Venezuela's emerging pharma market threatened by economic and political turmoil

Venezuela is one of the emerging pharmaceutical markets in South America, with a major dependence on imports. However, economic and political turmoil along with inefficient patent laws and drug pricing policies are major barriers.

According to data and analytics company GlobalData’slatest report: ‘CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Venezuela’, the country’s total pharmaceutical market value was $12.6 billion in 2015, increasing from $5.7 billion in 2009, at a compound annual growth rate (CAGR) of 14.1%.

However, Venezuela’s current economic crisis may reverse this healthy growth rate with healthcare services now becoming more expensive in the country.