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Mexico’s pharmaceutical industry will be worth approximately US$22.5 billion by 2020, according to research and consulting firm GlobalData.
Mexico’s pharmaceutical industry will be worth approximately US$22.5 billion by 2020, according to research and consulting firm GlobalData. Combined with the medical devices industry - expected to be worth US$5.4 billion by the same time - the total value of Mexico’s healthcare market value will be $27.9 billion.
GlobalData reports that this overall increase in Mexico’s healthcare market value will represent a Compound Annual Growth Rate (CAGR) of 6.8%, climbing from $17.6 billion in 2013.
A number of factors, including the prevalence of non-communicable diseases, improvements in regulatory guidelines, government support for the healthcare sector, and the North American Free Trade Agreement, will help drive the anticipated market growth.
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, comments: “Over 350 domestic and multi-national companies are engaged in the manufacture of pharmaceutical products in Mexico… During the next five years, the pharmaceutical sector will have the opportunity to expand, due to a number of branded drugs losing market exclusivity. This will benefit domestic manufacturers, as the top pharmaceutical companies in Mexico mostly deal with generic drugs.”
Mexico was Latin America’s main exporter of pharmaceutical products in 2012, and the country has grown to be a key exporter to Europe and the US, thanks largely to free trade agreements.