Balaxi | Deciphering Honduras

We are always looking at taking Balaxi to newer markets and bringing essential medicins withine the reach of people. In FY2020, following a rigorous study on the Honduran pharmaceutical industry, we submitted technical dossiers of our products.

Balaxi adds Honduras to itsCentral America strategy

Hyderabad, Wednesday, 18 November 2020: At Balaxi, we focus on introducing essential medicines into challenging frontier markets. We concentrate on non- English speaking countries that hold the promise of improving per capita GDP. We believe the Central American market to be quite promising, given that the Company makes a long-term commitment with a deep-seated understanding of regional needs. The Republic of Honduras is amongst the key target countries under this criteria planned for entry in 2020/21. In line with this strategy, Balaxi has entered this market by registering a rich suite of pharmaceutical products to build a strong portfolio to cater to the local market.

 

At Balaxi, we are consistently looking forward to establishing and expanding robust local infrastructure by setting up on-ground warehouses, management team and delivery fleet across new geographies. In FY2020, after a rigorous study on the Honduran healthcare system and its pharmaceutical market, we submitted several technical dossiers of our products in the Honduran market for registrations. Countries such as The Republic of Honduras are expected to remain highly dependent on generic drug imports, which offers Balaxi a strong opportunity to tap the potential of this pharmaceutical market. The Company has also established its first logistics base in the city of Tegucigalpa, with an initial distribution fleet of XX transport vehicles. It has also established a XX people local sales force to serve the market.

 

 

The Healthcare landscape in Central America is changing quickly. Demand is growing as populations age and chronic diseases become commonplace. Increasing wealth in some demographic segments drives a desire for higher quality services. Governments are increasing spending, and Balaxi is committed to investing into chosen market to expand its footprint in the region. Apart from Honduras, Balaxi has already established its presence in Guatemala within the Central America territory.

 

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The Republic of Honduras: Market Profile


Honduras has a population of over 9 million and is nested within Central America. The Honduran healthcare industry is highly dependent on imports. The Honduran health system is made up of the public sector, which provides services to 60% of the population. There is significant scope for improvement in the country’s overall healthcare ecosystem, and its regulatory frameworks are gradually evolving towards resembling standards akin to more regulated markets. The harmonization of pharmaceutical regulation has been initiated in conjunction with the creation of regional free trade zones. Five main free trade zones are developing: North American Free Trade Agreement (NAFTA); MERCOSUR; Central America; Andean Area; and The Caribbean Community. Regulatory frameworks overall have improved as a result of free trade and intellectual property agreements. Regulatory enforcement bodies, quality investigators, proactive Good Clinical Practice (GCP) and policy development, have been cited as contributing to Latin America’s explosive growth. Latin American countries are currently moving policies to support productive development and innovation.

 

Country Facts
Capital Tegucigalpa
Government Structure Presidential Republic
Currency Honduran Lempira (HNL)
Total Area 43,278 Square Miles 112,090 Square Kilometres
Location Central America, bordering the Caribbean Sea, between Guatemala and Nicaragua and bordering the Gulf of Fonseca (North Pacific Ocean), between El Salvador and Nicaragua
Language Spanish, Amerindian dialects
GDP Growth % 2.7% (as of 2019)
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Life expectancy in Honduras, 20203
75.34 years

Currently, public spending on health in this country is around 7.86% of its GDP.1 The Honduran population is experiencing a steady rise in lifestyle diseases such as diabetes, vascular disease, malignant neoplasm (uterine, breast, skin, stomach, ovarian cancer), influenza and pneumonia, hypertension, chronic renal insufficiency, chronic lower respiratory diseases, intestinal infectious diseases, and metabolic/nutritional diseases, amongst others. 2

1 Health Expenditure in Honduras
 2 https://2016.export.gov/industry/health/healthcarer
esourceguide/eg_main_116254.asp
3 Honduras Life Expectancy