Latvia Pharmaceuticals & Healthcare Report Q1 2015

Nov 12, 2014 - Business Monitor International - 111 pages - USD $1,295
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Market growth forecasts are strong although the country will continue to present a modest opportunity to larger multinational companies on account of its relatively small market size. Meanwhile, tensions between Ukraine and Russia may provide challenges for local manufacturers that had sought exports to Russia and the Commonwealth of Independent States (CIS) region as a remedy for lacklustre domestic demand in recent years.

Headline Expenditure Projections
  • Pharmaceuticals: EUR325mn (USD429mn) in 2013 to EUR340mn (USD456mn) in 2014; +4.7% in local currency terms and +6.3% in US dollar terms.
  • Healthcare: EUR0.94bn (USD1.24bn) in 2013 to EUR0.98bn (USD1.31bn) in 2014; +4.2% in local currency terms and +5.8% in US dollar terms.
Risk/Reward Index: Latvia is ranked 12th out of the 20 countries surveyed in the Central and Eastern Europe (CEE) region in Q115. Its relative position in the rankings remains unchanged from our assessment for the previous quarter. Latvia's overall score also remains unchanged at 50.0 for Q115. Latvia's score remains below the regional average of 51.0, indicating the country's challenging business environment, particularly in terms of potential industry rewards. Consequently, direct multinational operations are limited and domestic companies such as Grindeks have looked abroad for growth opportunities.

Key Trends And Developments
  • In June 2014, Grindeks reported that it had made an advance payment of EUR11.67mn as part of a 2012 deal to acquire Slovakia-based company, HBM Pharma, in a deal worth EUR13.1mn. The remaining amount of the payment will be made after the re-registration of shares to Grindeks according to Slovak legislation. Grindeks commented that it anticipates the transaction to be completed in 2014; following completion, HBM Pharma will be included in Grindeks' Group structure.
BMI Economic View: The escalation of a major trade war between Russia and the EU will have ramifications for Latvia's external...

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including Daily Alerts, monthly regional Insights, and in-depth quarterly Country Forecast Reports.