Now Available: Belarus Pharmaceuticals & Healthcare Report Q2 2016

Government initiatives to boost the nascent domestic pharmaceutical industry and reduce the reliance on imports will limit the attractiveness of Belarus to multinational drugmakers. Government interference, in the form of domestic bias in the medicine tendering process and pricing controls, will further reduce revenue earning opportunities. Additional risks include a continued poor economic forecast and rising regional geopolitical tensions.

Headline Expenditure Projections

Pharmaceuticals: BYR12,247bn in 2015 (USD801mn) to BYR14,219bn (USD783mn) in 2016; +16.1% in local currency terms and -2.1% in US dollar terms.
Healthcare: BYR60,885bn (USD3.98bn) in 2015 to BYR71,906bn (USD3.96bn) in 2016; +18.1% in local currency terms and -0.4% in US dollar terms.

Full Report Details at
- http://www.fastmr.com/prod/1118961_belarus_pharmaceuticals.aspx?afid=301

Risk/Reward Index

Belarus has a Risk Reward Index (RRI) score of 46.6, below the regional average of 52.6, making it the 15th most attractive market in the Central and Eastern European region. Belarus scores well below the regional average for Risks on account of its economic instability and unfavourable pharmaceutical regulatory environment. These factors are key contributors to its low standing in our index.

Latest Updates

In December 2015, one of the country's biggets domestic pharmaceutical manufacturers, Borimed, completed the construction of a sterile powder antibiotic factory, with a capacity to produce 50mn bottles per annum.

In December 2015, the Chairman of the National Assembly of Belarus announced the construction of four pharmaceutical plants based in Beshenkovic, Skidel, Minsk and Nesvizh, funded by a USD17mn credit from India.

In December 2015, a law was passed providing refugees with equal rights to medical care.

BMI Economic View

While Belarus has seen a sizeable adjustment to its trade deficit, this will not be sufficient to reduce the country's massive overall external imbalances any time soon, which will remain underpinned by interest payments to loans from Russia. Belarus' dependence on Russia, itself struggling due to lower oil prices, will remain a key risk to the country's economy for the foreseeable future. The suppression of public sector revenues will have a knock-on effect on domestic demand, given the large footprint of the state in the economy.

BMI Political View

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