Boston, MA -- (ReleaseWire) -- 05/22/2014 -- Panama and Costa Rica will continue to outperform in comparison with other Central American countries, namely El Salvador, Guatemala, Honduras, Nicaragua and Belize. Improving healthcare investment present revenue-generating opportunities for multinational pharmaceutical companies. Generic drugmakers can also benefit from the widespread uptake of generic drugs in the region and its efficient purchasing platforms, such as COMISCA.
Headline Expenditure Projections
- Pharmaceuticals: US$3.7bn in 2013 to US$3.9bn in 2014; +4.7%. Our forecast has been revised slightly up since Q214 due to more promising industry data.
- Healthcare: US$16.6bn in 2013 to US$17.5bn in 2014; +5.4 %. Our forecast has been revised downwards since Q214 due to less optimistic macroeconomic data.
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Risk/Reward Ratings: Based on our analysis and assessment of the market's appeal to pharmaceutical companies in our Q314 Pharmaceutical Risk/Reward Ratings (RRRs), the Americas scores 49 out of 100, below the Western Europe region (67), Central and Eastern Europe (52), and Asia Pacific (52), but above the Middle East and Africa (42) region. Of the seven Central American countries surveyed, at 40.9 Panama's RRR score ranks first, followed by Costa Rica (37.6), Guatemala (34.3), Honduras (34.2), Belize (32.4), El Salvador (32.0) and Nicaragua (29.8).
Key Trends And Developments
- In April 2014, The Costa Rican social security administration (Caja Costarricense de Seguro Social, CCSS) reported that antineoplastic drugs and biologics had the highest revenue growth in the CCSS pharmaceutical procurements. Although the products were not purchased in large quantity, they have the highest costs. In 2013, a total of 9mn units of these drugs cost the fund over USD28mn. These products are not broadly available in pharmacies, as they are very expensive for general patients to purchase the full dose. Cefa Central Farmaceutica, Baxter Export Costa Rica, Pfizer,Novartis Pharma Logistics and Distribuidora Farmanova are among the main distributors of these products. Cefa reported sales of anticancer drugs and biologics only reached USD20mn in 2013, due to the high costs of these medicines. Generic medicines still account for the majority of CCSS purchases in volume terms
- In February 2014, Sanofi launched Genfar's affordable and quality therapeutic treatments in Panama.
- In March 2014, El Salvador's election authority, the Supreme Electoral Tribunal, has confirmed Frente Farabundo Marti para la Liberacion Nacional (FMLN's) Sanchez Ceren to retain the presidency in a tight presidential election. Given that the FMLN victory would be a continuation of the status quo in terms of policy direction, we expect healthcare expenditure in El Salvador to continue on its current
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