Asia

Content type

Multinational Drugmaker Activity To Remain Limited Despite Rising Diabetes Disease Burden In Cambodia

Fitch Solutions / Article / Pharmaceuticals / Cambodia / Wed 07 Sep, 2022

Key View

  • A shift in lifestyle will remain responsible for rising diabetes burden in Cambodia.
  • Commercial opportunities for drugmakers in Cambodia will remain limited despite the rising burden of both communicable and non-communicable diseases.
  • Revenue prospects for high-value medicines remain limited due to the low purchasing power of the population and the dominance of out-of-pocket spending in healthcare financing.

A shift in lifestyle will remain responsible for rising diabetes burden in Cambodia. While the population will continue to suffer from a significant underlying burden of communicable diseases, the burden of

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Floods To Exacerbate Pakistan's Economic And Political Challenges

Fitch Solutions / Article / Country Risk / Pakistan / Tue 06 Sep, 2022

Key View

  • We expect the severe floods in Pakistan to weigh on agricultural production and exacerbate the country’s external imbalances, and have revised our real GDP growth forecast for FY2022/23 down to 0.2%, from 0.6% previously.
  • A reduction in crop production will also likely lead to higher inflation, which could in turn prompt the State Bank Of Pakistan to tighten monetary policy even more aggressively than we currently expect.
  • Economic hardship due to adverse weather poses an additional downside risks to social stability in the country too.

We at Fitch Solutions expect floods in Pakistan to exacerbate the already weak economic

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Measures To Boost R&D In India Will Benefit Drugmakers

Fitch Solutions / Article / Pharmaceuticals / India / Tue 06 Sep, 2022

Key View

  • The continued emphasis on medical research in India will play a critical role in facilitating the delivery of new innovative treatments to patients.
  • A rise in R&D investment will boost innovation in India, benefiting the pharmaceutical trade sector.
  • Government price controls and the widespread implementation of health technology assessment (HTA) will foster a growing focus on cost-containment, posing a risk to the successful employment of innovation strategies.

The continued emphasis on medical research in India will play a critical role in facilitating the delivery of new innovative treatments to patients. This

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Singapore's Advanced Manufacturing Will Attract Greater Pharmaceutical Investments

Fitch Solutions / Article / Pharmaceuticals / Singapore / Mon 05 Sep, 2022

Key View

  • Singapore will remain an attractive location for pharmaceutical manufacturing due to its business-friendly economy, combined with political stability and its geographical location in Asia Pacific.
  • The pharmaceutical industry will remain an increasingly important component of Singapore’s manufacturing sector.
  • Singapore is one of the few countries that has a positive pharmaceutical trade balance.

Singapore will remain an attractive location for pharmaceutical manufacturing due to its business-friendly economy, combined with political stability and its geographical location in Asia Pacific. In August 2022, China’s

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New Zealand To Record A Larger Current Account Deficit In 2022

Fitch Solutions / Article / Country Risk / New Zealand / Fri 02 Sep, 2022

Key View

  • We at Fitch Solutions forecast New Zealand’s current account deficit to widen to 7.5% of GDP in 2022 from 5.8% in 2021.
  • New Zealand’s trade balance is likely to worsen given the economic slowdown in China, labour shortages impacting production and elevated import prices.
  • The primary income deficit is expected to widen as a broadly resilient economic outlook will bode well for corporate performance and higher dividends, alongside higher bond yields and interest payment outflows as the RBNZ hikes its Official Cash Rate (OCR).

At Fitch Solutions, we forecast New Zealand’s current account deficit to widen to 7.5% of GDP in

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Pakistan Floods To Exacerbate Food Insecurity, Further Strain Global Rice Market

Fitch Solutions / Article / Agribusiness / Pakistan / Fri 02 Sep, 2022

Key View

  • Flooding and mudslides in Pakistan since June will severely hamper the country's food security, crop harvests, infrastructure and economy in 2022.
  • The deleterious impact of floods on domestic agricultural production will serve to further stress Pakistan’s food security, which was in a relatively perilous condition prior to the onset of the flooding
  • The events in Pakistan of the last two months poses a strong upside to rice prices, which have already acquired upward momentum due to events elsewhere.
  • At Fitch Solutions, we consider the flooding in Pakistan to be a considerable downside risk to the majority of our
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Indonesia's Medical Device Market To Be The Fastest Growing In ASEAN

Fitch Solutions / Article / Medical Devices / Indonesia / Fri 02 Sep, 2022

Key View

  • We have revised upwards our forecast for Indonesia’s medical device market and expect that it will be among the fastest growing in Asia.
  • Singapore will continue to continue to be a significant destination for Indonesia’s medical device exports and growth will be supported by Indonesia’s attempts to become a manufacturing-based export economy.
  • Indonesia is aiming to strengthen its healthcare system against future pandemics through a partnership with the United Arab Emirates.

We at Fitch Solutions project that Indonesia’s medical device market will be among the fastest growing in Asia. We have revised upwards our forecast

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India's Economic Recovery Will Lose Steam

Fitch Solutions / Article / Country Risk / India / Thu 01 Sep, 2022

Key View

  • Data released on August 31 showed the Indian economy expanding by a substantial 13.5% y-o-y in Q222, but that will prove the peak for real GDP growth.
  • At Fitch Solutions, we think that tepid global demand, persistently high inflation, and further monetary tightening will see the economy slow over the coming quarters.
  • That said, the economy will remain supported by the recent scaling back of containment measures and its strong demographics.
  • Our forecasts for real GDP growth to slow from 8.7% in FY2021/2022 to 8.0% in FY2022/2023 are still more upbeat than consensus, and imply that India will outperform most other major
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Sri Lanka's Interim Budget Overly Optimistic

Fitch Solutions / Article / Country Risk / Sri Lanka / Thu 01 Sep, 2022

The Latest: On 30 August 2022, Sri Lanka’s President Ranil Wickremesinghe presented an interim budget to parliament in what we believe is a bid to accelerate a deal with the IMF. According to the budget document, the authorities are aiming to narrow the country’s fiscal deficit from 11.6% of GDP in 2021 to 9.8% in 2022. The government is looking to achieve this by raising its revenue by 8.7% y-o-y in 2022 from the 8.2% y-o-y registered in 2021. This will be done in part by increasing the Value-Added Tax rate to 15% from the current rate of 12% with effect from September 1 2022. Meanwhile the government is looking to slow its expenditure

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Bank Of Korea To Hike Rates A Little Further

Fitch Solutions / Article / Country Risk / South Korea / Thu 25 Aug, 2022

Key View

  • On August 25 2022, the Bank of Korea decided to hike its benchmark policy rate hike by 25bps to 2.50%, and we at Fitch Solutions continue to expect the base rate to reach 3.25% by end-2022, before being left on hold in 2023.
  • Inflation is set to remain well above the central bank’s target of 2.0% over the coming months, and the South Korean won is also likely to come under further depreciatory pressure as global credit conditions tighten further.
  • Headwinds to economic growth are mounting, and we believe that the central bank will pause its tightening cycle in 2023.

On August 25, the Bank of Korea (BoK) decided to raise the

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