The report helps businesses gain a unique insight into the socio-economic dynamics, and helps analyze how they affect healthcare systems and their evolution. It can serve as a valuable tool with actionable guidance for sales, marketing, R&D and business managers with industry related interests.
Four chapters cover the numerical and written analysis for the following topics: Economic Outlook (38 Key industry indicators), The Healthcare System (HC system structures), Reforms (restructuring, re-engineering or austerity efforts) and the Healthcare Market (Capital Equipment, Medical Devices, Disposables and Pharmaceuticals).
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- Officially known as the Republic of Chile, Chile is the 5th largest economy in South America based on GDP.
- Since 2011, Chile’s strong economic growth at 6% has been steadily declining, levelling around 1.7% in 2017.
- Economic growth for the next few years will continue to rely heavily on exports, the world copper market (accounting for 20% of the GDP and 60% of exports), inflation rates, and external demand from China.
- Chile’s government budget balance in 2017 was -3.1 % of GDP and forecasted at -2.6% of GDP for 2018.
- Chile’s administration is committed to structural fiscal rule, allowing Chile to continue to weather external economic and financial shocks. Budget consolidations are being carefully set to accommodate investments in health, infrastructure and education in the coming 2 years.
- Chile is one the most stable and prosperous developing nations, and consistently ranks high on international indices relating to economic freedom, transparency, and competitiveness.
- Life expectancy in Chile is quite high at 81.8 years of age.
The Healthcare System
- Healthcare expenditure was 8.6% of GDP in 2017, and expected to increase to 8.9% in 2018; per capita spending will see an increase from €1,044 to €1,106.
- 2016 marks the first year where the public share for covering healthcare expenses was over half of the total cost. The public share of expenditure will continue to increase annually.
- Chile currently enjoys some of the best healthcare indicator rates in Latin America and has been noted as having a qualitative and well-organized healthcare system when compared to its Latin American counterparts.
- There are 225 acute care hospitals, with the majority in the public sector.
- The public and private health sectors in Chile have evolved completely separate from each other, rather than coordinating to achieve mutual goals.
- There are structural weaknesses in primary care organization resulting in avoidable hospital admissions, and geographical disparities in healthcare accessibility.
- There are 2 healthcare insurance systems, managed by the Health Superintendence; Fonasa is the public sector one covering most of the population and Isapres are the private insurances, providing an alternative to the public national insurance. All employed citizens are automatically deducted 7% of their incomes towards healthcare insurance.
- Under review: Medical Drug Act II (2017)
- Expansion of Explicit Health Guarantees (2015)
- Ricarte Soto Act (2015)
- Improve, standardize and restore the health sector infrastructure (2014-2018)
- Strengthening the financial sector (2011-2020)
- Diminish the shortages in healthcare professionals
- Chile is one of the most stable and prosperous economies in South America. It has a favourable import climate and there are little barriers to importing medical devices and pharma stemming from reputable economies.
- Up to 90% of medical supplies are imported.
- The total medical equipment consumption market in Chile was worth around €1.645 bn m in 2017. Projections show steady growth rates ranging from 5-14%, for various medtech categories from disposables to capital equipment.
- The pharma market value is estimated at €2.2 bn, with a forecasted growth of around 8% in the coming years.
- One of the main goals in healthcare for the next few years will entail the expansion of infrastructure (i.e. the construction of new hospitals and health centers). Putting these new facilities into practice will require a variety of equipment and medical devices.
- The regulatory authority responsible medical devices and pharmaceuticals in Chile is the Public Health Institute, or ISP (Instituto de Salud Pública).
- Compared to other nations, in Europe or even in South America, medtech import and sales are relatively unregulated in Chile.
- In terms of the med-tech industry imports, the market is dominated by the USA with about 35% of the market share, followed by Germany, the Netherlands, France and Japan.
- About 79% of that is spent by the public sector and the remaining 21% is spent on the private sector. Private hospitals represent about 18% of the pharmaceutical consumption in Chile.
- Chile’s Central Government Purchasing Agency, named Central de Abastecimento del Sistema Nacional de Servicios de Salud or CENABAST for short, is the principal purchaser for the public sector.
- Traditionally, hospitals in Chile were run by clinical/medical profiles. Only in the last decade has hospital administration and manager risen as a trained profession and are these profiles gaining a greater say in decision-making of medtech procurement.
Includes tables centralizing all relevant data on socio-demographics, macroeconomics and national Healthcare.
National Care Provision data:
Provides an overview of the Healthcare demographics: Nation Care provision data, Intensive Care units, Operating rooms, Emergency Rooms, Hospital services, Healthcare professionals.
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