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BMI View: We view Belarus's pharmaceutical market as having modest longer-term potential, although this potential will continue to be hampered by factors such as insufficient healthcare provision and a challenging intellectual property (IP) environment. Although the authorities are striving to improve domestic pharmaceutical production capabilities, demand will have to continue to be met through imports. Risks to our outlook include the weakness of local currency, corruption, the country's isolationist political stance and the uncertain economic outlook, with the state still highly involved in many sectors. Headline Expenditure Projections: ? Pharmaceuticals: BYR6,543bn in 2012 (US$783mn) to BYR8,376bn (US$959mn) in 2013; +28.0% in local currency terms and +22.5% in US dollar terms. Forecast ...
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