1. It is a fast-growing region, with fast-growing economies
According to Pharmtech, by mid-2016, the number of inhabitants in Latin America will rise to 625 million, more than six million above the estimated total population in mid-2015.
The leading countries according to VisionGain's report are Brazil, Mexico, Venezuela, Argentina, Colombia and Chile. Among the leading companies are Sanofi, EMS, Novartis, Pfizer and Bayer. Representatives from three of them are currently among our speakers.
2. Innovation, affordability and availability
Facilitation of market access is possible mainly because of the Agreement for Innovation, introduced in the second half of 2012. Companies in Latin America do a lot to work with governments and make sure innovation is available. Plus, about 78% of all medicines are paid for out-of-pocket in retail pharmacies.
3. The crisis did not have such an impact here
After the crisis, more restrictions and protectionist measures were generally imposed or enhanced, which had a negative impact for multinational companies. As pharma regulatory affairs consultant María Inés Guaia says, LatAm countries are pretty inelastic: a significant share of the pharma market is managed by national health authorities and social health insurance companies that didn't significantly cut expenditure in healthcare due to the crisis.
4. The trend towards standardized regulations is increasing
While each of the previously mentioned six major markets has adopted regulations that are based on Mercosur or PAHO recommendations, international health institutes and agencies like COFERPRIS are also pushing countries towards authorizations, certification and better consistency across countries.
5. Clinical trials and R&D
Currently, an estimated 4,000 clinical trials are being conducted. Discover the future of compliance in this rising market.
Be part of the event!
2nd Annual Pharmaceutical Compliance in Latin America Congress