Headline Expenditure Projections
Pharmaceuticals: EUR319mn (USD428mn) in 2014 to EUR338mn (USD372mn) in 2015; +5.8% in local currency terms and -13.2% in US dollar terms. Forecast revised upwards slightly from previous quarter due to strong Q1 data .
Healthcare: EUR970mn (USD1.30bn) in 2014 to EUR1.01bn (USD1.11bn) in 2015; +4.0% in local currency terms and -14.7% in US dollar terms. Forecast unchanged on previous quarter.
Risk/Reward Index: Latvia is ranked 14th out of the 20 countries surveyed in the Central and Eastern Europe (CEE) region in Q4 2015. Its position in the rankings is unchanged our assessment of the previous quarter. Latvia's overall score is also an unchanged 47.6. Latvia's score remains below the regional average of 49.3, indicating the country's challenging business environment, particularly in terms of potential industry rewards and potential impacts of the eurozone crisis. Consequently, direct multinational operations are limited and domestic companies, such as Grindeks, have looked abroad for growth opportunities.
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Key Trends And Developments
Retail sales volumes in February 2015 grew by 9.3% y-o-y, highlighting the positive consumer environment in Latvia at present. This resilience in consumer activity will shield the pharmaceutical market in the short term, but BMI's Country Risk team expect the Latvian economy to face greater headwinds over the next 12-18 months due to weaker trade with Russia
BMI Economic View
The Latvia Pharmaceuticals & Healthcare Report features BMI Research's forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Latvia Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Latvia pharmaceutical and healthcare industry.
* Benchmark BMI's pharmaceutical and healthcare market forecasts for Latvia, to test other views - a key input for successful budgeting and strategic business planning in the Latvian pharmaceutical and healthcare market.
* Target business opportunities and risks in the Latvian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Latvia.
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