NEW YORK (GBI Research), 27 June 2012 - Multinational companies and Contract Research Organizations (CROs) are being increasingly attracted towards making investments in new clinical research powerhouse Argentina, according to a new report by healthcare experts GBI Research.
The new report* shows that Argentina is a very attractive market for CROs, due to its good clinical infrastructure, cost compliance, large population and favourable regulatory guidelines.
Cost reduction is one of the leading drivers for outsourcing clinical trials to Argentina. Argentina is more cost-effective as compared to more developed regions such as the US and Europe, but with comparable quality standards. Argentina has aligned its clinical research regulations with international standards and requirements, which allows its laboratories to conduct clinical trials and research on the behalf of big pharmaceutical companies in developed countries.
As a result, pharmaceutical and biotechnology companies will have good reason to increasingly outsource clinical trials to Argentina in order to take advantage of cost, time and expertise benefits, as well as increasing compliance with international standards such as the Good Laboratory Practices (GLP) and Good Clinical Practices (GCP).
A large and willing patient pool allows clinical trials to be readily conducted to provide evidence for drug efficacy and safety. While patient recruitment often causes delays to clinical trials in Western countries, more limited medical facilities in Argentina mean patients can be more easily recruited.
Government investigator sites in metropolitan areas, where relatively few people have health insurance, help in quickly enrolling patients into clinical trials in Argentina. The urban population in Argentina is in close proximity to government-run Administración Nacional de Medicamentos or National Administration of Drugs, Food and Medical Technology (ANMAT) investigative sites.
In 2010, the clinical trial market in Argentina was valued at $49.4m in terms of revenue and is forecast to grow at a CAGR of 9% between 2010 and 2015.
*Emerging Pharmaceutical Market in Argentina - Domestic Pharmaceutical Companies Dominate the Market with More Than 55% of the Industry Revenue
This report provides an in-depth analysis of trends, issues and challenges in the pharmaceutical market in Argentina. It analyzes the overall pharmaceutical and clinical trials market in Argentina, and provides profiles for the leading pharmaceutical companies, Contract Research Organizations (CROs) and distributors; analyzes the macroeconomic environment; describes the healthcare regulations of Argentina and analyzes the strategic consolidations that shape the Argentine pharmaceutical market.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GBI Research’s team of industry experts.
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