Mexico, home to a healthy pharmaceutical sectorBy Elliot Bullman
Mexico’s pharmaceutical industry is getting worldwide positioning due toits innovative products and the amount of vaccines and generic drugs it produces.
In 2015, Mexico was ranked the leading exporter of medical products in Latin America. Switzerland, the United States, Panama, Venezuela and Colombia accounted for the bulk of foreign sales, which were valued at US$1.8 billion.
Mexico was also ranked the region’s second-largest producer of generic drugs in 2015, surpassed only by Brazil, according to information furnished by the ProMéxico Sectorial Office for Health, whose director, Blanca Mendoza Avilés, believes increased production and Mexico’s growing prestige can be attributed to greater investment in R&D.
Other contributing factors include the country’s stringent health regulations and oversight by the Federal Commission for the Prevention of Health Risks (Cofepris), good manufacturing practices, efficient processes and low costs, says Mendoza, adding that Mexico has also taken full advantage of its trade agreements with other countries.
Under the direction of the National Association of Drug Manufacturers, the short-term goal is to ensure Mexico holds onto—and if possible, strengthens—its leading position in the production and exportation of innovative and generic drugs. ANAFAM represents 28 of Mexico’s largest pharmaceutical companies, which, together account for 65% of the drugs consumed by the country’s health sector.
The Mexican pharmaceutical industry is enjoying a period of growth, consolidation and international prestige due to its stringent regulations and the updating of its health registers.
Other federal government measures include efforts to attract more foreign investment with a view to strengthening the pharmaceutical industry, the promotion of exports of vaccines and drugs to non-traditional markets and of medical devices to Latin America, and the development of exportable supplies of biotech products.
- New oilfield found in the Gulf of Mexico
- What changes does the new SAT invoice have?
- Reducing deficits and recovering jobs, US goals in NAFTA
- Cancun, Acapulco and Los Cabos will have Tourist Police
- Trump is running out of options to deal with north korea
- China and Germany cover the leadership vacuum left by the United States
- UNESCO will add places to the World Heritage Sites list
- OECD sees pension collapse in Mexico within five years
- Buffett's masterpiece will make him Bank of America largest shareholder
- Pacific Alliance could be an alternative to TPP
- Mexican astrophysicist receives recognition from Queen Elizabeth II
- The obstacles facing Trump's solar wall