98%.
- In July 2012, Latvian pharmaceutical company Grindeks expanded into the Commonwealth of Independent States by opening a new representative office in Armenia. The office will cooperate with Armenian pharmaceutical and medical institutions and wholesale and retail companies. Value sales of Grindeks products in Armenia reportedly increased by 32% in 2011 compared with 2010.

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