The agency has published an e-book with a step-by-step operating guide that details the benefits for international companies of setting up in the Southern Cone country.
The coronavirus pandemic has brought about growth opportunities for the pharmaceutical industry in the Chilean market, attracting foreign companies that have recognized the opportunity to base their operations in the country and use it as a platform for regional expansion.
It was in response to this scenario that InvestChile, Chile's Foreign Investment Promotion Agency, together with the Public Health Institute (ISP), launched its new e-book “The pharmaceutical industry in Chile: Installed capacity, stakeholders, investment incentives”. The e-book compiles information and provides details on the health authorities, the permits needed for medical establishments and studies, sanitary registration and regulations, and the benefits that foreign companies can access when investing in the sector in Chile.
What's the economic impact of the pharmaceutical industry in Chile?
Chile’s pharmaceutical industry moves around US$1.8 billion, equivalent to 0.73% of national GDP, and has a positive impact on other sectors of the economy, such as manufacturing, commerce, and transportation, the document reveals. It also generates more than 68,000 formal jobs per year.
This industry not only brings economic benefits; it has had a positive impact on Chileans’ life expectancy, increasing it by 0.8 years on average between 1986 and 2000, and by 1.27 years between 2000 and 2009, accounting for between 40% and 73% of the increase in total life expectancy in Chile.
Among the benefits that Chile represents for foreign pharmaceutical companies in search of an investment destination is the wide network of free trade agreements signed by the country, which favor exports and make it possible for companies to respond to the demand for pharmaceutical products in the region and around the world.
In addition, Chile has a range of incentives for foreign investment, such as the R&D Tax Incentive Law, the VAT exemption for importing capital goods, the Law on Remote Areas, and 33 current agreements aimed at avoiding double taxation, among others.