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Article
From Mexico to Chile: Understanding the Opportunities and Challenges in Latin America's Pharmaceutical Markets
Nov 15, 2023
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  • From Mexico to Chile: Understanding the Opportunities and Challenges in Latin America's Pharmaceutical Markets
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This article reviews the latest pharmaceutical forecasts from IQVIA's Market Prognosis in the Latin American (LATAM) region, presenting key drivers and constraints of growth in the region. The analysis is based on findings from seven key LATAM markets (Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru) covered in the latest edition of IQVIA Market Prognosis, published in September 2023.

Despite ongoing political and economic challenges, the outlook for global pharmaceutical sales is improving, with aggregate growth (in US dollars at constant exchange rates) forecast to accelerate to 9.2% in 2023, from 7.8% in 2022. Global pharmaceutical sales are forecast to post a compound annual growth rate (CAGR) of 7.8% over 2022–2027, compared to 6.6% over 2017–2022.

The LATAM region will remain the fastest growing region worldwide, with growth of 19.2% expected in 2023, and a CAGR of 22.0% forecast for 2022–2027, although the strong regional growth is in part driven by high inflation in Argentina.

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