Actavis Group CEO Claudio Albrecht has reported a major sales expansion into Latin America, among the world's fastest-growing markets for generic drugs.

Albrecht outlined the company's growth strategy with Actavis' new Latin American business unit. The Latin America team, based in Sunrise, Florida, will target Brazil, Argentina, Colombia, Mexico, Venezuela and other key markets in the region.  

With generic drugs not as widely used in South and Central America as in the United States and Europe, Albrecht said that Actavis' portfolio of nearly 900 lower-cost alternatives to brand medications represents a potential healthcare solution for millions. "This is not only a tremendous opportunity for Actavis to grow as a company, but also to bring great value to consumers while supporting better health," he said.

According to IMS Health, generic sales in Latin America grew by 14% from 2009 to 2010, compared to 4.4% worldwide. Generic sales in Latin America totaled $53.4 billion last year.

The Latin America unit, headed by Ricardo Quirch, also includes specialists in regulatory affairs, portfolio and business development, supply-chain management and business administration.