Pharmaceutical Markets in Latin America are Worth US$50 billion - and Growing Fast Says New Report

PRLog (Press Release) - Aug 26, 2009 -
Report Buyer, the online destination for business intelligence for major industry sectors, has added a report analysing 8 major pharmaceutical markets including Argentina, Brazil, Chile, Colombia, Cuba, Mexico, Peru and Venezuela.

According to the report “The Outlook for Pharmaceuticals in Latin America to 2014” available at http://www.reportbuyer.com/go/ESP00344 the eight leading Latin American pharmaceutical markets are expected to grow by a CAGR of 9.9% between 2008 and 2013, outpacing the slowing North American markets. Each country report provides a comprehensive analysis of the pharmaceutical market, including five-year market forecasts.

The eight Latin American markets represent a market of 474 million people with a GDP of US$3.4 trillion in 2008. The region is better prepared to face global instability than in the past but economic growth is expected to slow down in 2009 and 2010, after a recent period of remarkable growth. Access to medicines in the public sector has increased, particularly among the least well-off population, with initiatives such as Remediar in Argentina, PAC Saúde in Brazil, Auge in Chile, Seguro Popular in Mexico and Barrio Adentro in Venezuela. Governments are using their bargaining power to negotiate - and centralise - drug purchases in an effort to contain costs. At a regional level, MERCOSUR members have decided to establish a drug price database to compare and monitor drug prices. Overall, public drug expenditure in the region will continue to rise, as there is a considerable level of unfulfilled demand.

According to the report private pharmacy sales are surging, as countries such as Brazil, Mexico and Venezuela have higher disposable incomes in a climate of macroeconomic stability. Innovative drug prices have risen, but governments have started to control them, either directly or indirectly. Contrary to what has happened in developed markets, generics consumption in Latin America is low, with the exception of Brazil. Local protectionism, very low prices and high production capabilities have helped the country to develop a sizeable bioequivalent generics market which has proved tough for foreign generics producers. In Mexico, Calderon’s government has started a renewal process for drug registrations, and it is expected that there will only be patented and bioequivalent generics by 2010.

The report “The Outlook for Pharmaceuticals in Latin America to 2014” is available from Report Buyer at:
http://www.reportbuyer.com/pharma_healthcare/country_rep ...

Report Buyer product ID: ESP00344

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