The value of Argentina's pharmaceutical market is calculated to have reached ARS12.64bn (US$3.37bn) in 2009. Through to 2014, we forecast a compound annual growth rate (CAGR) of 14.36% and 9.78% in local currency and US dollar terms, with the market value topping ARS24.72bn (US$5.37bn). The increased usage of generics and volume changes are expected to be the key drivers of market growth, with patented medicines' share of the total market by value dropping from 56.5% in 2009 to 47.7% in 2014. In regional terms, Argentina remains the seventh most attractive market in the Americas region, with drawbacks including its challenging intellectual property (IP) and pharmaceutical pricing and procurement environments, not to mention the wider economic and political uncertainties. Despite this, the reduced opportunities and continuing challenges facing pharmaceutical companies in developed global markets are increasingly resulting in acquisition activities in emerging markets. To this end, in June 2010, UK-based major GlaxoSmithKline (GSK) acquired Argentina's Laboratorios Phoenix in a move emphasising the company's aim of increasing its market share of pharmaceutical sectors in developing countries. The US$253mn cash transaction, the latest in a string of deals in developing markets (GSK also acquired 9.9% stake in South Korea's Dong-A Pharmaceuticals recently), will also enable GSK to expand its regional revenues, as the local drugmaker is among the top ten nationally and is also one of the leading indigenous medicine exporters. However, local players are also concerned over low levels of achievable profitability and threats this poses to their survival. They expected drug prices to increase by 14.5% during 2010, which is over ten percentage points below the government's forecast of cumulative inflation. Nevertheless, volume consumption of medicines in Argentina has increased significantly over the past decade, which should ' to a degree ' compensate for the gap between pharmaceutical and general consumer price rises. On a wider political and economic front ' and although we have recently upwardly revised GDP growth for 2010 ' we expect the upcoming 2011 elections to be a key factor in shaping the wider economic landscape. While we do not see a reduction in public spending by the administration of President Cristina Fern

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Argentina Pharmaceuticals and Healthcare Report Q4 2010
Published on August 2010
Report Summary
The value of Argentina's pharmaceutical market is calculated to have reached ARS12.64bn (US$3.37bn) in 2009. Through to 2014,
we forecast a compound annual growth rate (CAGR) of 14.36% and 9.78% in local currency and US dollar terms, with the market
value topping ARS24.72bn (US$5.37bn). The increased usage of generics and volume changes are expected to be the key drivers of
market growth, with patented medicines' share of the total market by value dropping from 56.5% in 2009 to 47.7% in 2014. In regional
terms, Argentina remains the seventh most attractive market in the Americas region, with drawbacks including its challenging
intellectual property (IP) and pharmaceutical pricing and procurement environments, not to mention the wider economic and political
uncertainties.
Despite this, the reduced opportunities and continuing challenges facing pharmaceutical companies in developed global markets are
increasingly resulting in acquisition activities in emerging markets. To this end, in June 2010, UK-based major GlaxoSmithKline (GSK)
acquired Argentina's Laboratorios Phoenix in a move emphasising the company's aim of increasing its market share of
pharmaceutical sectors in developing countries. The US$253mn cash transaction, the latest in a string of deals in developing markets
(GSK also acquired 9.9% stake in South Korea's Dong-A Pharmaceuticals recently), will also enable GSK to expand its regional
revenues, as the local drugmaker is among the top ten nationally and is also one of the leading indigenous medicine exporters.
However, local players are also concerned over low levels of achievable profitability and threats this poses to their survival. They
expected drug prices to increase by 14.5% during 2010, which is over ten percentage points below the government's forecast of
cumulative inflation. Nevertheless, volume consumption of medicines in Argentina has increased significantly over the past decade,
which should ' to a degree ' compensate for the gap between pharmaceutical and general consumer price rises.
On a wider political and economic front ' and although we have recently upwardly revised GDP growth for 2010 ' we expect the
upcoming 2011 elections to be a key factor in shaping the wider economic landscape. While we do not see a reduction in public
spending by the administration of President Cristina Fernández ahead of the election ' in which her husband, Néstor Kirchner, is
widely tipped to be a candidate ' options to sustain such loose fiscal policy are fast running out. Having exhausted most of the
domestic funding options, the Argentine government is now hoping to return to international capital markets for the first time since the
notorious government default in 2001. Overall, Argentina remains a prime example of one of our core regional views, namely that
those countries with elevated political risk profiles ' especially in the form of prolonged economic mismanagement ' are set to
underperform their more business-friendly regional peers over the medium term.
Table of Content
Executive Summary . 4
SWOT Analysis 5
Argentina Pharmaceuticals And Healthcare Industry SWOT . 5
Argentina Political SWOT 6
Argentina Economic SWOT ...... 7
Argentina Business Environment SWOT ..... 8
Pharmaceutical Business Environment Ratings 9
Table: Americas ' Regional Pharmaceutical Business Environment Ratings, Q410 ... 9
Rewards ........ 10
Risks .... 11
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Argentina ' Market Summary .. 12
Regulatory Regime . 13
OTC Regulation ..... 14
Recent Regulatory Developments ..... 15
Intellectual Property (IP) Environment ..... 16
IP Disputes ... 18
Counterfeit Pharmaceuticals ... 18
Pricing Regime ...... 19
Table Argentina - Pharmaceutical Price Build-Up ...... 20
Table: Argentina's Drug Price Freeze, 2005-2008 ...... 21
Reimbursement Regime ... 22
Other Regulatory Issues .. 22
Industry Trends And Developments 24
Epidemiology 24
Communicable Disease ... 25
Healthcare System . 26
Healthcare Insurance ..... 27
Medical Tourism .... 27
Medicinal Plants .... 28
Table Argentina - Imports of Medicinal Plants by Country (US$'000) .... 28
Research and Development (R&D) ... 29
Clinical Trials ........ 30
Medical Devices..... 31
Industry Forecast Scenario ...... 33
Overall Market Forecast. 33
Key Growth Factors ' Industry 34
Key Growth Factors ' Macroeconomic ..... 35
Table: Argentina ' Economic Activity, 2007-2014 ...... 37
Prescription Drug Market Forecast .. 37
Patented Drug Market Forecast ....... 39
Generic Drug Market Forecast 40
OTC Medicine Market Forecast ....... 42
Pharmaceutical Trade Forecast ....... 44
Table Argentina ' Imports of Medicines Containing Vitamins by Country (US$'000) ....... 45
Other Healthcare Forecasts..... 46
Key Risks To BMI's Forecast Scenario ...... 47
Competitive Landscape .. 48
Pharmaceutical Industry . 48
Domestic Pharmaceutical Sector ...... 48
Foreign Pharmaceutical Sector ........ 49
Recent Company Developments ........ 51
Vaccines Sector ...... 53
Recent Developments in the Vaccines Sector ...... 54
Pharmaceutical Wholesale Sector .... 55
Retail Pharmacy Sector .. 55
Company Monitor ... 57
Indigenous Manufacturers ... 57
Laboratorios Roemmers.. 57
Laboratorios Bagó . 59
Leading Foreign Companies 62
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Pfizer ... 62
Roche ... 64
Novartis ........ 66
GlaxoSmithKline (GSK) .. 68
Sanofi-Aventis ........ 70
Merck & Co .. 72
Boehringer Ingelheim ..... 74
Country Snapshot: Argentina Demographic Data ..... 76
Section 1: Population ...... 76
Table: Demographic Indicators, 2005-2030 ....... 76
Table: Rural/Urban Breakdown, 2005-2030 ...... 77
Section 2: Education And Healthcare ........ 77
Table: Education ... 77
Table: Life Expectancy, 2005-2030 .. 77
Section 3: Labour Market And Spending Power . 78
Table: Employment Indicators, 2001-2006 78
Table: Consumer Expenditure, 2000-2012 (US$) ........ 78
Table: Average Annual Manufacturing Wages, 1995-2001 .. 79
BMI Methodology ... 80
How We Generate Our Pharmaceutical Industry Forecasts ...... 80
Pharmaceuticals Business Environment Ratings ..... 81
Risk/Reward Ratings Methodology ........ 81
Ratings Overview ... 81
Table: Pharmaceutical Business Environment Indicators .... 82
Weighting ...... 83
Table: Weighting Of Components ..... 83
Sources ..... 83
Forecast Tables ...... 84
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