Mexico Manufacturing Dominates Outlook For Latin Medical Markets
Mexico Manufacturing in the lucrative medical market remains the largest of the eight Latin markets comprising a 4.2 trillion US dollars GDP potential. How best might Mexico manufacturers further develop it and in what locations remains a challenge for Mexico manufacturing. Most of Latin America’s medical regulatory community remains ‘immature’, with only Brazil and Mexico having made greater strides. Brazil has established its own regulatory body while the MERCOSUR system consolidates the countries, save Mexico. Instead, Mexico has modeled its regulatory practices after America’s FDA system.
Yet, trade in both medical devices and equipment is key to the region’s development. Differentiations between countries do exist with Brazil, Argentina, and Chile importing more technology than the other countries (though Brazil sports a strong domestic industry of its own). Alternatively, Mexico, Peru, and Venezuela import more consumables. Of course when it comes to production, Mexico manufacturing clearly stands out as an exporter with Mexico manufacturers contributing a whopping 90% compared to its Latin neighbors. This is certainly due to US manufacturers ‘maquiladora’ efforts. Interestingly, Brazil’s exports remain low relative to their overall capabilities.