Report: Latin American diabetes therapeutics market to transform
The Latin American diabetes therapeutics market will experience major changes within the next three years due to the launch of innovative drugs that include three long-acting insulins and four non-insulin treatments. Nevertheless, pharmaceutical companies should continue their research to develop treatments that can restore beta-cell function and thereby postpone or prevent disease progression—areas that even newer therapies do not address.
New analysis from Frost & Sullivan, Trends, Opportunities, and Challenges for the Latin American Diabetes Therapeutics Market, expects the diabetes therapeutics market to grow, due to the rising prevalence of diabetes in the region. Improved awareness among patients on the importance of early diagnosis and treatment of diabetes will ensure steady market growth in the next five years. The research covers non-insulin and insulin therapeutics.
Currently, type 2 diabetic patients with metabolic syndrome need to separately administer drugs for each diabetes, arterial hypertension and hyperlipidemia. As a result, pharmaceutical companies are focusing on drugs that increase the administration period while controlling elevated glucose levels and normalizing the lipid profile.
"Pharmaceutical companies are looking to introduce into the Latin American market fixed-dose, single-tablet products that will offer a new treatment panorama for type 2 diabetes patients with metabolic syndrome disorder by reducing the daily intake of pills," said Lucila Rocca, a Frost & Sullivan healthcare industry analyst.
However, some Latin American governments are promoting the development of insulin by local companies at a cheaper price since the public system pays for the bulk of diabetes treatments. Thus, generics become an interesting option due to their low pricing. The products that are being developed and purchased are mostly human or animal insulins, which is a threat for multinationals since they generate maximum revenue from analog insulins.
"In this scenario, pharmaceutical companies need to formulate an appropriate pricing strategy and educate society on the therapeutic and administration benefits of analog insulins over human or animal products to boost the sale volumes of analog insulins in the public segment," said Rocca. "Pharmaceutical companies also should offer prophylatic therapies based on genetic disposition since the population with prediabetes in Latin America is estimated to be approximately three times the size of the diabetes population."