While many industries faced challenges when COVID arrived, the pharmaceutical industry in Mexico saw an opportunity to rise. The industry has been performing so great it has also been deemed to be Latin America’s epicenter. Here are several reasons as to why this industry has been taking more relevance.
Even though harsh times, the pharmaceutical industry in Mexico has grown
One of the major changes the pharmaceutical industry in Mexico can face after COVID is to become the largest in LATAM. It is on its way to surpass Brazil’s production thanks to the swift action it has taken during the pandemic.
Furthermore, LATAM has accepted the Mexican Federal Commission for the Protection against Sanitary Risks (COFEPRIS) as a regional normative organism. This has also boosted the perception of the Mexican pharmaceutical industry in LATAM.
“In practice, this means that when COFEPRIS approves the products of any company it will make it easier for them to enter new markets. More so in Latin America” stated El Financiero.
Additionally, the FDA has been getting involved with the pharmaceutical industry in Mexico. This has led the industry to be more transparent and trustworthy, while also rising the quality standards on Mexican medicine. This can only mean growth is on the horizon for the pharmaceutical companies that decide to bring their business to Mexico.
What does the pharmaceutical industry do?
The pharmaceutical industry has a crucial role in public health. It discovers, produces, and distributes drugs for use as medications.
According to CANIFARMA, the pharmaceutical industry in Mexico can be divided into three main parts. It is made up of 74.7% patent medicines, 12.1% generic medicines, and 13.2% medicines that require no prescription.
This means that pharmaceutical companies are involved in the research and development of new vaccines, like the new COVID vaccine. Distribution of this shot will depend on the country, and Mexico will have its own vaccine schedule.
What we know about the new COVID vaccine and its schedule release in Mexico is:
- Mexico will have early access to this vaccine. This is possible thanks to a collaboration of the Mexican Government with Sanofi – Pasteur and the French Government.
- It will be available in the first trimester of 2021.
- It will be part of a global study involving over 35 thousand volunteers over the age of 18.
- Sanofi – Pasteur is the leading vaccine producing pharmaceutical company in the world. They make it possible to prevent the spread of over 20 infectious diseases.
- Overall, Mexico will have access to 51.6 million COVID vaccines, enough for roughly 20% of the Mexican population, thanks to COVAX.
- First dosis will be delivered to health workers and vulnerable groups.
Globally speaking, the vaccine production is aiming to be as high as possible.
“We are working thinking we will have a couple of million of dosis by the end of the year. Yes, we are optimistic. We are hoping that by the end of 2021 we will have 2 billion dosis to distribute around the world.” Indformed Soumya Swaminathan, chief scientist at WHO.
Overall, vaccines have taken 10 to 15 years to enter the market. The fastest so far entered the market after 4 years during the 60s. This means that while the new COVID vaccine will be safe, it will be distributed during its fase 3. This will make it one of the quickest to get distributed.
Fortunately, we can rest assured that there shouldn’t be any risks. “Not only is this vaccine safe and capable of producing great quantities of antibodies. It is also capable of preventing the appearance of the virus.” Stated the director of Sanofi.
In other words, the pharmaceutical industry helps the world have a better chance against diseases. The medications they produce aim to cure, vaccinate, or alleviate illness symptoms, in most cases even saving people’s lives.
How much is the pharmaceutical industry in Mexico worth?
The pharmaceutical industry in Mexico is one of the largest in the world. The country has the second largest industry in Latin America, and the 11th largest in general. Furthermore, 14 out of the 15 biggest pharmaceutical companies are settled in Mexico, giving the country an edge.
It is estimated that the pharmaceutical industry in Mexico has an average annual market value of $14.5 billion USD. Nonetheless, 2020 has enhanced this industry. According to INEGI, the industry has shown a growing tendency.
New projections show that by the end of the year the pharmaceutical industry in Mexico could be worth $26.3 billion USD. This is a 100% increase compared to 2011.
The pharmaceutical industry in Mexico is growing steadily even through harsh times. This growth, paired with how big the industry is worldwide, is a great incentive for foreign pharmaceutical companies to bring their production and laboratories to Mexico. Thus, here at VYNMSA we would like to assist you in settling in this country.
We are one of the leading industrial real estate developers in Mexico. We have over 30 years of experience and have delivered over 500 projects to fully satisfied customers. We are also fully equipped to assist you in developing your BTS projects. All while offering lease and sale solutions that always have a win-win approach.
We also have around 20 inventory buildings ready for immediate occupancy. This is a total space of 2 million SqFt across Northeast and Central Mexico.
Contact us and bring your pharmaceutical company to Mexico with VYNMSA to be part of its ever growing pharmaceutical industry.