Medication use in Latin America 2018-2028

An estimated 461 billion defined daily doses of medicines were consumed in Latin America in 2023. This figure has been increasing in recent years and is forecast to reach over 500 billion doses by 2028. By that year, revenue of the pharmaceuticals market in the region is forecast at approximately 56 billion U.S. dollars. 

Price variations across countries and treatments

While the overall market is growing, medicine prices vary significantly across Latin American countries. A 2024 study revealed that Argentina had the highest average price of medicines among seven countries in the region, at 42.4 U.S. dollars. Colombia ranked second at 33.8 U.S. dollars, while Peru and Ecuador had the lowest prices at 11.4 and 9.9 U.S. dollars, respectively. Differences in medicine prices between types of ailments also vary from country to country.

Purchasing channels

Local pharmacies are still the most popular purchasing channel for medication among Latin American patients, with nine in ten people acquiring products in person. In contrast, purchase through local retail stores and online options show a greater variation between countries. For example, while a third of consumers in Colombia acquire their medication in local retail stores, that is the case for only eight percent of Brazilian consumers.