28. November 2009 00:48
Research and Markets (http://www.researchandmarkets.com/research/b82621/latin_american_pha) has announced the addition of the "Latin American Pharmaceutical Market Outlook To 2014: Policy Environment, Market Analysis, Forecasts and Growth Opportunities" report to their offering.
The $28.8bn Latin American market delivered 15.3% y-o-y growth in 2008 as per IMS Health data. The market is expected to grow to $51.3bn in 2014 at a CAGR of 10.1%. Inconsistency in regulatory protocol in the seven major Latin American countries - Brazil, Mexico, Venezuela, Argentina, Colombia, Chile and Peru - has been the greatest concern to research based pharmaceutical companies. Several companies faced severe sales erosion due to launch of unauthorized generic versions of their leading brands.
However, the situation has improved considerably ever since these countries became signatories to TRIPS and other international trade treaties. The improved regulatory environment is beckoning pharmaceutical companies of all types including research driven firms as well as generic players to Latin America. Companies that already have registered their presence in the region have raised investments in their local production facilities. They have also increased the number of clinical trials conducted in the region due to progress in regional healthcare standards and resources.
Historically, multinational players have held a majority share of the Latin American market. However, the market share held by domestic companies have continued to grow, while that held by multinational companies is steadily declining. The volume based business model of domestic companies, focused on generics, has proven to be the growth formula for success in Latin America. Considering the domination of generics in the region, multinational drug firms have accelerated their entry into generic business by raising investments in their local production facilities as well as acquiring local players.
The report details therapeutic segmentation of regional markets in light of subtle variations in strategies of major players across countries. Distribution of sales across therapeutic segments in the seven major Latin American countries have been analyzed, highlighting regional differences in brand dynamics, generic incursion suffered by major brands and recent drug launches. Further, the report examines the competitive landscape in the region as well as individual countries, analyzing the interplay of various drivers and resistors."
Source: Business Insights
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