Companies in LATAM Adalimumab Market Drop Product Prices to Remain Relevant in Intensifying Competition

The Latin America adalimumab market is expected to reach a valuation of US$1,186.4 mn by the end of 2023 from US$994.8 mn in 2014. The rise of the market at a CAGR of 0.4% will be due to the increasing research and development of biologics. Though the growth is projected at a sluggish rate, the market will be favored by the supportive government regulations and growing interest of experienced research professionals in research of improved biologics. The strong foothold of several pharmaceutical companies in Brazil is expected to play a special role in the development LATAM adalimumab market in the near future.

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Q. What are the potential threats to the LATAM adalimumab market?

A. The slow pace of growth of the overall market will be significantly attributable to the high cost of clinical trials. The growth of the market is also being limited by the low price of products, which is making it tough for manufacturers to recover their high research and development expenditures. The problem is further being complicated by the lack of reimbursement policies for biologic drug therapy.

Q. How can players overcome these hurdles to improve the overall CAGR?

A. Despite the challenges in the LATAM adalimumab market, several international companies are investing in setting up manufacturing units and research and development facilities in developing regions. Latin America is poised to see a flurry of investors in countries such as Chile and Brazil. For instance, AbbVie continues to make investments in Brazil in the near future. Furthermore, approvals from U.S. FDA for new drugs is also expected give players in the LATAM adalimumab market a definite boost. Amgen, a key player in the market, announced its acquisition of U.S. FDA approval for Kyprolis (carfilzomib). This drug has been developed to treat patients who are suffering from relapsed multiple myeloma.

Q. Which key factors will decide the trajectory of the LATAM adalimumab market during the forecast period?

A. Adalimumab is extensively used for treating rheumatoid arthritis, psoriasis, Crohn’s disease, ulcerative colitis, and others. A report by Transparency Market Research states that the demand for adalimumab to treat rheumatoid arthritis will exceed other segments in the coming years as the therapy is known to ease the signs and symptoms of severe rheumatoid arthritis amongst adults. Furthermore, the high prevalence of psoriasis is also expected to offer lucrative opportunities to the overall market. The increasing expenditure on healthcare in Latin America is expected to be the undercurrent for the progressive trajectory of the adalimumab market in the region.

The competitive landscape of the LATAM adalimumab market is relatively consolidated as only a few players own the controlling stake in the market. Companies are trying to reduce prices of their products to stay ahead of the competition as the expiration of blockbuster drugs is closing in. 

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