Industry data and economic impact
Our Industry
The pharmaceutical industry contributes significantly to improving the quality of life of patients in Latin America and the Caribbean. Our members offer concrete and measurable solutions to the health challenges faced in the different countries of the region.
Our priorities
Optimize
In a clearer and more defined way the offer of products and services towards the needs of the market in the region and, above all, towards the needs that patients in Latin America and the Caribbean currently have in relation to their wellbeing.
Promote
Strategies that allow health to be seen as an investment for the development of the region and promote the recognition of innovation as a key source for improving health and Latin American society.
Contribuir
Positively to the economies where our members have a presence and contribute to the promotion of more sustainable health ecosystems with greater opportunity for early access to innovative medicines and treatments.
Context of the pharmaceutical industry in the region
- For 2019, the region's total health spending relative to its GDP was 7.9%.
- For the period 2021 - 2026, the compound annual growth rate of the industry in the region is estimated to be 9.7%, making it one of the regions with the fastest growth rate, ahead of regions such as Europe and the Middle East.
- The pharmaceutical industry contributed to the economic growth of Latin America and the Caribbean between 2013 and 2019 with the creation of nearly 700 thousand jobs (38% direct and 62% indirect and induced).
- For every job created by the pharmaceutical industry, 1.65 additional jobs were created between 2013 and 2019 in Latin America and the Caribbean.
Economic impact of the industry in Latin America and the Caribbean
- The health economy in the region, including the pharmaceutical industry, generates economic spillovers of $270 billion.
- The pharmaceutical industry invested around $1 billion in 2019 in clinical studies in the region.
- In 2019 the annual gross value added of the pharmaceutical industry in Latin America reached $21 billion and generated another $16 billion in the rest of the regional economy.
- In 2019, for every dollar generated by the pharmaceutical industry, $0.75 was generated both to meet the demands of industries and to produce the end items demanded by pharmaceutical employees, resulting in a total contribution of $37 billion to the region's economy.
- The pharmaceutical industry invested at least $95 million in 15 production plants and other technological facilities in Latin America between 2017 and 2019.
Social impact of industry in Latin America and the Caribbean
- From institutions such as Top Employers Institute y Great Place to Work some of our members have been recognized as one of the best employers in Latin America.
- Our members are seeking to create synergies between their sustainability policies and the 17 United Nations Sustainable Development Goals (especially goal no. 3: health and well-being), and with the 10 principles of corporate sustainability recommended by the WHO. This allows them to focus their efforts to positively impact the development of Latin American society.
