THE LATAM COUNTRIES ARE BOTH THE FASTEST GROWING AND LARGEST EMERGING MARKETS ECONOMIES. REASONS FOR THE EMERGENCE OF LATAM MARKET

B. Venkata Reddy, D. Jothieswari, N. Audinarayana and G. Neelima*

Latin America is a Region of paradox. It has unique conditions that make it one of the most attractive contexts worldwide for doing business, but it also faces serious challenges that severely underscore these opportunities. We apply a simple framework of analysis to describe the Latin American business environment and detect research opportunities. For that, we focus on four aspects of the region: (1) the institutional context, (2) the macroeconomic environment, (3) the consumer profile, and (4) the natural resource endowments. In the present study three countries from each region have been selected and their regulatory requirements were thoroughly collected, studied, compiled and compared. The three nations in the LATAM area are Brazil, Mexico, and Argentina. The research was undertaken with the aim of comprehending the regulatory framework for the licensing of generic drugs in these nations. The material was gathered from a multitude of websites and the official websites of regulatory bodies. After the completion of the study it is inferred that Brazil and Mexico have been the frontline contenders in the LATAM region with well established regulatory system, large population, expiration of several patents. Furthermore, local pharmaceutical businesses have a majority share of the market, accounting for about 55% of the industry's sales. In the present study the generic drug registration requirements of countries in LATAM regions were studied thoroughly and found to be self sufficient to carry out error free registration system. In LATAM, regions like Brazil and Mexico have their own methods while Argentina depends on other developed countries.