Average price of medicines in Latin America 2024

According to a study conducted in 2024, Argentina had the highest price of medicines among seven countries in Latin America, with an average price of 42.4 U.S. dollars. Colombia ranked second, with 33.8 U.S. dollars. As of that year, Peru and Ecuador showed the lowest values, with an average of 11.4 and 9.9 U.S. dollars, respectively. 

Consumption trends and market growth 

The pharmaceutical sector in Latin America is experiencing consistent growth. In 2023, the region consumed an estimated 461 billion defined daily doses of medicines, with projections indicating this will surpass 500 billion doses by 2028. This increase in consumption aligns with forecasts for the pharmaceutical market's revenue, expected to reach approximately 56 billion U.S. dollars by 2028. This represents an increase of approximately 35 percent in comparison to 2023. 

Purchase channels 

Despite the growth of e-commerce in the pharmaceutical sector, traditional purchase channels remain dominant in Latin America. A 2023 survey found that local pharmacies are the preferred option for medication purchases, with about 90 percent of respondents having bought medicines from these outlets in the previous year. However, the use of retail stores and online options varies significantly between countries. For instance, while only eight percent of Brazilian consumers used retail stores for medicine purchases, this figure rose to 34 percent in Colombia.