Country Overview (Pharma & Healthcare)


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New Zealand Medical Devices Report Q2 2015

New Zealand Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The New Zealand medical device market is expected to expand at a steady 3.7% in the
medium term, supplied mainly by imports, which continue to make up nearly all of the market. The small but
growing local medical device industry continues to produce mainly for export worldwide thus maintaining
the country's reliance on imported goods. With one of the smallest populations in the Asia Pacific region,
growth is constrained, but a highly developed healthcare system means per capita spending remains

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Spain Medical Devices Report Q2 2015

Spain Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The Spanish medical device market ranks fifth in Western Europe (WE) but per capita
expenditure is low by WE standards. Most of the market is accountable to the public sector, which has been
affected by cost-containment measures implemented in the National Health System (SNS) under Royal
Decree Law 16/2012, impacting medical device expenditure. We forecast low market growth over the
2013-2018 period, as pre-crisis import growth levels are unlikely to return. The market size continues to be

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Taiwan Medical Devices Report Q2 2015

Taiwan Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The ongoing conflict of interest between the multinational industry and the
government is understandable; despite constraints and barriers to market entry, Taiwan remains a lucrative
market, among the top 25 in the world in value terms, and over 75% of the market is still supplied by
imports. The USA holds a significant share of imports with just over a third of the total in 2013, followed by
Japan and other suppliers from the EU.
Headline Industry Forecasts

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Turkey Medical Devices Report Q2 2015

Turkey Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The Turkish medical device market is expected to grow by a CAGR of 3.4% over the
2013-2018 period, driven by import growth, the expansion of healthcare facilities and rising health
expenditure. The market is largely supplied by imports but its reliance on medical devices manufactured
outside of the country should reduce if the government is successful in implementing a project that is
intended to boost the domestic production of diagnostic medical devices and other medical equipment.
Headline Industry Forecasts

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Kenya Pharmaceuticals and Healthcare Report Q2 2015

Kenya Pharmaceuticals and Healthcare Report Q2 2015

Date Published: Jan 30 2015

BMI View: The impending dual epidemic of communicable and non-communicable diseases in Kenya will
create business opportunities for multinational drugmakers. Investment into physician and patient
education and therefore addressing one of the barriers to high-quality care in an emerging economy such
as Kenya - will work to indirectly create a sales channel for their medicines, in both the public and private
sector. Furthermore, efforts to raise awareness of therapeutics and disease management will work to create

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South Korea Pharmaceuticals and Healthcare Report Q1 2015

South Korea Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 30 2015

BMI View: The domestic pharmaceutical industry will continue to have conflicts with the South Korean
government over price controls. As a result of these price controls, growth of the pharmaceutical market
will be limited and firms need to expand overseas to sustain their businesses.
Headline Expenditure Projections
■ Pharmaceuticals: KRW16,106.7bn (USD14.71bn) in 2013 to KRW16,590.4bn (USD15.80bn) in 2014;
+3.0% in local currency terms and +7.4% in US dollar terms. Forecast unchanged from Q414.

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Australia Medical Devices Report Q2 2015

Australia Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The Australian market has performed well in recent years, driven by a stronglygrowing
economy and the requirements of an increasingly elderly population. However, a weakening of the
Australian dollar over the next five years is expected to bring the momentum in the market to a halt.
Headline Industry Forecasts
■ At USD4,903.9mn, the market ranks amongst the top 20 largest in the world, while per capita spending is
on a par with European markets such as the Netherlands or Finland. Growth for the 2013-2018 period is

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Thailand Pharmaceuticals and Healthcare Report Q2 2015

Thailand Pharmaceuticals and Healthcare Report Q2 2015

Date Published: Jan 30 2015

BMI View: Thailand will continue to be an attractive location to international drug makers as a result of its
growing domestic pharmaceutical market with an ageing population and improving access to healthcare as
well as its position as an entry point into the frontier markets of South East Asia. Japanese pharmaceutical
companies such as Eisai in particular, have been attracted to the market and are looking to leverage the
region's growth.
Headline Expenditure Projections

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Croatia Medical Devices Report Q2 2015

Croatia Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The Croatian medical device market will continue to contract in 2014, in line with
poor GDP performance, but it is expected to increase by a CAGR of 3.0% in US dollar terms over the
2013-2018 period. Growth will be driven by EU accession, which took place in July 2013. Closer
integration into the EU should lead to rising living standards and greater scope for increases in health
expenditure. No major changes are expected to take place in the domestic medical device industry in the

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Iraq Medical Devices Report Q2 2015

Iraq Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The medical device market is expected to experience moderate growth over the
forecast period, led by growth of consumables, dental products and patient aids. As there is very little
domestic production, the market is heavily reliant on imports, which have experienced strong growth in
recent years, while the level of exports is very low. A lack of healthcare facilities, the instability of the
political environment and declining oil prices are likely to affect the competitiveness of the medical device
market.

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Ireland Medical Devices Report Q2 2015

Ireland Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: Ireland represents a small, but advanced medical device market, which was valued at
an estimated EUR 603.9mn (USD797.2mn) in 2013. In US dollar terms, the market contracted between
2008 and 2013, but returned to growth in 2013 and is forecast to grow at a CAGR of 2.2% in US dollars, to
reach USD888.3mn in 2018. Ireland has a strong medical device manufacturing sector, and is an attractive
location for US and other firms to use as a European base.
Headline Industry Forecasts

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Italy Medical Devices Report Q2 2015

Italy Medical Devices Report Q2 2015

Date Published: Jan 30 2015

BMI Industry View: The Italian medical device market ranks fourth in Western Europe (WE) but per capita
expenditure is low by WE standards. The public sector, which accounts for around 70% of the market, is
notorious for the amount of red tape and payment delays. This has affected the sustainability of small
medical device companies. However, the adoption of the latest European Directive on delayed payments
(Decree 192/2012) resulted in a reduction in the level of debt during 2013 and 2014. As the public sector is

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Portugal Pharmaceuticals and Healthcare Report Q1 2015

Portugal Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: The Portuguese government measures to reduce public spending on medicines will continue to
weigh on the pharmaceutical sector over a multi-quarter horizon, as illustrated by a new cost-containment
agreement between the Ministry of Health and the pharmaceutical industry. Among the agreed items, the
government commits to ensure the partial liquidation of payment arrears by public healthcare providers to
pharmaceutical suppliers over the next quarters, while the industry sector accepts to contribute to a

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Serbia Pharmaceuticals and Healthcare Report Q1 2015

Serbia Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: The combination of a deteriorating economic outlook, rising political risks and industryspecific
challenges place downside pressure on prospects for Serbia's pharmaceutical market. In light of
this situation, we do not expect any meaningful investments by foreign firms. The key commercial
opportunity is locally-made generic drugs.
Headline Expenditure Projections
Pharmaceuticals: RSD90.46bn (USD1.06bn) in 2013 to RSD99.03bn (USD1.13bn) in 2014; +9.5% in

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Sri Lanka Pharmaceuticals and Healthcare Report Q1 2015

Sri Lanka Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: Sri Lanka's improvements in healthcare have created stronger commercial opportunities for
drugmakers in the country, which is also experiencing an epidemiological shift towards chronic diseases.
However, strong reliance on foreign aid as well as medicine price caps will limit increases in revenueearning
opportunities.
Headline Expenditure Projections
■ Pharmaceuticals: LKR67.70bn (USD524mn) in 2013, to LKR75.09bn (USD570mn) in 2014; +10.9% in
local currency terms and 8.9% in US dollar terms over the five-year forecast period.

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Uzbekistan Pharmaceuticals and Healthcare Report Q1 2015

Uzbekistan Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: Economic growth will allow the Uzbek government to sustain the expansive trend in healthcare
investment and expenditure over the next years. Rising wages and private consumption will also contribute
to drive pharmaceutical and healthcare sector growth, albeit from a low base. Despite recent steps by the
Uzbek government to improve business operating legislation and attract foreign technology transfer in
pharmaceutical production projects, restrictive capital controls and poor governance will continue to weigh

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Venezuela Pharmaceuticals and Healthcare Report Q1 2015

Venezuela Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: New trade and cooperative agreements for necessary medicines as well as financial injections
into the healthcare system will ease Venezuela's troublesome medicine shortage as well as expand
healthcare provision in the short-term. Though, the country's fundamental problems which include an
increasing inflation, currency devaluation, and a problematic desire for pharmaceutical self-reliance will
continue to significantly impair the development of Venezuela's pharmaceutical and healthcare markets
over the long-term.

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Vietnam Pharmaceuticals and Healthcare Report Q1 2015

Vietnam Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: With a growing and ageing population, Vietnam plays host to an attractive target for
pharmaceutical and healthcare growth. While per capita spending remains low, and current healthcare
infrastructure appears strained, access to healthcare coverage is steadily increasing.
Headline Expenditure Projections
■ Pharmaceuticals: VND69,297bn (USD3.30bn) in 2013 to VND80,730bn (USD3.80bn) in 2014; +17.0%
in local currency terms and +16.2% in US dollar terms. Forecast unchanged from previous quarter.

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Russia Medical Devices Report Q2 2015

Russia Medical Devices Report Q2 2015

Date Published: Jan 21 2015

BMI Industry View: The Russian medical device market is expected to contract by a CAGR of 2.9% over
the 2013-2018 period, due to the weakening of the rouble. Russia was one of the fastest growing markets in
the region for many years, but the financial sanctions imposed by the West due to Russia's involvement in
the Ukraine crisis as well as falling oil prices are expected to cause a deep recession in 2015, which will
adversely affect medical device market growth, as less money is made available for healthcare.

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Chile Pharmaceuticals and Healthcare Report Q1 2015

Chile Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Jan 21 2015

BMI View: Well into our extended forecast period, market conditions in Chile remain very attractive for
multinational drugmakers. Although cost containment and measures to promote the uptake of generics are
ongoing, the pace of reform is slow and entrants will continue to enjoy a relatively flexible operating
environment. Notably, the private sector, which constitutes a disproportionate share of total spending, is
markedly less price sensitive than public consumers and will continue to exhibit strong bias towards

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