Fast Market Research recommends "Chile Pharmaceuticals & Healthcare Report Q3 2013" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 08/13/2013 --The lack of vigilance in bioequivalence regulations in Chile has allowed for the proliferation of low quality medicines in the market. These can risk patients' lives and negatively affect the local pharmaceutical industry's global competitiveness. Despite the ongoing capacity issues reported by domestic manufacturers, we believe generic drugmakers in Chile need to adopt necessary production processes to guarantee their drug quality.

Headline Expenditure Projections

- Pharmaceuticals: CLP1,603bn (US$3.3bn) in 2012 to CLP1,715bn (US$3.6bn) in 2013; +7.0% in local currency terms and +8.9% in US dollar terms.
- Healthcare: CLP9,825bn (US$20.2bn) in 2012 to CLP10,629bn (US$22.3bn) in 2013; +8.2% in local currency terms and +10.2% in US dollar terms.

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Risk/Reward Rating: Chile scores 55.5 in BMI's Pharmaceutical and Healthcare Risk/Reward Rating (RRR), making it the seventh-most attractive pharmaceutical market in America. We have re-weighted the RRR components to improve the tool, and adjusted scores for all markets in the Pharmaceuticals and Healthcare reports.

Key Trends And Developments

- In May 2013, Chile's National Consumer Service (SERNAC) made a comparative analysis of bioequivalent products with their respective branded reference drugs in terms of quality and market presence. The study showed that only 29% of the products listed by the Institute of Public Health in Chile (ISPCH) reached the bioequivalent standard of reference drugs. Measured by active ingredient, many medicines for the treatment of HIV/AIDS, diabetes, cholesterol control and organ transplant were not in compliance with the bioequivalence standard.
- In April 2013, Chile's economy ministry has studied the potential impact of liberalising the sales of Over- The-Counter (OTC) medicines as the sector is dominated by large pharmacy chains such as Cruz Verde, FASA and Salcobrand. The research was based on information from the three largest pharmacy chains, which account for 95% of sales in the country. It reported that for the past five years, OTC drug sales accounted for 23.3% of total pharmacy revenues, and 36.9% in volume terms. There has been an increase of patented drug share: during the study period, pharmacy panted drug revenues increased by 34% and generic drug sales increased by 20%.

BMI Economic View: We continue to expect that 2013 will see a pronounced shift in the Chilean economy, and we forecast real GDP growth to fall from 5.6% in 2012 to just 4.3% this year and average 4.2% from 2014-2017, below-consensus estimates. This slowdown in growth is attributable to decelerating economic activity in China, which over the next several years will result in weakening real demand for Chilean copper exports and reduced investment into the country's mining sector..

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