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The Outlook for Pharmaceuticals in Latin America
Date:11/15/2011

new agency is expected to update the regulation of medicines, strengthen ISPCH's regulatory functions and implement a number of measures to increase the competitiveness of the pharmaceutical industry. The creation of ANAMED is part of President Sebastián Piñera's National Policy of Medicaments that aims to ensure that medicaments sold in Chile meet efficacy, safety and equivalence standards. The industry believes that the creation of ANAMED could speed up the pharmaceutical registration process.

COLOMBIA

The pharmaceutical market in Colombia is the fourth smallest pharmaceutical market in the Latin American region. The market is set to expand at a one-digit CAGR in dollar terms between 2011 and 2016. The economic and political environment is stable, therefore the outlook is positive for pharmaceutical market growth. Colombia is looking to increase drug access for the whole population under the universal insurance programme (SGSSS), which should expand the market accordingly. Pharmaceutical imports and exports will increase. The number of pharmaceutical companies operating in the market has also risen. Gross pharmaceutical production will continue its upward trend and the industry is expected to create more employment. The leading pharmaceutical company is Tecnoquímicas, followed by Baxter, Roche, Abbott and Bayer. In February 2011, Nycomed, now acquired by Takeda, announced the acquisition of a local company.

CUBA

The economy is expected to do well in the 2011-2016 period, and the Economist Intelligence Unit (EIU) believes that mid-term economic policy is expected to be focused on making the economic system more flexible and promoting more private initiatives. The Cuban pharmaceutical market is the smallest in the Latin American region but, based on current research, production and trade trends, Espicom projects a moderate CAGR in dollar terms between 2011 and 2016. The Cuban pharmaceutical market increased in value by five
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