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Chile – Pharma Compounding Market Insights, Competitive Landscape & Regulatory Requirements

Photo by James Yarema on Unsplash

 

Despite not being a big country in terms of pharma market size, Chile is holding its ground, with an expected OTC and Rx market size of 12.35 Mln by 2040. Moreover, the Chilean pharma market offers many thriving segments and niches, which sometimes go unnoticed. One among those promising segments is pharma compounding (pharmacy magistral), whose market size is expected to jump from USD 56 Mln of 2024 to more than USD 230 Mln by 2040 with an expected CAGR of 9.27%.

 

Key Market Insights and Competition Landscape of the Pharma Compounding Segment in Chile

An infographic showing a snapshot of the pharma compounding market in Chile

Figure 1: Pharma compounding market overview in Chile

 

The compounding pharmacy market segment in Chile is nowhere near the size of the one in Mexico, Brazil or Argentina, however, it´s growing faster than them, while still being at the podium of the most developed in Latin America, supported by factors like:

  • Increased demand for personalized medication, also due to the rise in disposable income during the last 20 years.
  • Increased incidence of chronic diseases, especially age-related conditions as Chile has the oldest population in LatAm.
  • A big gap between the low supply of generic drugs with their high demand, which leads many patients to compounded drugs.

According to the Chilean Institute for Public Health (ISPCH), as of 2024 the pharma compounding market sees a total of 77, small and local, compounding pharmacies with very little international competition. Their distribution is very uneven across the country, with 63 (∼80%) of them being located only in the Metropolitan area of Santiago, and very few scattered in the region of Antofagasta, O´Higgins, and the portion of the country that spans from the region of Bío Bío to the one of Los Lagos. Of these 77 pharmacies, 39% deal with sterile formulations, 18% deal with homeopathy, and the remaining 43% deal with non-sterile formulations.

The top market players of the Chilean pharma compounding market are: Farmacia Galenica, with 5 units, followed by Alphalab, Biosphare, Carmen, Pharma 93, and Therapia, with 2 units each.

Some of the most relevant areas of activity for compounding pharmacies in Chile include:

  • Pain management, which remains an important revenue-generating segment due to the high prevalence of chronic pain conditions in Chile.
  • Nutritional supplements, the fastest-growing segment, fueled by the increasing focus on wellness and preventive health.
  • Hormone Replacement Therapy (HRT), which is gaining traction in line with global trends, as more individuals seek personalized treatment options.
  • Dermatology, addressing the growing demand for customized skincare solutions and treatments.
  • Ophthalmology, which is expanding as compounding pharmacies provide tailored treatments for various eye conditions, such as custom eye drops and ointments.
  • Oncology, where compounding pharmacies are preparing personalized medications, including chemotherapy treatments and supportive care formulations, to meet the needs of cancer patients.

In Chile, compounding pharmacies (pharmacy magistral) offer a broad spectrum of formulations, including creams, ointments, tablets, and injectables, all specifically tailored to meet individual therapeutic needs of both human and animal patients.

 

Regulatory Authorities and Ground Legislation of the Pharma Compounding in Chile

The regulatory in the segment of Pharma Compounding in Chile is shaped by the following authorities:

The pharma compounding market in Chile is poised for significant growth, driven by a 9.27% CAGR. Despite being smaller than Brazil and Argentina, Chile is among the most developed markets in Latin America, benefiting from rising disposable incomes, an aging population, and a gap in the supply of generic drugs. With just 77 small local compounding pharmacies, the market remains largely untapped, presenting a prime opportunity for growth in high-demand sectors such as pain management, hormone replacement therapy, and oncology. This is a window of opportunity for those looking to enter a rapidly expanding segment in one of Latin America’s most promising healthcare markets.

Chameleon Pharma Consulting Group (CPC) has over 20 years of experience in supporting Pharma, OTC, Medical Devices, Phyto, and Aesthetic Medicine companies. Having established own offices & local hubs across Latin America, Europe, Asia, the US/Canada, the Middle East, and the CEE/CIS regions is another advantage of CPC. With this local network and expertise gained from 300+ international projects and a team of 25 experts we offer our clients: 

  • Business Development, M&A, and Due Diligence
  • Market Entry & Expansion: Systematic product and country analysis, market reports
  • Strategic Partnering: Identifying local partners, acquisitions, or setting up own offices
  • Regulatory & Registration: for drugs, MD, Derma, Aesthetic Medicine, etc.
  • Market Authorization & Compliance: Holding MAs, conducting pharmacovigilance
  • Quality & Certification: GMP certification, pre-GMP audits

 

Contact us at service@chameleon-pharma.com for your inquiry!

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