Peru: a hidden gem amongst Latin American OTC and pharma markets
Peru’s self-medication and pharma market is often overlooked in favor of the South Americans, but its growing demand in medications, fair business environment and predictable returns makes this market really interesting and worth considering !
The Peruvian market for consumer healthcare and Rx products has been valued at approximately US$ 1,2 billion in 2020. The Peruvian self-medication and pharma market has been growing in leaps and bounds in recent decades. The market is projected to grow to US$ 2,4 billion ex-factory by 2035, according to our experts estimates. Much of this can be attributed to the economic climate of the South American country. The last 30 years have seen stable and consistent economic growth, supported by political stability. Additionally, the Peruvian constitution does not permit price controls, and this essentially creates a ‘free market’ for drugs. This does not mean that just any consumer health or Rx product can enter the market, however. The implementation of Law 29459 in 2009 ushered in an environment which ensures the quality of the medication. New laws are also encouraging clinical research in Peru, as the country hopes to become a hub for self-medication and prescription drug innovations and development.
Thus the stable political climate, favorable economic policies, and pursuit of technological advancement make the Peruvian consumer healthcare and pharma market a true gem hidden in the Andes.
At Chameleon Pharma Consulting Group, we can support you to enter the Peruvian Market through consulting on Regulatory topics, GMP Certificates, and Market Entry Scenarios. Contact us for more details !
The Peruvian OTC and pharma market in 2035
USD 2,4 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
Peru in numbers
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