Latin America & the Caribbean

Life Sciences

Latin America & Caribbean has ample growth virtually across all MedTech segments and drug categories, but obviously, the current highest potential opportunities involve solutions for COVID-19 response: telemedicine, vaccine manufacturing, hospital infrastructure, and vaccine campaign solutions.

With a growing and ageing population, a rising incidence of NCDs, and an increasing wealth in some demographic segments, Latin America & Caribbean has intensified demand from higher quality medium- and high-complexity medical treatment.

The region is still facing significant challenges with the COVID-19 pandemic. Recent shortages in hospital beds, oxygen concentrators, syringes, diagnostics, and cold storage/logistic solution for vaccines has pushed governments to increase budget towards healthcare infrastructure improvement - highlights to mobile hospitals/clinics and telemedicine solutions.

Production of Biosimilar drugs, vaccines, and medical cannabis on the rise:

The Latin America & Caribbean is highly specialised in the production of generic and OTC drugs. Nevertheless, a few countries are also developing their innovation capacity. In the last decade, there has been strong growth in the patents registered with WIPO in Brazil, Mexico, Argentina and Colombia. The local pharmaceutical companies in the region are prioritizing the development of biosimilar drugs, vaccines, medical cannabis, and advanced therapy products. Posing significant opportunities for R&D, CDMO, and licensing agreements.

Opportunities for UK Companies:

Brazil

Brazil has the largest healthcare and life sciences market in Latin America, with annual healthcare expenditure in the country valued at £90 billion^[1]. Demand is partly driven by an ageing population and the increase of chronic diseases among the population, leading to higher demand for innovative technologies and pharmaceuticals^[2].

Brazil imports roughly 70% of medical devices used in the market^[3], has the largest pharmaceutical market in LATAC^[4] and the 7^th largest in the world^[5] valued at £13 billion^[6]. By 2024 pharmaceutical sales are forecasted to reach £24.5 billion, positioning Brazil as the 5^th largest market in the world³⁸. Growth in consumption is driven by a large private healthcare system (reaching 25% of the population) and investments from the government in key areas, such as digital health, genomics, diagnostics and biological development, all essential in the context of Covid-19^[7].

Opportunities in Brazil:

• Provision of telehealth applications, including telediagnostics, telemonitoring and online prescription tools
• Supply of products and services for biological and vaccines development to government laboratories –
• Partnerships for development of new diagnostic applications based on genomics and licensing agreements on cell and gene therapies with local industry
• Licensing agreements on key therapeutic areas – cardio, respiratory, oncology, gastroenterology, dermatology.

Colombia

The Colombian healthcare sector has developed rapidly^[8] over the last 2 decades and the market is expected to continue growing. Strong investment in public sector healthcare and the country's growing non-communicable disease burden have driven significant demand in this sector.

Opportunities in Colombia:

• Demand for integrated diagnostic imaging
• Demand for medical devices and hospital consumables
• Pharmaceuticals and biotechnology

The government in Colombia has increased its budget allocated to fight COVID-19, and a rise in investment for healthcare digitalisation and modernisation of healthcare services by renewal of old hospital technology and construction of new facilities over the next 5-10 years is expected.

Mexico

The pharmaceutical industry is a priority sector for the country, representing on average 1.2% of national GDP and 7.2% of manufacturing GDP^[9]. Mexico’s pharmaceutical industry is worth approximately £10 billion^[10] and there are many opportunities for UK companies to supply products that generate favourable, innovative, and cost-effective results.

There is demand in areas of preventative care, diagnostic imaging, dental products, patient aids, orthopaedics, and prosthetics. 

Peru

With growth in both the decentralised public system and the private sector, increasing health insurance penetration rates and a significant interest in diversifying and enhancing the Peruvian healthcare capabilities, there are significant opportunities for UK Life Sciences and Healthcare companies in Peru, which include, but are not limited to:

• Health infrastructure
• Pharmaceuticals and biotechnology
• Medical digitalisation technologies and virtual record systems
• Hospital management systems
• Mobile clinics and temporary hospitals
• E-health/telemedicine
• Elderly quality care

Additionally, through significant cooperation efforts in Peru, the UK is well placed to support the initiatives and reforms within the Peruvian health sector, creating an excellent environment for UK companies to capitalise on their expertise and quality, characteristics that are highly appreciated within Peruvian institutions.

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