Latin America Generic Drugs Market

Latin America Generic Drugs Market Size (2023 to 2028)

As per our report, the size of the Latin America Generic drugs market has been calculated at USD 37.14 billion in 2023. It is expected to reach USD 50.67 billion by 2028, growing at a CAGR of 6.41% from 2023 to 2028.

The pharmaceutical industry plays a vital role in the growth of generic drugs. The primary drivers of the Latin American generic drugs market are patent expiration it helps initial developer produce lower-cost generic variants and introduce into the market. Generic drugs are of same quality there may some changes in flavor, size, and color but it acts same as the branded drugs. Dosing, safety, strength, quality, how it operates, how it is taken, and how it should be utilized are all the same as the branded drugs.

People prefer most generic drugs as they are cost-efficient and affordable. In addition, an increase in the rates of rising chronic illness is boosting the sales of generic, advances in the formulation of the drugs, and market players are also driving the market growth.

However, patient preferences and assumptions are less likely to choose generic drugs because they believe generic therapies are inferior to branded treatments. Doctors rarely prescribe generic drugs, and chemists only supply medicines that are written on the prescription. In addition, the FDA’s strict guidelines and rules for the approval, side effects of the drugs due to some variation during formulation, color, or flavor are restraining the market growth. Doctor preference towards brands and their brand loyalty towards the branded drugs. Also, generic drugs are not possible as it takes a long time to expire any patent.

This research report on the Latin America generic drugs market has been segmented and sub-segmented into the following categories:

By Type: 

• Pure Generic Drugs
• Branded Generic Drugs

By Application: 

• The Central Nervous System (CNS)
• Cardiovascular
• Dermatology
• Oncology
• Respiratory
• Others

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Based on region, Brazil has the highest CAGR in this region. On the other hand, Mexico is estimated to experience strong growth in the generic drug market in the coming future. Also, it is expected to increase the demand with supportive industry and government initiatives; the market is expected to expand the growth of generic medicine during the forecast period.

KEY MARKET PLAYERS:

Companies playing a noteworthy role in the Latin America generic drugs market profiled in the report are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.