Argentina growing as a CRO and outsourcing power player, study says
After going through an economic crisis 10 years ago, Argentina is emerging as a pharmaceutical and CRO dynamo, according to a study from GBI Research.
Valued at $49.4 million in terms of revenue in 2010 (a small but growing figure), the Argentine clinical trial market is forecast to grow at a compound annual growth rate of 9% between 2010 and 2015. Experts from GBI credit the country's rising market to a variety of reasons. They include, but are not limited to: its large elderly population, an increase in healthcare spending and growing prevalence of certain diseases among Argentineans. With those factors at play, GBI expects the Argentine market to exhibit double-digit growth by 2015, according to the study abstract.
Like in China, concerns regarding IP security laws can be an issue in Argentina, but that hasn't stopped the country's pharmaceutical market from posting an annual growth rate of up to 22% in recent years. Fueling that growth are multi-national pharma companies that have grabbed licensing agreements and small, domestic labs.
Outsourcers can also get the bang for their buck. As an Express Pharma story reveals, they can conduct a trial there with quality standards on-par with the U.S. and Europe, but without having to pay as much.
More importantly, the Argentine government is doing what it can to boost its healthcare sector. In addition to funneling more money toward healthcare spending, the Administración Nacional de Medicamentos, Alimentos y Tecnología Médica (ANMAT) and Ministry of Health offer legal provisions, making for an attractive market. That, combined with a strong healthcare infrastructure and public programs, reinforce government commitment, and that is key to boosting a country's attractiveness for outsourcers.