The Pharmaceutical Market in Argentina: The state of things, the opportunities, and challenges

As a way of offering a blend of opportunity and complexity, Argentina is a good place to a global buyer considering entering the pharmaceutical market in Latin America. Arguably with an established manufacturing base, capable regulator and export capacity, Argentina is a platform - but one that is typified by macro-economic headwinds, regulatory delicacy and local incumbency. The article focuses on the state of the Argentine pharmaceutical market in 2025 as viewed through the lens of international investors, contract manufacturing, exporters and licensers - incorporating new information, strategic considerations and practical action plans to guide you to quit the generic overview to the actual implementation.

For a broader view of Latin America’s evolving pharma industry, explore our in-depth country reports on the Brazil Pharma Market, Mexico Pharma Market, Chile Pharma Market, Venezuela Pharma Market.

The size of the pharmaceutical market and its growth in Argentina should be deciphered carefully: the figures are determined by the currency, inflation rate, and the presence of only the finished drug sales or both APIs.

• According to one source, the market size is estimated to reach US $10.94 billion in 2024, and is projected to grow to approximately US $14.19 billion in 2030, or the CAGR of the market would be 4.4 per cent during 2025-2030.
• Other forecasts (IMARC) estimate the 2024 figure at US $11.52 billion and projections up to an estimated role of almost US $21.46 billion in 2033.
• In case of exports: In Argentina, the exports of pharmaceutical products have been approximately US $862-865 million in 2024.

On APIs (active pharmaceutical ingredients): The API market in Argentina is said to have earned US $2.927 billion in 2024, projected to grow by approximately to US $4.37 billion by 2030 (CAGR of the same at around 6.9%).

Repercussions to international consumers:

• The US finished-drug market is mid-sized (~US$10-12bn) and is increasing at a moderate pace (4-5%/year) in USD values.

• Export and API segments have excellent prospects of growth (6-7%+ for APIs).
• Currency effects/inflation effects translate into the growth being higher in local ARS but when converted to USD (to global purchasers), growth is slowed.
• Apply a base-case of 4-5% domestic growth and an export/API upside case of 6-8% to play the advanced play.

The knowledge of the market structure assists the international players in designing the appropriate entry mode.

Local manufacturers and ecosystem

Argentina boasts a highly established local pharma industry with significant domestic companies such as Laboratorio Roemmers, Elea Phoenix, Laboratorio Bago and others existing locally. There is a good presence of local companies with a preference of generics and branded generics.

The sector is said to be having more than 200 pharmaceutical facilities and robust production.

Channels and payers

Distribution is dominated by a combination of the private retail pharmacies, institutional (public hospitals, provincial procurement) and prepaid health insurance networks (prepaga).

Import dynamics/supply chain: Numerous APIs and specialised inputs import; much local manufacturing of finished generics and less of highly specialised biologics.

Significant buyer dynamics on the global level : Local-partner strategy is highly suggested due to the fact that the local firms decide on the distribution, manufacture and in many instances regulatory relationships.

There are a number of trends that are currently governing the way the market will be moving - and subsequently how the international firms are supposed to position themselves.

• Export and regionalisation catalyst - Argentina is emerging into an export platform of finished drugs and APIs to Mercosur and Andes markets (e.g. Brazil, Paraguay, Ecuador).
• Digital health, telemedicine, e-pharmacy growth - Teleconsultations and e-prescriptions have been increased during the post-pandemic period; those companies that provide digital support to patients or remote adherence have tailwinds.
• Pricing/policy pressure and affordability focus - The government is implementing price control and linking medicines to inflation or budget limitations; which puts stress on margins of the high-price specialty drug.
• Macro & FX volatility - Periodic fluctuations in FX/foreign-exchange controls, inflation and import controls are the constant; supply chain should be prepared to overcome shocks.
• To international consumers: match business models and differentiated products (specialty, biologics) or services (digital health) to counter volume competition; create flexible supply chains and pricing mechanisms.

This is a section where global firms will suffer greatly by getting regulatory mis-steps, which will slow the launch of a product or make it riskier or more expensive.

Regulator: ANMAT

ANMAT is the national authority that deals with registration of drugs, GMP inspection, pharmacovigilance, labeling and market authorisation. It has found its way into international regulatory circles.

Basic conditions: Spanish-speaking local legal representative/agent, local batch-release/testing or equivalent known to the company, import authorizations of finished drugs.

Under the view of various types of buyers, the following are the key opportunity buckets - and action items.

A. Manufacturing / Export (CMO / Tolling)

• Argentina boasts of over 200 pharmaceutical manufacturing sites; most of these factories are GMP compliant and can be exported.
• Action: worldwide manufacturers may establish tolling arrangements with local facilities, export Argentina to the neighbouring markets (Mercosur, Andean).
• Examples of action: Find ANMAT-approved CMO, check their export record, sign a deal with them with a multi-year agreement with an FX-pass-through.

B. Generics & Biosimilars

High generics market; international generics competitors have an opportunity to collaborate or license to local companies.

Growth in biosimilars is increasing (minimal base at present). Argentina: Plug Latin America roll.

Strategy: negotiate local licensing agreement, perform bridging clinical/PK research (as necessary), design support (patient adherence, digital platforms) to differentiate.

Niche, Specialty & Biologics

In case with high prices of specialty drugs, the opportunity is in underserved indications (oncology, rare diseases) where local competition is not strong.

Action: cooperate with local specialty distributor, negotiate value based price or outcome contract, develop patient support programme to increase access.

The international customers need to consider the risks, which are region-specific and mitigate them.

Regulatory & timeline risk

The timelines of registration despite having a powerful regulator (ANMAT), the registration dossier response can be unpredictable; local tests, dossier inquiries, inspections can postpone launching.

Currency/Inflation & FX risk

Argentina has a history of working during the periods of inflation and FX shock; the cost of imports, pricing and repatriation of profits can fluctuate.

• Price pressure and competitive local players.

Domestic companies control most of the segments that have good relationships; price controls narrow profit margins of premium products.

• Supply-chain/logistics risk

Production/ export can be hindered by import delays, the process of custom and bottlenecks in infrastructure and export logistics.

• IP and market access risk

In Argentina, although there is IP framework, this may not be actively enforced; international companies introducing biologics have to take into account biosimilar competition and biosimilar regulatory working-off licences.

The situation with Argentina in 2025 has been organized: the country has a solid reputation of domestic production, a capable regulator, and increased export/APIs prospects. It is, however, also associated with macro-economic risks (inflation/FX), local established incumbents, pressure of price-control, and complexity of the regulatory environment.

To international buyers, the smart move is to go local (local alliances, differentiated markets speciality, biosimilars, digital health), and develop supply-chain resilience (FX hedging, local production). With the above tactical plan in place and an adequate buffer against any policy and currency changes, Argentina can be a strategic Latin America hub, not a high-growth-flight destination, but a solid and stable base with significant potential to players who read their market well.

1. “Pharmaceutical-Sector in Argentina (2025)” — Embassy of India (Argentina):
https://www.indembarg.gov.in/content/Pharmaceutical-Sector-in-Argentina-2025.pdf

2. “Argentina Pharmaceutical Market Size & Outlook, 2024-2033” — IMARC Group:
https://www.imarcgroup.com/argentina-pharmaceutical-market

3. “Country-specific Regulatory Affairs: Argentina – ANMAT” — PharmaRegulatory.in:
https://www.pharmaregulatory.in/country-specific-regulatory-affairs/argentina-anmat/

4. “Escenario y Perspectivas de la Industria Farmacéutica Argentina” — CILFA (2021):
https://cilfa.org.ar/wp1/wp-content/uploads/2021/08/Escenario-y-Perspectivas-de-la-Industria-Farmaceutica-Argentina-Ingles-2021.pdf

5. “Latin America Pharmaceutical Market Size & Growth, 2033” — MarketDataForecast:
https://www.marketdataforecast.com/market-reports/latin-america-pharmaceutical-market

6. “Pharmaceutical Industry in Argentina: Business Report 2025” — MarketPublishers:
https://pdf.marketpublishers.com/trade8/pharmaceutical_industry_in_argentina_business_report.pdf

7. “Argentina – Medical Products: Country Commercial Guide” — U.S. & Trade.gov:
https://www.trade.gov/country-commercial-guides/argentina-medical-products

8. “Regulatory trends in drug-pricing and market access: Argentina” — IBA article:
https://www.ibanet.org/regulatory-trends-drug-pricing

9. “Argentina Pharmaceuticals Market, Competition, Forecast to 2028” — Research & Markets:
https://www.researchandmarkets.com/reports/5893523/argentina-pharmaceuticals-market-competition?srsltid=AfmBOoqAKn1VTq_lYXvj4G2MUv_q_AyEeyYVbb7CWKtGAzAjGaOyWTJ6

10. “Summary of the main regulatory updates along 2025” — Lexology:
https://www.lexology.com/library/detail.aspx

11. “Argentina Trade and Investment Factsheet 2025-09-19” — UK Government PDF:
https://assets.publishing.service.gov.uk/media/68c9789dde855c02ab517b88/argentina-trade-and-investment-factsheet-2025-09-19.pdf