Boston, MA -- (SBWIRE) -- 10/11/2013 -- High inflation and the potential currency devaluation will continue to erode foreign pharmaceutical companies' profitability in Argentina's drug market. Furthermore, the lack of data protection and unorthodox import regulations are yet to be addressed by the local authorities. Argentina's pharmaceutical market will therefore remain unattractive to multinationals in comparison with other major Latin American drug markets. Many subsidiaries of multinational pharmaceutical companies have downscaled operations in Argentina, and local players are now using their relatively well-developed local manufacturing force to boost output, particularly for the export trade. Nevertheless, some multinationals continue to invest in the country, as its market size and its strategic location mean Argentina remains an appealing prospect.

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Headline Expenditure Projections

Pharmaceuticals: ARS35.2bn (US$7.7bn) in 2012 to ARS41.8bn (US$7.3bn) in 2013; +18.5% in local currency terms and -6.2% in US dollar terms. These figures have been revised downwards since Q313 due to macroeconomic forecast changes.

Healthcare: ARS180.6bn (US$39.7bn) in 2012 to ARS220.1bn (US$38.3bn) in 2013; +21.9% in local currency terms and -3.6% in US dollar terms. These figures have also been revised downwards since Q313 due to macroeconomic forecast changes.

Risk/Reward Rating: Argentina scores 59.3 in BMI's Pharmaceutical and Healthcare Risk/Reward Rating (RRR), making it the fourth-most attractive pharmaceutical market in America. We have re-weighting the RRR components to improve the tool, and the adjusted scores for all markets in the Pharmaceuticals & Healthcare reports. Argentina's pharmaceutical market is expected to grow at double-digit rates through to 2016 in local currency terms, largely due to inflation.

Key Trends And Developments

- In June 2013, Argentinean and Cuban scientists developed the first therapeutic vaccine against lung cancer, called 'racotumomab'
- In June 2013, Johnson & Johnson's subsidiary Janssen-Cilag voluntarily recalled two batches of its birth control pill Cilest in Argentina
- In May 2013, Craveri Laboratories launched a drug designed for the treatment of Type II diabetes.
- In May 2013, Laboratorios Bago was awarded a new patent in Europe. Alprazolam is for the treatment of primary insomnia and insomnia associated with anxiety states.
- In May 2013, Bayer announced the investment of US$3.9mn in the construction of a new building in Pilar, Argentina. The facility is intended to handle hormonal product packaging.

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