Boston, MA -- (SBWIRE) -- 08/29/2013 -- The loss of confidence in the key pharmaceutical sector is expected to impact consumption levels directly. The fate of the Puerto Rican pharmaceutical market will also remain closely tied to its economy, given that the US remains its key export partner. Nevertheless, we expect volume consumption to continue boosting the pharmaceutical sales value in the territory, especially as the effect of patent expirations gradually wears off.

Headline Expenditure Projections

- Pharmaceuticals: US$2.92bn in 2012 to US$3.05bn in 2013; +4.4% in local currency terms. Forecast broadly in line with the previous quarter's figures.
- Healthcare: US$7.53bn in 2012 to US$7.81bn in 2013; +3.7% in local currency terms. Forecast unchanged from the previous quarter.

Risk/Reward Rating

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Despite the slight adjustment of our assessment tool, Puerto Rico's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 again ranks the territory third out of the 17 markets surveyed in the Americas region, trailing only the US and Canada. However, we expect Puerto Rico's position to become increasingly vulnerable to the challenges posed by Latin American markets, which have large populations and better longer-term prospects.

Key Trends And Developments

- Puerto Rico's healthcare providers are seen as not being able to upgrade to the new standards that are covered under the Health Information Technology for Economic & Clinical Health (Hitech) Act. The legislation aims to make a universal use of electronic health records (EHRs), but Caribbean Business reports from May 2013 suggest only 58% of the 9,950 primary care physicians and specialists are currently implementing the required programmes. Key issues slowing down the uptake include concerns over information privacy and finances available for the transition. The new system must be implemented by 2015 under the American Recovery & Reinvestment Act (ARRA), which will grant bonuses for compliance, but also penalise for non-compliance.
- In May 2013, US-based Maxor National Pharmacy Services concluded the fifth deployment of the Will Call System in Puerto Rico, growing its operations in the country. The company's pharmacy technology division PickPoint specialises in the Will Call System, which allows an easy track of prescription hangers through wireless technology. The system, which fits any size pharmacy, is being considered as a huge potential growth area during the next five years by the company, which is seeking to become a leading pharmacy solution in the country. The system enables improved inventory management and increased accuracy and efficiency.

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