Market Reports
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ARGENTINA
The UK is the sixth largest investor in Argentina, investing over USD 2 billion in the last three years. In 2008 UK exports to Argentina (£295m) were up 30% on 2007 and UK imports (£532m) up by 24%, with bilateral trade exceeding £800m. UK companies continue to have an important stake in sectors such as pharmaceuticals and the agribusiness. Following the 2002 economic crisis, Argentina´s growth rate over the past five years has been over 8.5% year on year. Even in 2008, when the first effects of the international crisis were felt, Argentina grew by approximately 6%.
AUSTRALIA
Australia is the world’s 14th largest economy with a per capita GDP that is level with the four richest European countries and is the leading location of Biotechnology in the Asia Pacific region. Its economic growth averaged 3.4% for the past 10 years and is predicted to grow at around 4%. Australia has a thriving biotechnology sector including around 450 core biotech companies amongst an industry total of 1200 enterprises and a world class scientific, medical and agricultural research base. Moreover, the country is ranked the 6th largest biotechnology industry in the world behind the US, UK, Canada, Germany, and France. Its proximity to the world’s fastest growing region, the Asia Pacific, will greatly assist UK companies looking to expand into this region.
AUSTRIA
Being in the heart of Europe, Austria is easy to reach from both Western and Eastern European countries. Moreover, Austrians generally have a positive attitude towards the UK, making it a market of opportunity for British exporters. British goods and services are highly regarded by Austrians, and can succeed if they remain competitive. Today’s Austrian biotechnology sector is made up of a remarkable number of predominately growing companies. The country has over 210 life science companies employing approximately 11,500 people. Over 90% of these are small and medium sized companies. There are also around 600 companies acting as suppliers to the industry for components and services, meaning that in many cases the value chain is entirely Austrian. In 2010, 77 companies were occupied wholly or for the most part with methods of modern biotechnology.
BANGLADESH
The Bangladesh economy is developing and in transition. The ready-made garments industry is responsible for nearly 80% of the country´s export revenue. The pharmaceutical industry is one of the most dynamic and powerful sectors in Bangladesh and technologically the most developed manufacturing industries. It is also the second-largest contributor to the government exchequer.
The pharmaceutical industry contributes about 1% of the total GDP. Whereas healthcare expenditures consist of only 3.35 of GDP. However, increased awareness of healthcare, increase in per capita income, emergence of private healthcare services and the government´s increased expenditure in this sector, together with other factors, have caused the demand to rise in recent years.
Sector Briefing - Bangladesh 2013BELGIUM
Located in the heart of Europe, Belgium has always been an attractive destination for UK exporters. As home to NATO, the EU, and numerous international organisations and Corporates, Brussels is a strategic hub for international business development. The country has an open and highly competitive market, with opportunities in most sectors, especially for small and medium-sized business.
Belgium is one of the most open economies in the world, and this is true for the biotechnology sector too. The country accounts for a remarkably high proportion of Europe´s turnover in biotechnology. It represents 16% of the European biopharmaceutical industry, making the country a key player at world level.
BRAZIL
Brazil is the largest country and has the fastest growing economy in South America. As a part of the BRIC´s group, and experiencing unprecedented political and social stability, Brazil is nowadays seen as a true land of opportunities for European and American businesses aiming to diversify their activities and avoid recession and stagnation in their national markets1.
Brazil has the greatest biodiversity in the world. This abundance of natural resources represents a major strategic advantage to the development of a strong national biotechnology industry. This enables the country to become an important global biosciences centre1. One of the biggest challenges for Brazil´s future as a biotechnology hub is the inability to bring to market its discoveries. Although life science and healthcare disciplines account for more than 25 percent of the research conducted at Brazilian universities, they represent 3.2 percent of patent registrations in the country, according to a study by Prospectiva Consultoria2.1The Life Science Industry in Brazil - Working Paper No.5/2012
2Global Life Sciences Cluster Report 2011
Brazil Business Guide - 2012 (41 pages)
Sector Briefing - Brazil 2013
Biominas Presentation 2013
CANADA
Canada maintains 583 core biotechnology development companies and over 200 public sector institutions in the biotechnology field. It is considered the third largest biotechnology market in the world after the US and the UK, and an important trade and investment partner for British companies of all sizes and across the spectrum of business activity, with its low inflation and positive economic growth. Canada is one of the world´s richest and most developed countries, ranking among the top ten industrial powers and is recognised as having one of the highest standards of living in the world. In 2012, Canadian Government estimated C$207.4 billion would be spent on the publicly funded, privately delivered healthcare system (Medicare) hospitals account for the largest proportion, followed by drugs and physician services.
CHINA
China is the great economic success story of the past 30 years. The country´s growth has been sustained and the economy grew 8.7% in 2009, the best performance of all major economies. While the rise of China is easy to acknowledge, businesses constantly need to catch up with the speed and depth of change and development in China´s large and complex market space. The opportunities for business in China are not just in the well-known Chinese business centres of Beijing, Shanghai, Guangzhou and Shenzhen, but also further afield in numerous emerging regional centres. The British economy will benefit considerably if we can harness our strengths to the many opportunities throughout China.
The biopharmaceutical industry in China has also experienced impressive growth in recent years. Driven top down by State prioritisation as a key high growth sector, it has benefited from a significant amount of government investment and policy support.
COLUMBIA
COSTA RICA
FRANCE
France is an open and highly competitive market, with opportunities in most sectors, especially for small and medium-sized business. The country is home to world leading companies in many innovative industries and is the third largest recipient of foreign direct investment, offering new opportunities for UK companies. France’s strategic location at the heart of Western Europe is well served by a highly developed transport and communication network. Ranking world’s number three in sales (€50bn), France is also Europe’s number one for drug manufacturing with 220 production sites. The number of biopharmaceutical companies operating in France has increased over the past decade and the domestic industry is well developed with many companies focusing on the development of novel drugs.
GERMANY
Situated in the heart of Europe, just an hour by air from the UK, Germany is the UK’s number one European export market and number two world-wide, with annual sales of more that €2 trillion in goods and services. Despite slowing growth in the overall diagnostics market, molecular diagnostics in particular remains an important growth driver. This development is closely linked to the rise of personalised medicine and the increasing relevance of companion diagnostics. The field is also very much dominated by new technologies.
HONG KONG
With one of the most open and business-friendly environments in the world, Hong Kong offers excellent opportunities for UK companies. Hong Kong is a major centre for British business in the region. In 2011, UK exports of goods to Hong Kong were valued at £5.1 Billion, up by 20% over 2010, making Hong Kong the UK’s 3rd largest market in Asia (after mainland China and India) and our 13th largest export market worldwide.
Hong Kong is also a good location from which biotechnology companies can access Southeast Asian markets. Its proximity to China also provides convenience to tap the vast resources of Chinese medicinal and herbal drugs for further refinery and commercialisation. As for pharmaceutical manufacturing, Hong Kong remains small scale. However, it is currently the most profitable among other biotechnology areas.
HUNGARY
Hungary is located at the heart of Europe. It occupies an area of 36, 340 square miles (a little over one-third the size of the United Kingdom) and is bordered by seven countries. Hungary is a member of the EU and the Schengen Area since 2004. Hungarian economic growth forecast for 2012 was recently corrected downward to 0.5%. Hungary is a very open economy and greatly dependent on its export partners, its economic outlook is very dependent on international events. The Hungarian biotech sector has gained global recognition in the past 10 years and is in the leading position among the new EU-member states.
INDIA
India is the second fastest growing economy following China. The country is recognised as a mega bio-diversity country and the Biotechnology in India offers opportunities to convert the biological resources into economic wealth and employment opportunities. The country’s Biotechnology industry registered an 18.5% growth recording INR 20,440.7 Crore in revenue in 2011-2012. In addition, the Indian biotech industry has recorded CAGR of 14.75% during the past five years. The Pharmaceutical and Biotech Industry seems to be clustered in Western and Southern India with 44% and 40.7% market share respectively. Western India is the manufacturing hub and Southern India is the R&D hub of the sector.
INDONESIA
Indonesia is the world’s 4th most populated country with the middle class expected to reach 74 million in 2013. The country offers large market for the healthcare sector and has the largest economy in South East Asia. Many opportunities exist for different UK business sectors.
The Indonesian pharmaceutical sector registered an average double-digit growth of 13-14% between 2009-2011. In addition, Indonesia’s medical device market was recorded as being worth US$780 million in 2012, predicted to continue growing at about 15 percent per year. 95 percent of this total value came through imports and foreign manufacturers accounted for 90 percent of all medical device registrations in 2012. There is also a continuous demand for high-tech medical equipment and devices from private hospitals.
IRELAND
Ireland has secured a global leadership position in the Life Sciences Industry through continuous investment for the past four decades, making the country one of the chosen investment locations for multinational life science companies, in addition to ensuring the development of a solid indigenous Life Science sector. 18 of the world’s top 20 pharmaceutical companies have substantial operations in Ireland and 7 of the world’s top 10 selling pharmaceutical products are exclusively produced here. The Life Science Industry employs more then 50, 000 people directly and exports over €56 billion every year.
ISRAEL
Israel is a remarkable success story for British exporters. Although the country is about the size of Wales, UK exports to this market have grown steadily. Bilateral trade has consistently been in excess of £2 billion over the last 10 years and should reach £3 billion by 2015. In recent years Israel has seen a lessening of Governmental involvement in the business world as many previously Government owned companies have now been transferred into private ownership. Add this to its high tech capabilities, and Israel can definitely be seen as the land of opportunity.
Israel enjoys a strong entrepreneurial culture, which enables new ideas to be nurtured and developed. The Israeli Life Science Industry is still young, yet expanding and exuberant. Of the existing 1,000+ companies, some 80% were founded during the last decade. Israel is now Britain's 3rd largest export market in the Middle East, and 28th largest export market worldwide.
ITALY
Italy is one of the world’s top exporters and ranks among the 8th largest economies. With a population of 60 million and a GDP of €1,548.816bn billion in 2010, Italy has established political, defence and trade relationships with UK and is one of UK’s largest markets. The Italian biotechnology sector is young and dynamic; the sector employs 52,000 people. The biomedical sector comprises instruments, diagnostics (IVD, laboratory, self monitoring, allergy therapies etc.), medical /biomedical devices (orthopedics, dialysis, incontinence, anesthesiology, urology etc.), telemedicine, e-health products and services with a total 16,000 staff. The Italian pharmaceutical sector is a key area for the Italian economy and for the hi-tech sector. It counts 334 companies, and employs 66,700 people.
JAPAN
MALAYSIA
The UK is one of the largest investors in Malaysia, investing over £20 billion in the past 30 years. UK exports to Malaysia in 2011 were valued at £2.25 billion, 14% up on 2010; reflecting the wide range of opportunities for UK business and places Malaysia as the UK’s second largest export market in South East Asia, after Singapore.
Malaysia is one of the Asian countries with plans to become the region’s biotech hub. It will leverage on the strength of the country’s diverse natural resources. The key strengths of Malaysia include its infrastructure, its existing history and advances in medical devices and diagnostics manufacturing, well regulated pharmaceutical industry, and availability of GMP certified manufacturing facilities.
MEXICO
Mexico is a country of huge potential that has demonstrated predictable, stable economic growth. It is a dynamic market and analysts predict that its economy will be larger than the UK’s by 2040. It covers an area about the same size as the whole of Western Europe and occupies a strategic global position, being the natural bridge between Latin America to the south and the United States and Canada to the north.
Business Monitor International (BMI), states healthcare spending in Mexico is expected to rise from US$70.24bn in 2011 to US$101.03bn by 2016. This will make it the second most important market in Latin America.
NETHERLANDS
The Netherlands is one of Europe’s most dynamic centres of trade and industry and home to one of the most open and internationally oriented economies in the world. It is a highly competitive, growing market with opportunities for trade in all sectors, especially for small and medium-sized businesses. The country has the 16th largest economy in the world, and ranks 9th in GDP per capita.
There over 400 companies are active in biotechnology in the Netherlands today, placing the Netherlands among Europe’s largest life sciences markets. Many of these companies are linked to universities and non-profit research institutes and are located near university cities. Together, these companies account for an annual $1.2 billion investment in life sciences and related research in the country, or about 20 percent of the total amount spent nationwide on private research and development.
NORWAY
Norway is one of five Nordic countries and has close ties with Sweden, Denmark, Finland and Iceland both historically and as well as economically. However, all are individualistic and should be evaluated separately by exporting companies as well as considering the many similarities. The country has a population of only 5 million, but is one of the world’s wealthiest nations per capita. The Norwegian economy is dominated by the offshore oil and gas sector, which accounts for about 25% of value creation in Norway. Much like Iceland, Norway remains outside the EU, though as members of the EEA (European Economic Area) they acknowledge the same trading codes of practise as the EU. Exporters will therefore find Norway an easy trading partner. The country has a strong and stable economy and no national debt, due in large part to income from considerable oil/gas offshore development. There is an increasing demand for a wide range of quality imported goods and services of all kinds.
PORTUGAL
With a population of 10.6 million and a GDP of 170.9 million euros (2011), Portugal has an important trading tradition and powerful commercial links to the UK. The bilateral trade between the two countries is worth around £3bn. The country presents unique business opportunities in different sectors, striving to keep up with its fellow EU partners while further developing its international trade. Currently, Portugal is the UK’s 13th largest export market in the EU and 29th worldwide.
The importance of Healthcare and Life Science has been increasing in Portugal’s economy. Exports of pharmaceutical products and medical devices, have increased from 335 million euros in 2005 up to 730 million euros in 2011. These exports total more than 1 billion euros if personalised medicine and Ambient Assisted Living Services are included.
PUERTO RICO
Puerto Rico has a long history as a hub for pharmaceutical and biotechnology production, medical devices and processes.
- It has a highly trained work force.
- PR is a US territory. It is regulated by the FDA.
- Companies have access to all US government funding.
- Puerto Rico is strategically located for partnering with Latin America.
- PR offers a population that is very interesting for clinical trials.
- Tax Advantages are truly unique and not available at any other US locations. See the attached quick reference for these advantages.
RUSSIA
Russia is the UK’s fastest-growing major export market, and the fourth-largest export market outside Europe, China and North America. According to the DSM Group, the value of Russian pharmaceutical market in 2012 amounted to 921 billion roubles in consumer process, which is 12% more than in 2011. Russia was ranked third in the world for growth rate. The biotechology and pharmaceutical market heavily relies on imports, as the value of pharmaceuticals import to Russia in 2012 was around 14.4 billion USD, which is 9% higher than the previous year.
SINGAPORE
Singapore embarked on its Biomedical Sciences (BMS) initiative in 2000 to develop the pharmaceuticals, biotechnology, medical technology and healthcare sectors, as part of its move to knowledge based economy. The manufacturing sector contributes to a quarter of Singapore’s economy. Currently, there are 12 global pharmaceutical and biotechnology companies in Singapore who have invested in over 25 commercial-manufacturing facilities. Another seven plants are set to open in the next three years.
SOUTH AFRICA
South Africa is a natural hub and can act as a springboard into other African markets. The South African life sciences market is an open door for UK suppliers due to South Africa’s strong political and trading links with most of the rest of Africa. Both the public and private health care sectors present opportunities for UK companies to participate in transforming the healthcare sector in South Africa. These include Diagnostic, Medical Devices and Infrastructure.
The South African biotechnology sector is still in its infancy when compared to the global market, with many of the established firms still receiving funding from public institutions while the pharmaceutical sector has a high proportion of patented medicine, which accounts for approximately 70% of the market. The South African Government’s concerns over costs have encouraged the growth of the generics sector and South African firms are responsible for most of the generic medicine production. The sector is expected to grow at 9.7% between now and 2014 to give market value of +£2.3 billion.
SOUTH KOREA
As the 12th largest economy worldwide and the 4th largest in Asia, South Korea is a dynamic and vibrant place to do business. Despite the global economic slowdown, South Korea’s economy grew by 3.6 per cent in 2011, the fastest in the OECD (Organisation for Economic Co-operation and Development).
Korea is the 13th largest international pharmaceuticals market, accounting for some 1.5% of global market share in 2012. By 2020, the Korean government aims to become the 7th largest pharmaceutical producing nation, accounting for 4.5% of the total global market. In addition, the biotech industry is one of the fastest growing industries in Korea and has grown rapidly with a constant annual growth rate in excess of 10%. Korea is the 8th strongest biotechnology nation globally with particular technology advantages and skills in stem cell research.
SWITZERLAND
Switzerland has fared relatively well during the recent economic crisis. It is the UK‘s third largest market outside the European Union, after the USA and China. British exports grew by 21% in 2012 to £6.5bn - more than Britain exported to other major markets such as India and Japan. In 2011, the Swiss bought £9.4bn of services from the UK – more than other major consumers of British services such as Canada and Australia. The exchange rate makes the Swiss market favourable for British exporters. The Swiss purchasing power is one of the world‘s highest. English is widely spoken, and the UK is less than two hours away by plane.
TAIWAN
Taiwan‘ biotech industry comprises three major sectors: emerging biotechnology, pharmaceuticals, and medical devices. The pharmaceutical sector is split into four subsectors: active pharmaceutical ingredients (APIs), generics, new pharmaceuticals, and traditional Chinese herbal medicines. Currently, Taiwan has 164 universities with more than 80 incubation centers within the campuses; 18 medical centers; a growing number of science-based industrial parks; and government and private nonprofit research, all of which are involved in biotech-related research activities.
UNITED STATES
The USA has the most technologically powerful economy in the world and is Britain‘s largest single export market. The US economy is integrated and largely self-contained, with every major industry represented. US manufacturers often source components overseas and UK goods have traditionally enjoyed a good reputation for quality. There are four time zones across 50 states (Eastern, Central, Mountain and Pacific).
The United States is the leading consumer of biotechnology products in the world, and home to more than 1,300 firms involved in the industry. With the world‘s largest scientific research base and longstanding government support for biomedical and other biotechnology research and development, the United States maintains a competitive environment for the development and commercialization of biotechnology.
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