Boston, MA -- (ReleaseWire) -- 04/29/2014 -- BMI View: Low health and pharmaceutical expenditures will continue to limit the attractiveness of the pharmaceutical market in Cambodia. Given such a profile, the country will present more commercial benefits to companies dealing with inexpensive generic drugs and over-the-counter products than innovative pharmaceuticals.
Headline Expenditure Projections
- Pharmaceuticals: KHR828.7bn (US$210mn) in 2013 to KHR921.9bn (US$230mn) in 2014; +11.2% in local currency terms and +11.8% in US dollar terms.
- Healthcare: KHR3,396.9bn (US$850mn) in 2013 to KHR3,639.9bn (US$910mn) in 2014; +7.2% in local currency terms and +7.7% in US dollar terms.
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Risk/Reward Rating: Cambodia's Pharmaceutical Risk/Reward Rating (RRR) score for Q214 is 32.4 out of the maximum 100 in our newly improved RRR system. The country scored below average for almost all indicators and sub-indicators including overall market expenditure, sector value growth and pensionable population. Consequently, with this low score, Cambodia ranks second-to-last out of the 19 key markets in Asia Pacific, ahead of Myanmar.
Key Trends And Developments
- In March 2014, France's Institut Pasteur du Cambodge opened a new facility in Cambodia to set up a regional research platform in Asia. Through the launch, the company is seeking to focus its research on infectious diseases in the region. The new facility will be used to train Cambodian and foreign researchers working on emerging or re-emerging infectious diseases, including encephalitis, dengue, chikungunya, avian influenza, or H5N1 and malaria among others.
In January 2014, Japan-based JGC Corporation started construction of a hospital in Phnom Penh, Cambodia. The hospital will entail an investment of JPY3.5bn (US$0.03bn) and incorporate Japanese medical technology and hospitality. It will be managed by a Cambodian subsidiary company in which JCG has around a 52% stake, public-private investment fund INCJ will have a 46% interest, while Kitahara Medical Strategies International will own the remaining 2%. The hospital is scheduled to become operational in 2015 with 50 beds. The establishment of the hospital is in line with the company's strategy to reduce the number of patients travelling outside the country for medical treatment, along with offering highlevel services and neurosurgery technology to Cambodia.
BMI Economic View: Cambodia's credit boom continues to roll on, and now exceeds the one that preceded the economic slump in 2009 by many measures. Inflation pressures are rising, which could force the National Bank of Cambodia to tighten liquidity to cool the credit boom. We expect real GDP to suffer as a result in 2014, and forecast growth of 6.0% versus an estimated 7.0% in 2013 and the IMF's forecast of 7.2%.
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