Revenues from the clinical trial market in Argentina were worth US$49.4 million in 2010 and are projected to show a compound annual growth rate (CAGR) of 9% between 2010 and 2015.
Both multinational companies and contract research organisations are increasingly drawn to invest in what business intelligence provider GBI Research describes as a “new clinical research powerhouse”.
In parallel with Argentina’s growing compliance with international standards such as Good Laboratory Practice (GLP) and Good Clinical Practice (GCP), the country offers a sound clinical infrastructure, cost advantages, a large population and favourable regulatory guidelines, notes a new GBI Research report.
Lower costs are one of the leading drivers for outsourcing clinical trials to Argentina, GBI says, adding that the country is more cost-effective than developed regions such as the US and Europe, yet with comparable quality standards.
There is also a “large and willing” patient pool, the researchers point out. While patient enrolment often slows down clinical trials in Western markets, “more limited medical facilities in Argentina mean patients can be more easily recruited”.
It helps that government-run Administración Nacional de Medicamentos (National Administration of Drugs, Food and Medical Technology - ANMAT) investigator sites are sited in metropolitan areas, where relatively few people have health insurance, GBI Research adds.