Active Pharmaceutical Ingredients Latin American Active Pharmaceutical Ingredients Industry Catches Up on the US
The market for active pharmaceutical ingredient in the Americas shows a clear north–south divide: 88% percent for the US and Canada, the rest for South and Central American companies. but as the economy in Latin America booms and prosperity growths, these markets are just about to catch up on the US new figures indicate....
The Active Pharmaceutical Ingredients (API) market in the Americas was worth a staggering $46 billion in 2011, with North America accounting for over 88% of it. But thanks to rapidly expanding economies and improvements in healthcare, South and Central America (SCA) are set to take a more substantial chunk in the future, predicts pharmaceutical industry analysts GBI Research in their latest report.
One Of the Fastest Growing Markets for Active Pharmaceutical Ingredients
According to recent figures, the SCA region has one of the fastest growing API markets in the world, with a growing demand for generic and biologic medications. Mexico is currently the largest market in the region, but thanks to an aging population and a strengthening healthcare system, Brazil is expected to overtake by 2017.
Potentials for Expansion and Diversification
SCA countries are becoming increasingly open to global drug producers and supporting the manufacture of medications at home through investments. Many governments in the region are aware of the huge potential of generics and are providing financial backing as well as promoting pharmaceutical growth through the employment of various programs and schemes.
Demographics Open Market for Lifestyle Diseases Drugs
This region is also home to an expanding aging population and is witnessing an increase in lifestyle diseases such as diabetes and obesity – further driving the demand for healthcare and pharmaceutical treatments.
The API market in South and Central America was valued at $5.4 billion in 2011 and is expected to climb at a Compound Annual Growth Rate (CAGR) of nearly 13% to reach 11.1 billion in 2017. As the North American API market is expected to grow at a more modest CAGR of 4.4%, the SCA will increase its share of the total Americas market to 17.4% from the 11.7% stake held in 2011.
More about the chemical industry in Central and South America in our series "The Chemical Industry in the Americas" – Read more: