Argentina Pharmaceutical Market to be Dominated by Prescribed Drugs through 2028
The increasing concern about healthcare is expected
to drive the growth of Argentina pharmaceutical market in the forecast period,
2024-2028.
According to TechSci Research report, “Argentina
Pharmaceutical Market - By Region, Competition, Forecast and
Opportunities, 2028”, Argentina pharmaceutical market is anticipated to
grow at an impressive rate in the forecast period, 2024-2028. This
can be ascribed to the rising demand for chronic disease treatment with medical
benefits such as managing health issues like infectious disease, mental
disorder, cancer, and pain along with growing preference for personalized
medicine among people facing genetic issues, across the region. Additionally,
rapid advances in science and technology, population growth, aging population,
increase healthcare spending, and rising interest in attaining wellness through
medications will escalate the growth of Argentina Pharmaceutical Market in
coming years. Besides, emergence of new products such as biosimilars, vaccine,
and orphan drugs will further be expected to support the Argentina
pharmaceutical market growth.
However, the regulation of pharmaceutical in
Argentina can be complex, and there is bureaucracy which can slow down the
growth Argentina pharmaceutical market in the forecast period because of
regulatory delays, pricing and reimbursement, and market entry barriers due to
lengthy approval processes, Similarly, there is a lot of problem with
counterfeit drugs, which can undermine the safety and efficacy of
pharmaceutical products and erode consumer trust in the industry, which can
lead to confusion among consumers that may hamper the Argentina Pharmaceutical
Marketmarket growth during the forecast period. Also, Argentina has experienced
significant economic instability in recent years, with high inflation rates,
currency devaluation, and political uncertainty. It has affected the purchasing
power of consumers, leading to decreased demand for pharmaceuticals which can
further restrict the growth of Argentina pharmaceutical market.
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The Argentina Pharmaceutical market can be
segmented by drug type, by product type, application, distribution channel, and
by region.
Based on drug type, the Argentina pharmaceutical
market can be segmented into generic drugs and branded drugs. The generic drugs
and branded drugs segment dominated the market in 2022 and is expected to
continue maintaining its dominance throughout the forecast period. This can be
ascribed due to effective price of several medications and people can easily
avail the medication at affordable price. According to the National
Administration of Drugs, Foods, and Medical Devices (ANMAT), generic drugs
account for more than 50% of all pharmaceuticals sold in Argentina, by volume. This
is due in part to the lower cost of generic drugs compared to branded drugs,
which makes them more affordable for patients and healthcare systems.
Based on product type, the market can be segmented
into over-the-counter and prescription drugs. The prescription drugs segment is
expected to dominate during the forecast period as they require a prescription
from a licensed healthcare provider and are typically sold through pharmacies
or hospitals. Also, they are often used to treat chronic conditions, such as
cardiovascular diseases, cancer, and diabetes, which are prevalent in
Argentina's aging population.
Major companies operating in Argentina
Pharmaceutical Market are:
- Roemmers Inc
- ELEA Phoenix S.A.
- Gador S.A
- Casasco & Nardi SpA
- Montpellier Holdings Ltd
- BAGO Do Brasil S.A
- Baliarda S.A.
- Novartis Pharma AG
In September 2021, Sanofi announced the acquisition
of Kadmon Corporation, which has a presence in Argentina and among other
countries. The acquisition is expected to strengthen Sanofi’s position in the
rare disease and immunology markets.
In August 2020, Dr. Reddy’s Laboratories completed
its acquisition of select businesses of Wockhardt, including its business in
Argentina. The acquisition is expected to expand Dr. Reddy’s presence in the
Latin American market.
In February 2021, Advent International acquired
Zona Franca Córdoba, a leading pharmaceutical manufacturing company in
Argentina. The acquisition is expected to help Advent expand its manufacturing
capabilities in the region.
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“Argentina pharmaceutical market is expected to grow
during the forecast period due to the rising demand for chronic disease
treatment with medical benefits along with growing preference for personalized
medications across the region. Furthermore, the trend of personalized
medications is growing, particularly among individuals with genetics/chronic
medical conditions, where generic treatment is effectively available for the
treatment of such disease which will further contribute to demand for Argentina
Pharmaceutical market during the forecast period. Besides, increasing concern
about healthy lifestyles and increasing expenditure on health and wellness, it
is further expected to create lucrative opportunities for the market growth”
said Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Argentina Pharmaceuticals MarketBy Drug Type
(Generic, Branded drugs), By Product Type (Over-The-Counter Drugs, Prescription
Drugs), By Application (Cardiovascular, Oncology, Metabolic Disorder,
Musculoskeletal, Anti-infective, and Others), By Distribution Channel (Retail
Pharmacy, Hospital Pharmacy, and E-Pharmacy), and By Region, Competition,
Forecast and Opportunities, 2028F”, has evaluated the future growth potential of
Argentina Pharmaceutical Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Argentina
Pharmaceutical Market.
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