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BMI View: The establishment of a national health insurance fund will markedly
boost sales of pharmaceuticals in Kazakhstan. A reliance on foreign pharmaceutical imports, the
population's increasing access to healthcare and the government's long-term vision to become a top
developed country will see attractive revenue earning opportunities presented to multinational drugmakers.
However, lower than expected real GDP growth for 2016 to 2020 due to low oil prices and tenge
devaluation affecting purchasing power will dampen market growth in the short term.
Headline Expenditure Projections
■ Pharmaceuticals: KZT350bn (USD1.57bn) in 2015 to KZT382bn (USD1.15bn) in 2016;
+9.3% in local currency terms and -26.8% in US dollar terms. Forecast revised downwards from
■ Healthcare: KZT2.05trn (USD9.19bn) in 2015 to KZT2.34trn (USD7.04bn) in 2016;
+14.5% in local currency terms and -23.3% in US dollar terms. Forecast revised downwards from