India's pharmaceutical exports to Latin American region accounted to about $ 272 million with a growth rate of about 5.4 per cent during 2004-05. This amounts to 7.57 per cent of India's total exports market that came about $ 3592 million with a growth rate of about 12.5 per cent during the same period, according to Pharmexcil.

India's top five export markets in Latin American region have been Brazil, Mexico, Argentina, Columbia and Venezuela which account to over $ 222 million, in 2004-05. High growth markets in the region have been Nicaragua, Panama, Peru, Chile, Honduras and Bolivia.

There is tremendous scope for Indian pharmaceutical and biotech companies for joint ventures with Latin American companies, technology transfer of biotech products and vaccines, establish APIs / formulations manufacturing units in antibiotic and HIV segments, establish network for supply chain management and to take up supplies against global tenders and generic medicines, said Dr PV Appaji, executive director, Pharmexcil.

Pharmexcil had led a trade delegation to Trinidad and Tobago, Dominican Republic and Jamaica between March 25 and April 12, 2006.

As per IMS Health, the total Latin American pharmaceutical market is estimated to be about US $ 18.2 billion, accounting to about four per cent of the global pharmaceuticals market, as of 2004.