The Medical Device Market: Venezuela

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The Medical Device Market: Venezuela

Espicom Business Intelligence
Management Report November 2006

Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year. With a population approaching 30 million, Venezuela is a medium-sized South American country. It is economically under-developed, although rich in natural resources, notably oil. The country has a history of political instability and is currently ruled by the charismatic but divisive President Hugo Chavez, a former army officer. Venezuela’s healthcare system is complex and inefficient, a feature common to many Latin American countries. Many facilities are outdated in terms of equipment and infrastructure, and are under-funded. However, the Barrio Adentro projects aim to change this and the situation is slowly improving. The second phase (BA II) aims to open 600 centres providing diagnostics (CDI), rehabilitation (CRI) and high-tech (CAT) services; there were 60 operational in 2005. The third phase (BA III) aims to improve resources in the 296 public hospitals, particularly in terms of medical equipment, after a lack of investments for over 30 years. Therefore there might be opportunities for the industry.

The country has managed to attract a limited amount of international aid in the health sector; there is one World Bank funded project currently active. The government has formulated a number of health projects and plans, although implementation remains a serious concern. The market is heavily reliant on imported products; there is little domestic production and none at all of high-end apparatus.

In the public sector, there are many restrictions in terms of medical supplies & equipment. The health centres and hospitals are obsolete, some health centres have closed and, overall, services are negligible. Many patients need to go to private facilities for lab tests, X-ray, CT and ECG scans. Basic items such as syringes, gauze, alcohol, gloves, sutures and sera are also in short supplies. The sector is also affected by corruption.

Manufacturers utilising Venezuelan importers are able to take advantage of special arrangements available to ALADI (Asociación Latino-Americana de Integración) pact members, through which they can import without going through a lengthy and uncertain foreign exchange application process. Those distributors which import from other ALADI member countries also receive a 60% reduction in custom duties.

Number of pages - 72

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