Market Research Reports Search Engine recently announced the addition of a new report to its repository of market studies on the pharmaceutical sector. The report is titled “Pharmaceutical Products and CMO Market - LATAM Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” and is available for sale on the company website. It compiles exhaustive information regarding the various products and services offered by the market and the recent advances influencing the demand for same. Compiled with the intent of updating stakeholders about the prevailing market dynamics, the report presents insights into the strengths and weaknesses that the LATAM pharmaceutical products and CMO market is likely to witness between 2016 and 2024.
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The pharmaceutical products and CMO market in Latin America has a highly fragmented vendor landscape. In order to emerge competitive, the leading players in the market are focusing on the innovating product to cater to the dynamic consumer preference and unmet demand. Product differentiation is given utmost importance by companies to improve traction in the pharmaceutical products and CMO market. Despite the competition, Pfizer, Inc., Bayer AG, Novartis AG, BASF SE, and Merck & Co., Inc., have managed emerging dominant with a cumulative share of 23% in the LATAM pharmaceutical products and CMO market in 2015.
Besides product innovation and differentiation, the companies are also focusing on expanding their geographic reach to strengthen their position in the market. For instance, over the past three years, Boehringer Ingelheim GmbH has successfully expanded its footprint across China by investing considerably in the country’s construction sector and clinical research centers.
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The pharmaceutical products and CMO market in LATAM is gaining from the free trade policies observed across several countries in the region. Columbia, Peru, Mexico, and Brazil for instance have been making changes in their regulatory framework and have streamlined the manner of processes. The open business environment across these countries has attracted several multination companies operating in the pharmaceutical industry. Policies observed by these nations have encouraged big names in the industry to invest in LATAM. Inclination towards free trade and easy drug approvals have worked in favor of the LATAM pharmaceutical products and CMO market as well.
With a number of blockbuster drugs slated to go off-patent in a year or two, the CMO market in Latin America stands strong opportunities for growth. R&D cuts by federal banks have given a strong blow to innovations in the pharmaceutical industry leading to a decline in the productive outcome of research and development activities. This, coupled with the looming patent expiries, has compelled large organizations to explore synergies with CMOs through strategic collaborations. These factors together provide lucrative opportunities for the growth of the pharmaceutical products and CMO market in Latin America.
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Among the countries promising strong growth, Brazil is expected to emerge dominant. The pharmaceutical products and CMO market will also find lucrative prospects in Mexico, Argentina, Venezuela, and Rest of Latin America.
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