Indian drugmakers aim to boost exports to Mexico, South America's No. 2 pharma market
The Indian Drugs Manufacturers Association (IDMA) is intensifying its focus on Mexico, betting that the nation's complex drug approval process will be simplified, the people said on the condition of anonymity. Members of the association are in talks with officials from Mexico's ministry of economy and health regulator COFEPRIS (Federal Commission for the Protection against Sanitary Risks) to explore new rules and financial incentives, the people said.
India seeks to significantly boost its medicine exports to Mexico, a market currently valued at over $20 billion and is expected to grow to $38.5 billion by 2033, according to a report by the International Market Analysis Research and Consulting Group.
Domestic pharmaceuticals account for only $180 million.
Indian drugmakers encounter challenges, primarily the lengthy and intricate regulatory hurdles set by COFEPRIS.
India's pharmaceutical industry, the world's third largest by volume, is a global powerhouse with a diverse product base including generic drugs, vaccines, and biologics. In the fiscal year 2023-24, the market was valued at $50 billion, with exports accounting for $26.5 billion, according to the estimates provided by the Department of pharmaceuticals.
Queries emailed to the Embassy of Mexico in New Delhi remained unanswered.
"IDMA regularly participates in interactions with National Regulatory Agencies from various geographies," said Dr. Viranchi Shah, national spokesperson for IDMA.
The talks reflect Mexico's increasing recognition of India as a reliable supplier of high-quality, affordable medicines.
This push is part of a broader effort to strengthen the overall trade relationship between the two countries. While India's exports to Mexico have been growing, largely driven by the automobile and auto parts sectors, the pharmaceutical industry remains an underexplored avenue.
Indian drug companies are keen to leverage Mexico's proximity to the US and its network of trade agreements to use it as a base for expanding into North and Central American markets.
While a recent virtual meeting was postponed, an official familiar with the matter said IDMA is in contact with Mexican authorities to resolve the issues. This follows a similar meeting held a few months ago, indicating a consistent dialogue to streamline processes for Indian drug manufacturers.
Mexico's pharmaceutical market, the second largest in Latin Americaafter Brazil and growth is fuelled by an ageing population and a rising prevalence of chronic diseases. For Indian companies, which are global leaders in generic drug production, a simplified regulatory path in Mexico could unlock a major new export corridor and diversify their international presence.
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