Major Latin American economies are all net importers of pharmaceutical products. Brazil, for instance, registered a trade deficit of nearly 10 billion U.S. dollars in 2023, with imports nearing 11 billion dollars. Mexico's pharmaceutical trade deficit was half that of Brazil's.
Latin American pharmaceutical market
Latin America's pharmaceutical market is poised for significant growth, with projections indicating it will be among the fastest-growing regions globally between 2023 and 2027. The forecast growth rate of seven to ten percent puts Latin America on par with India, outpacing other regions such as Eastern Europe, Asia-Pacific, and Africa. This robust growth forecast suggests increasing opportunities for both domestic and international pharmaceutical companies operating in the region.
Industry leaders
Several Latin American pharmaceutical and retail companies have established themselves as regional powerhouses. Brazilian firm Raia Drogasil leads in revenue among pharmaceutical retailers, while Hypera Pharma and Mexico's Genomma Lab top the list of pharmaceutical manufacturers. Despite the strong presence of local players, multinational corporations such as German Bayer and French Sanofi are also among market leaders in the region.
Pharmaceutical imports and exports of major Latin American countries in 2023
(in million U.S. dollars)
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Trade Map. (August 28, 2024). Pharmaceutical imports and exports of major Latin American countries in 2023 (in million U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/
Trade Map. "Pharmaceutical imports and exports of major Latin American countries in 2023 (in million U.S. dollars)." Chart. August 28, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/
Trade Map. (2024). Pharmaceutical imports and exports of major Latin American countries in 2023 (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/
Trade Map. "Pharmaceutical Imports and Exports of Major Latin American Countries in 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 28 Aug 2024, https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/
Trade Map, Pharmaceutical imports and exports of major Latin American countries in 2023 (in million U.S. dollars) Statista, https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/ (last visited November 21, 2024)
Pharmaceutical imports and exports of major Latin American countries in 2023 (in million U.S. dollars) [Graph], Trade Map, August 28, 2024. [Online]. Available: https://www.statista.com/statistics/418042/pharma-imports-and-exports-in-latin-america-by-major-country/
