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LONDON — The drug market in Brazil is expected to grow to nearly $60 billion by the next decade, but problems remain with coverage of the population, according to a new report.
The report, by research and consulting firm GlobalData, found that the Brazilian market would experience compounded annual growth of 12.7%, expanding from $12.4 billion in 2007 to $58.8 billion in 2020.
"The healthcare market in Brazil is primarily driven by an increase in disease burden, affordability and access to primary care," GlobalData director of healthcare industry dynamics Joshua Owide said. "However, health care does not cover the total population and therefore restricts further market growth."
The country's healthcare system comprises two subsystems, a private one and a public one, and its private healthcare insurance system is the second-largest in the world, covering 23.7% of the population. The healthcare system also carries the highest tax burden in comparison with other sectors of the economy like education and finance. Required taxes to the service provider can reach 28%, including federal and state taxes.
"Brazilian hospitals still have inadequate resources and are therefore unable to provide access to healthcare provisions for every citizen, especially those in weaker economic sections," Owide said. "However, government initiatives, such as the increased availability of generic drugs through programs including the People's Pharmacy, have contributed to the reduction of out-of-pocket expenditure and indirect price control, which stimulates competition from generics."