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Everyone's talking about China. Don't miss the opportunities in the other CHI..

Yes. Chile with an "LE" not "NA"

While the whole region is back in

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

favor with investors, it seems appropriate to highlight Chile which is the economic star of Latin America.

Chile is about two times the size of Montana a

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

nd has an incredible coastline of 2,650 miles. While only 3% of its land is arable, it has an amazing variety of climates and rich agricultural production.

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

It gained its independence from Spain in 1810 and has 16 million citizens of which 90% are Catholic.

The Chile story is somewhat similar to Ireland befor

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

e its economic takeoff. From 1978 to 1988, per capita income increased only $100 to reach $1,510.

Next, both a military government followed by democratic

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

lly elected governments initiated market reforms and opened up the economy. Exports and foreign investment took off and debt levels came down. Foreign inv

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

estors in Chile are treated the same as Chilean investors.

Chile's Take Off and Steady Growth

From 1991-1998 economic growth increased an average

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

f 8% and per capita income on a purchasing power basis has grown to $10,700. Since then growth has moderated to a 4-5% range but a total Chilean public an

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

d foreign debt at 50% of GDP is very low relative to other Latin countries.

Trade is very important to Chile with exports accounting for 25% of GDP. It is

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

rich in natural resources (copper, timber, fruit and fish) and has been busy signing free trade agreements. A Free Trade Agreement (FTA) with the US took e

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ffect in January 2004 and now 90% of Chile’s exports to the US enter duty free. After a similar trade pact with South Korea last year, exports rose 50%.

C

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

urrent President Ricardo Lagos Escobar is under pressure to improve economic growth rates and bring down the stubbornly high 8% unemployment rate. On the p

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

sitive side, inflation and interest rates are low at 2-3%. Chile has demonstrated fiscal discipline and enjoys both a trade surplus and a budget surplus.

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

How to Take Advantage

There are no country- specific ETF’s for Chile but there is the Chile Fund (CH) which is a closed-end fund managed by Credit

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

uisse Asset Management. It is up 53% over the past year, trades at a 7.7% discount to its net asset value and sports a 4.6% yield. Keep in mind that 19% o

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

f the fund is invested in just one copper company Empresas Copec S.A. and the annual fee is high at 1.80%.

Another alternative would be the iShares Latin

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

merica 40 (ILF) which invests in Mexico, Brazil, Chile and Argentina. It is up an eye opening 67% over the past twelve months with an annual fee of only 0

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

.55%. Currently, 49% of this exchange-traded fund is invested in Brazil, 38% in Mexico, 10% in Chile and 3% in Argentina.

Interested investors might als

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

consider the ADR for Banco Santander (SAN) which is an excellent bank and a good proxy for the overall economy. It is up 42% over the past year and up 11

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

% so far this year. Banco Santander is one of the 30 companies in the Chartwell Global 30 Index which is an alternative to the Dow Jones Industrial Average

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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