New Healthcare market report from Business Monitor International: "Puerto Rico Pharmaceuticals & Healthcare Report Q4 2012"
Boston, MA -- (SBWIRE) -- 01/15/2013 -- Slow economic recovery and the continued need for fiscal austerity means the development of Puerto Rico's overall healthcare spending will fall below its historic levels, as the government also looks to unload some of the costs to the private sector. While the territory will continue to be a major exporter of pharmaceuticals, its status will increasingly be challenged by emerging manufacturing locations in Asia and Latin America. Additionally, high-profile criticism of several plants in Puerto Rico by the US Food and Drug Administration (FDA) will not help the island's image, with the authorities expected to look to improve the situation in this area.
Headline Expenditure Projections
- Pharmaceuticals: US$2.81bn in 2011 to US$2.88bn in 2012; +2.5% in local currency terms. Forecast broadly unchanged from Q312.
- Healthcare: US$11.27bn in 2011 to US$11.67bn in 2012; +3.6% in local currency terms. Forecast broadly unchanged from Q312.
- Medical devices: US$536mn in 2011 to US$541mn in 2012; +0.9% in local currency terms. Forecast broadly unchanged from Q312.
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Risk/Reward Rating: Puerto Rico again remains third in our proprietary Pharmaceutical Risk/Reward Ratings (RRRs) matrix for the Americas in Q412, ranking behind the US and Canada. Its composite score is an unchanged 65.6 out of the maximum 100, comprising evenly balanced risks and rewards components. In the medium to longer term, Puerto Rico's high matrix placement will come under increased pressure due to its small population, uneasy economic prospects and competition from emerging markets in Latin America.
Key Trends And Developments
- In July 2012, US-based pharmaceutical company, Bristol-Myers Squibb (BMS), announced a US$165mn investment in its local plant in Humacao. The Humacao investment is BMS's second major investment in Puerto Rico after the company's US$200mn project to expand its site in Manati to manufacture biologic medicines in 2009.
- Similarly, around the same time, Merck Puerto Rico, which is part of Merck Sharp & Dohme (Merck & Co), reported plans to invest US$80mn in Las Piedras to manufacture a new product for type 2 diabetes. The expansion will include the introduction of new technologies and production equipment to support the global sales of its product. It is the company's second expansion announcement in Puerto Rico in recent years. In October 2011, the drugmaker said it would invest US$43mn in novel production technology to manufacture new drugs.
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