Argentina Generic Drugs Market to be Dominated by Tablets through 2028
The awareness about cost efficient medications is
expected to drive the growth of the Argentina generic drugs market during the
forecast period.
According to TechSci Research report, “Argentina
Generic Drugs Market - By Region, Competition, Forecast, and Opportunities,
2028,” the Argentina generic drugs market is anticipated to grow at an
impressive rate during the forecast period. This can be ascribed to
the rising demand for cost efficient medications with benefits such as cost
saving, increased access to healthcare, quality and safety, and comparable
effectiveness among people. Additionally, rapid advances in science and technology,
increasing healthcare costs, burgeoning aging population, and rising interest
in attaining wellness through medications will escalate the growth of the
Argentina generic drugs market in coming years. Besides, the emergence of new
generic medicines such as biosimilars, complex generics, and combination drugs
will further drive the support of the Argentina generic drugs market during the
forecast period.
However, the regulation of generic drugs in
Argentina can be challenging, and the authorities may impose stringent
requirements for approval, which can increase the time and cost of developing
and launching generic drugs that can slow down the growth of the Argentina
generics drugs market during the forecast period. Similarly, patent laws in
Argentina are complex, and the patent protection period for drugs is longer
than in many other countries. This can limit the availability of generic drugs,
as the patent holders may restrict competition from generic drug manufacturers
which may hamper the growth of the Argentina generic drugs market during the
forecast period. Also, there is a lack of awareness among patients and
healthcare providers in Argentina about the safety and efficacy of generic
drugs. This can limit the demand for generic drugs and result in patients
continuing to use more expensive brand-name drugs, which, in turn, can further
restrict the growth of the Argentina generic drugs market during the forecast
period.
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The Argentina generic drugs market can be segmented
by type, mode of drug delivery, form, source, distribution channel,
application, and by region.
Based on application, the Argentina generic drugs
market can be segmented into cardiovascular disease, diabetes, neurology,
oncology, anti-inflammatory diseases, and others. The cardiovascular disease
segment dominated the market in 2022 and is expected to continue maintaining
its dominance during the forecast period. Cardiovascular diseases are a major
health concern in Argentina, and the high prevalence of these diseases has
resulted in a large demand for cardiovascular drugs, including generic versions
across the region.
Based on distribution channel, the market can be
segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies and retail pharmacies segments are expected to dominate
the market during the forecast period on account of the hospital pharmacies and
retail pharmacies are the primary distribution channels for generic drugs in
Argentina as they are the most common channels for accessing prescription
drugs.
Major companies operating in the Argentina generic
drugs market are:
- Laboratories Bagó S.A
- Laboratorios Richmond
- Gador S.A.
- Elea Laboratories Srl
- Laboratorios Phoenix SE
- Raffo Laboratories Ltd.
- Craveri S.A.
- Sidus S.A/Argentina.
One of Argentina's top producers of generic drugs
by Eurofarma, a Brazilian pharmaceutical company. The acquisition, which was
completed in late 2020, is expected to strengthen Eurofarma's position in the
market and expand its product portfolio.
Elea Laboratories (ELSA) is an Argentine
pharmaceutical company that was formed by the merger of Savant Pharm and Elea
Laboratories in 2021. The merged entity is now known as ELSA and is expected to
be one of Argentina's largest pharmaceutical companies. The merger is expected
to bring together the strength of both companies in research and development,
manufacturing, and commercialization.
In 2020, Richmond, a generic drug manufacturer,
signed a licensing agreement with the Russian Direct Investment Fund to produce
and market the COVID-19 vaccine, Sputnik V, in Argentina.
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“The Argentina generic drugs market is expected to
grow during the forecast period due to the rising demand for cost efficient
with benefits along with growing preference for generic drugs across the
region. Furthermore, the trend of generic drugs is growing, particularly among
individuals with financial conditions, where branded medications is high
priced. This will further contribute to the growth of the Argentina generic
drugs market during the forecast period. Besides, growing concerns about
healthy lifestyles and increasing expenditure on health and wellness are
further expected to create lucrative opportunities in the market,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Argentina Generic Drugs Marketby Type (Small
Molecule, Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral,
and Others), By Form (Tablet, Capsule, Injection, and Others), By Source (In
House, Contract Manufacturing Organizations), By Distribution Channel (Hospital
Pharmacies, Retail Pharmacies, and Online Pharmacies), By Application
(Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory
Diseases, and Others), and By Region, Competition, Forecast, and Opportunities,
2028,” has evaluated the future growth potential of the Argentina generic
drugs 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 the Argentina generic drugs
market.
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