Despite Mexico’s efforts to improve its regulatory framework and create a better business environment for pharma, the market share of generic drugs still makes it difficult for multinationals to materialize their commercial benefit. However, a new report from Business Monitor forecasts that, in the long term, Mexico’s improving private health insurance sector and potentially significant investment from the government will boost patented drug consumption in the country.
Business Monitor’s Mexico Pharmaceuticals & Healthcare Report outlines the following key trends and developments over the last few months:
- Mexico’s secretary of Health, Mercedes Juan Lopez, outlined a plan to issues such as the fragmented healthcare system and inefficient use of resources in Mexico.
- Mexico’s Federal Commission for Protection Against Health Risks (COFEPRIS) signed an agreement to promote innovation, under which the registration approval timeline for new molecules will be reduced to 60 working days from the previous 360 days.
- Indian drugmaker Lupin revealed its acquisition of a 100% equity stake in Laboratorios Grin (Grin), a leading Mexican pharmaceutical company specialising in branded ophthalmic products.
- GlaxoSmithKline Mexico’s vice president and general manager, Jose Alberto Peña, told a local media organization that the company has accelerated product registration in Mexico since November 2012.
Business Monitor forecasts real GDP growth in Mexico to accelerate from 1.5% in 2013 to 3.5% in 2014, amid an acceleration in household spending growth and an improvement in investment, bolstered by a successful reform drive in 2013. Exports will also pick up this year as US demand for manufacturing exports strengthens, the report states.