Strict regulations may restrict growth of medical devices market of Mexico
According to a report published by consulting group Bain & Company, stern regulatory norms can push back the growing medical devices industry of Mexico. The consulting group presented the report at the World Economic Forum in Latin America held in Medellin, Colombia. The report emphasizes that if the Mexican industry exceeds the regulatory barriers, it has the potential to capture 20% of the global market share. The Mexican government must remove regulatory barriers, so that the medical devices sector can enhance its growth and increase exports. The barriers include complex regulatory processes, few certified suppliers, limited innovation, difficult access to a national market, and low efficiency in logistics processes. All the barriers needed to be lifted simultaneously for growth of the market. Mexico exported medical devices worth MXN 7.7 billion in 2014 and became the largest supplier of these products to the United States. Currently, the country has 2,344 economic units employing 148,597 people in the sector.