Country Overview (Pharma & Healthcare)


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Mexico Medical Devices Report Q1 2015

Mexico Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: The Mexican medical device market ranks second in Latin America. BMI forecasts a
high 2013-2018 CAGR of 13.4% in US dollar terms, taking the market to US$6.9bn. Medical device imports
remain high but represent half the value of exports, as the country operates intensive maquiladora activities
directed to the USA, Mexico's leading trade and investment partner. Mexico has strengthened its regulatory
environment in recent years, but its power in Latin America is restricted by Brazil.
Headline Industry Forecasts

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Pakistan Medical Devices Report Q1 2015

Pakistan Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: The Pakistan medical device market is small for a country its size. Domestic
production is limited primarily to steel surgical instruments and the majority of the market is supplied by
imports. In 2013, BMI estimates that the medical device market was worth US$259.7mn, or US$1.4 per
capita. The medical device market is expected to grow at a reasonable rate, with a CAGR of 6.3% forecast
for the 2013-2018 period.
Headline Industry Forecasts

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Philippines Medical Devices Report Q1 2015

Philippines Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: An above average market growth rate of 9.7% is projected for the Philippine medical
device market and much of this demand will continue to be met by imports. Demand continues to vary by
region, with the capital and surrounding areas continuing to provide the best prospects for growth.
Headline Industry Forecasts
■ The Philippines medical device market is expected to grow at a solid 9.7% in the medium term. This
growth will be spearheaded by the growth of imports, health expenditure, the private sector and medical
tourism.

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Poland Medical Devices Report Q1 2015

Poland Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: The Polish medical device market is expected to grow by a CAGR of 7.7% over the
2013-2018 period, due to the strengthening of the economy, and subsequently, medical device imports.
Poland is heavily reliant on imported medical devices and this is expected to remain the case for the time
being, as no major developments are foreseen for the domestic medical device industry in the short-term.
Headline Industry Forecasts
■ In 2013, the Polish medical device market was estimated at US$2,069.7mn, or US$54 per capita. This

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Portugal Medical Devices Report Q1 2015

Portugal Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: The Portuguese medical device market is the second smallest in Western Europe (WE)
and per capita expenditure is low by regional standards. Most of the market is accountable to the public
sector, which implemented a 15.0% medical device price cut in 2013, as part of its efforts to contain public
health expenditure. The outlook for the industry is grim. On the one hand, companies are struggling in a
sluggish market of low prices and lower volume purchases. On the other hand, their sustainability is in

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Argentina Pharmaceuticals and Healthcare Report Q1 2015

Argentina Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 26 2014

BMI View: We expect increasing competitive pressure in the Argentine pharmaceutical sector as South-
South relations continue to develop. This is illustrated by the Argentine government recent authorization for
Indian pharmaceutical firms to export finished formulations to Argentina. Argentina's debt default poses
downside risk to economic activity in the next quarters, while we expect inflation and drug pricing controls
to continue hampering the pharmaceutical market potential. The challenging business environment in the

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Brazil Medical Devices Report Q1 2015

Brazil Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: Brazil has the largest economy and medical device market in Latin America, but per
capita medical expenditure is still very low. The highest expenditure is in the large cities, such as São Paulo
or Rio de Janeiro, but producers are moving into regional markets outside the major state capitals. The
relatively low density of the medical device market means Brazil continues to offer considerable potential
for expansion. Despite sluggish economic growth and a depreciating real which is making imported

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Botswana Pharmaceuticals and Healthcare Report Q1 2015

Botswana Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 26 2014

BMI View: Our outlook for the pharmaceutical and healthcare markets of Botswana is reasonably positive
due to the government's increasing commitment to improve the country's healthcare sector. The country's
import reliance for pharmaceuticals, coupled with the forecast depreciation of the Botswana pula will be
seen as a negative for the local industry as imports will become increasingly expensive.
Headline Expenditure Projections
■ Pharmaceuticals: BWP1.66bn (USD198mn) in 2013 to BWP1.85bn (USD207mn) in 2014; +11.3% in

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Canada Medical Devices Report Q1 2015

Canada Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: Canada has a sophisticated and well established medical device market which ranks
ninth in the world in terms of value. The market is expected to grow at a CAGR of 4.0% over the 2013-2018
period. This steady growth should see the balance of trade deficit widen owing to Canada's reliance upon
imports.
Headline Industry Forecasts
■ Canada's medical device market ranks as the ninth largest in the world. In 2013, the medical device

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Cameroon Pharmaceuticals and Healthcare Report Q1 2015

Cameroon Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 26 2014

BMI View: Against a backdrop of sustained economic growth, Cameroon's pharmaceuticals and healthcare
market will sustain an expansive trajectory over the medium-to-long term. Although from a low per-capita
spending level, population growth and rising incomes will drive drug consumption in the foreseeable future.
A number of public and private investment projects across the healthcare system will contribute to overall
sector growth, as illustrated by recent investment projects by Swiss entrepreneurs, and continued global aid

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China Medical Devices Report Q1 2015

China Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: Despite a slowdown in some sectors, China remains one of the fastest growing
medical device markets in the world, which on the back of its vast market size, offers huge potential to
medical device companies. However, the market environment is undergoing rapid change with a raft of new
regulatory measures, which coupled with government incentives to develop local manufacturing and boost
consumption of locally-produced products, threaten to alter the risk benefit profile of the Chinese medical

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Mozambique Pharmaceuticals and Healthcare Report Q1 2015

Mozambique Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 26 2014

BMI View: Mozambique has a fast-growing economy thanks to its natural resources and agricultural
industry. The Mozambican government continues to show its commitment towards the development of
healthcare infrastructure by tackling the country's shortages of health professionals and clinic with the aid
of foreign investors. However, barriers to investment remain, including high levels of corruption and lowlevel
political instability, working against market growth.
Headline Expenditure Forecasts

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Denmark Medical Devices Report Q1 2015

Denmark Medical Devices Report Q1 2015

Date Published: Nov 26 2014

Espicom Industry View: Denmark represents a mature medical device market with above average per
capita spending. The market is being constrained by stagnating economic growth, which is increasing
pressure to scale back the country's generous welfare system. As such the market is only expected to show
low growth with a US dollar CAGR of 1.9% forecast for the 2013-2018 period. Local production is focused
on consumables and patient aids, primarily hearing aids, leaving the majority of the market heavily
dependent on imports.

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Singapore Pharmaceuticals and Healthcare Report Q1 2015

Singapore Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 26 2014

BMI View: Driven by a rapidly ageing population and growing government health expenditure,
Singapore's pharmaceutical sales will continue its steady growth over the next decade. This growth is only
constrained by its small population. The country's high levels of education, strong patent protection and
good infrastructure also makes it a highly competitive location for international pharmaceutical companies
to establish research and development and manufacturing facilities as the region integrates closer with the
ASEAN Economic Community.

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Estonia Medical Devices Report Q1 2015

Estonia Medical Devices Report Q1 2015

Date Published: Nov 26 2014

BMI Industry View: The medical device market is set to grow at a higher CAGR between 2013 and 2018
than was recorded for the 2008-2013 period. However, the small size of the market limits scope for the
purchase of more expensive items. The medical device market is largely supplied by imports, principally
from Western suppliers. The balance of trade has been positive since 2011, due to export growth. There is a
small domestic production sector but this tends to concentrate on exports to Western Europe and former
Soviet countries.

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Analysing the Telemedicine Market in India

Analysing the Telemedicine Market in India

Date Published: Nov 23 2014

The telemedicine market in India has witnessed significant growth, owing to its potential of providing the world class clinical and medical services to distant and rural locations. The industry has garnered the support of both the government and private organizations that are investing in telemedicine to make healthcare accessible across India.

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Israel Medical Devices Report Q1 2015

Israel Medical Devices Report Q1 2015

Date Published: Nov 19 2014

BMI Industry View: One of the most attractive markets for multinationals in the region, Israel's medical
device market is valued at US$1,077.4mn in 2013, equal to US$139 per capita. Strong trade relations with
the USA facilitate medical device imports and exports, while Israel is also a very dynamic market in terms
of medical device start-ups. The market is expected to expand at a CAGR of 9.5% during the forecast
period, which should see it reach US$1,692.8mn, or US$205 per capita, by 2018.
Headline Industry Forecasts

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Italy Pharmaceuticals and Healthcare Report Q1 2015

Italy Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 19 2014

BMI View: SN pharmaceutical expenditure will decline in 2014 - creating revenue pressures for
drugmakers and pharmacies in Italy and increasing out-of-pocket costs for the population. The government
aimed to slash public healthcare costs by EUR900mn (USD1.2bn) in 2012 and EUR1.8bn (USD2.4bn) in
2013 and aims to continue to contain healthcare spending by EUR2.0bn (USD2.7bn) in 2014 and
EUR2.1bn (USD2.8bn) in 2015.
Headline Expenditure Projections
■ Pharmaceuticals: EUR20.91bn (USD27.60bn) in 2013 to EUR19.94bn (USD26.71bn) in 2014; -4.7% in

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Latvia Medical Devices Report Q1 2015

Latvia Medical Devices Report Q1 2015

Date Published: Nov 19 2014

BMI Industry View: The Latvian medical device market is expected to increase by a CAGR of 4.0% in US
dollar terms over the 2013-2018 period, reaching US$182.3mn, or US$91 per capita. Domestic production
is expected to remain geared towards satisfying the local market, and for export to other former USSR
countries, as the technological sophistication of locally-produced medical devices does not yet match that in
the West.
Headline Industry Forecasts

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Japan Pharmaceuticals and Healthcare Report Q1 2015

Japan Pharmaceuticals and Healthcare Report Q1 2015

Date Published: Nov 19 2014

BMI View: The Japanese pharmaceutical market continues to hold strong rewards for innovative
pharmaceutical companies. This is driven by the country's rapidly ageing population, preference for branded
medicines and strong public coverage of drug expenditure. However, the cost containment measures by the
government including aggressively cutting medicine prices pose a downward risk to the market's long term
growth.
Risk/Reward Index
Japan's Pharmaceutical Risk/Reward Index (RRI) score for Q115 increased to 78.1 out of the maximum 100

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