Call us on 020 3286 4122
April 13, 2016
With a high frequency in the number of infectious diseases added to the unavailability of adequate treatments, has opened up a world of opportunities for pharmaceutical companies across the region and internationally. The pharmaceutical environment within Latin America requires new and improved forms of diagnosis and treatment to be developed therefore presenting a new market within this developing region. For many years pharma companies have looked towards emerging markets for low cost manufacturing destinations. In Latin America, the need for these medications to become available to the mainstream of the host country is becoming more important.
Most notably, Latin America has relatively high rates of HIV, Chagas disease, dengue and influenza H1N1 which need to be the main point of focus for pharmaceutical companies looking to enter the Latin American market. A study carried out in March 2014 by Frost & Sullivan found that Chagas is the most prominent in terms of prevalence and that the 50% efficacy rate of the treatments available today means that this also creates a market that needs to be developed and sooner rather than later. HIV is second in the list of incidence rate within Latin America followed by dengue and influenza H1N1.
As a result of a competitive market, pharmaceutical companies in Latin America can be found offering a number of generic drugs for treatment of the prevalent diseases in the region at significantly reduced prices. However, in the case of HIV, although these treatments assure a longer and better life for patients, they do not cure the disease meaning there is significant room for more effective therapies to be designed and developed in Latin America. Already, there are signs that the pharmaceutical industry taking an interest in combating the most widespread diseases of Latin America. Although there is currently no effective therapy for the treatment of dengue although by 2016, Sanofi-Pasteur is aiming to introduce a vaccine which will help to prevent types 1, 3 and 4 of the virus. For the treatment of Chagas disease, both ravuconazole and posaconazole are expected to gain approval within the next 5 years.
This presents opportunities for pharmaceutical companies to work alongside governments in Latin America in an effort to control the spread of HIV, Chagas disease, dengue and influenza H1N1. These diseases are commonly found in areas of poverty and poor housing which will result in pharmaceutical companies and governments working together to educate the population about the causes and effects of these conditions. Together with governments, the pharma companies in Latin America can work on their environment impact, in educating communities as well as business ethics through local employment schemes. The pharmaceutical companies can also act on behalf of the citizens of Latin America by putting pressure on the governments to improve patient access to medicine as well as the availability of diagnostic facilities.
Prospects in Latin America for pharma companies are extremely promising especially due to the aging demographic of the region’s population. The importance of generic pharmaceutical manufacturers keeping the price of their products at low prices is vital to the growth and sustainability of pharma companies in the region. The governments across Latin America also have a responsibility to do their best at improving the medical and pharmaceutical services provided for example, continuing to reimburse the costs of medication for patients with HIV and influenza H1N1. By purchasing large amounts of the low-priced medications and vaccines in the market, the governments will help to maintain the competitive and attractive pharmaceutical market in Latin America.
Thanks for visiting the Latin Link blog! Contact us today for your free translation quote!