Mexico to declare the pharmaceutical sector of strategic interest
11 abril 2018

In the coming days, the Mexican government could declare the pharmaceutical sector as strategic for the national economy. This is because it meets all the requirements to be considered one of the engines of the economy. The Executive Branch even plans to include the issue in future development agendas, along with other activities such as the automotive industry, tourism, telecommunications, and information technologies. The declaration would be issued by means of a decree signed by the Ministry of Health and the Ministry of Economy.

The objective is to generate confidence at an international level. In this way, it could result in a greater flow of investments directed at research and thus providing a competitive advantage in comparison to other regional markets or emerging economies such as Chile, Argentina or even India. The final step is that the Secretary of Economy, Ildefonso Guajardo, along with his health partner (José Narro Robles) coordinate their agendas and ratify the work undertaken more than two years ago, which has involved different authorities and institutions such as ProMéxico, Conacyt, Cofepris and Inadem.

Currently the production of drugs represents 6 percent of the manufacturing Gross Domestic Product (GDP). The country has a significant export potential in this area, which could put it as a prominent player in the world market. Exports show this, with several years of sustained dynamic growth, generating over US $ 1,900 million annually in revenue. The production of medical devices adds another US $ 8 billion in sales for Mexico from this sector and over 375,000 jobs (between direct and indirect employees, depending on hiring).