By Amy Guthrie
MEXICO CITY-Generic medicine has taken the Mexican
pharmaceutical market by storm, driving sales growth in recent
years, according to Mexican pharmaceutical industry group
Canifarma.
Generic medicine represents around 87% of human drug sales in
Mexico, up from 30% in 1997, Canifarma director Rafael Gual said in
an interview. Mr. Gual added that this percentage is unlikely to
rise further.
Canifarma estimates that human medicine sales by its member
companies in Mexico last year topped 152.5 billion pesos, or about
$9.9 billion, for 5.5% growth versus 2013. The business group
represents companies that account for roughly 70% of human medicine
sales in Mexico, by volume.
The size of the Mexican market--with a population of more than
120 million people and around 3.8 billion unit sales of medication
a year--makes the country a strategic market for multinational
pharmaceutical firms such as Pfizer Corp. (PFE), Novartis AG (NVS),
Merck & Co. (MRK) and Sanofi (SNY), according to the industry
group.
Roughly three-quarters of the medicine sold in Mexico is
actually produced in the country. Yet Mexico is also evolving as a
hub for research and development, as well as a production center
for export markets, Mr. Gual said.
Canadian generic drug firm Apotex, for instance, says its
Mexican team has developed 56 drugs over nearly two decades that
are sold in Mexico and Central America. Growth in Mexico has been
so encouraging that the company is investing $32 million to build a
new plant in the country, according to Apotex's Mexican
website.
Investment in the sector has steadily grown in recent years,
expanding by more than 5% annually, to total $2 billion in 2014,
Canifarma estimates. At the same time, exports of human drugs from
Mexico have nearly doubled since 2007, to reach $964 million last
year.
Write to Amy Guthrie at
amy.guthrie@wsj.com<mailto:amy.guthrie@wsj.com>