According to the industry research company IMS Research, Brazil is likely to capture a large part of global pharmaceutical market in next few years.
The industry research company IMS Research revealed that in near future, Brazil is likely to secure a large part of pharmaceutical market worldwide. It is out of the seven emerging pharmaceutical markets along with Russia, India, Turkey, South Korea, Mexico and China, which are likely to share a quarter of the global pharmaceutical industry in coming years, as reported in the news by Outsourcing-pharma.
In revenue terms, Brazilian pharmaceutical industry ranks tenth in the world and second largest in Latin America with total revenue of worth $5.2 Billion and nearly 47,000 employees. Also, with around 7,200 hospitals with 280,000 doctors, 12,000 diagnostics clinics and 500,000 beds, the heath industry of the country displays the perfect combination of both public as well as private services.
Furthermore, the growing economy and policies of Brazilian government for foreign players are significant reasons behind the booming pharmaceutical sector of the country. About 20% of foreign companies are functioning in Brazil and many more are approaching the market. Thus, this is leading to improvement in infrastructure as well as quality of medicines and helping in further growth of the industry.
Also, cost savings and easy access to about 180 Million patient population suffering from western as well as third world diseases proves very effective growth drivers for international players in the market. In addition to this, availability of highly qualified staff and well-equipped facilities in Brazilian hospitals is leading to the growth of clinical research business in the country.
However, apart from the strong growth, scarcity of sufficient domestic production of drugs and extremely high taxes on drugs are identified as the biggest threats for the growing Brazilian pharma sector. Also, at 30%, taxes on drugs in Brazil are one of the highest in the world.
A RNCOS Research Analyst said “Due to strong infrastructure and conducive business conditions, the Brazilian pharma industry is showing rapid growth but high taxes are obstructing sales of drugs and affecting the growth of pharmaceutical companies in the country. Thus, to maintain the growth and quality of drugs, the Brazilian government should cut down taxes on drugs.”
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