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#1 Overall Growth

In an interview with Colombia’s Semana magazine, Giovanni Saggioro—Vice-President of Human Nutrition and Health at DSM, a biotechnology company based in The Netherlands—projects that the Latin American pharmaceutical market will grow with a compound annual growth rate (CAGR) of 7% though 2023 to reach a total value of US$76 billion. You can read the entire interview here, which offer some of Saggioro’s thoughts about the industry and investment plans of DSM in the future.

#2 Specific Countries

Here’s a look at some recent numbers for select markets in Latin America:

• Between August 2020 and July 2021, the retail pharmaceutical market in Brazil posted $66 billion (US$11.8 billion) in revenue, an increase of 14.6% over the past 12 months, according to the Associação Brasileira de Redes de Farmácias e Drogarias
• In Q1 2021, pharmaceutical sales in Argentina went up by 57% compared to the same period in 2020 to reach AR$111 (US$1.1 billion)
• La República reported recently that the pharmaceutical market in Colombia grew by 26.8% in 2020
• While overall numbers for Mexico seem to be unavailable, several companies have reported strong growth in the country in 2021, including Teva, Bayer and Novartis
• Pharmaceutical sales in Ecuador went up by 11.2% in 2020, according to IQVIA, and an increase of 17% during Q1 2021

#3 Generic Drugs

According to Statista, the generic drugs market in Latin America currently has a value of US$37.1 billion and is expected to reach a value of US$50.6 billion, growing with a CAGR of 6.4% between 2021 and 2026.

#4 CMO Market

Pharmaceutical companies outsource their manufacturing to equipped companies known as contract manufacturing organizations or CMOs, which focus on developing, formulating and testing products, among other key services. The CMO pharmaceutical market in Latin America will increase in size from US$15 million in 2020 to more than US$39.7 million by 2027, according to a projection from Coherent Market Insights. This represents a CAGR of 14.7% over this seven-year time period.

#5 Pharmaceutical Packaging

The LatAm pharmaceutical packaging market is expected to grow with a CAGR of 6.8% between 2020 and 2025, with Colombia projected to post significant growth during this period, according to Mordor Intelligence.

#6 Over-the-Counter Drugs

The Latin American over-the-counter drugs market is growing significantly: it’s set to post a powerful CAGR of 8.64% between 2021 and 2026 and increase in volume from US$11.4 million to US$17.3 million, as per projections from Market Data Forecast.

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