Mexico Oncology Therapeutics Market Analysis

Mexico Oncology Therapeutics Market Analysis Summary

By 2030, it is anticipated that the Mexico Oncology Therapeutics Market will reach a value of $5.3 Bn from $2.7 Bn in 2022, growing at a CAGR of 8.65% during 2022-30.

In Latin America and the Caribbean, it is estimated that 1.5 Mn new cancer cases and 700,000 cancer deaths occur each year. Mexico is a developing country in North America having coastlines on the North Pacific Ocean, the Gulf of Mexico, and the Caribbean Sea. Mexico has 123 Mn people, making it the third most populous country in America. Every year, 190,667 new cases of cancer are diagnosed in Mexico. By 2040, the cancer burden in Latin America and the Caribbean is expected to rise by 67%, to 2.4 Mn new cases per year.

After traditional cancer therapies failed, people resorted to seeking alternative cancer treatments in Mexico (or for stage 4 cancer). Mexican doctors are allowed to use any available cancer treatment breakthrough. Tobacco use is the leading cause of cancer fatalities in Mexico, accounting for one-third of all cancer deaths. Mexico's government spent 6.2% of its GDP on healthcare in 2020.

Market Dynamics

Market Growth Drivers Analysis

The Mexican government established the Comprehensive Cancer Care Program in 2020, with the goal of increasing access to cancer therapies and improving the quality of cancer care in the country. The Mexican government has stated that access to an effective healthcare programme should be prioritised in a country like Mexico, where cancer is a leading cause of mortality among youngsters. Cancer death rates were highest in Uruguay and Barbados and lowest in Belize and Mexico across Latin America. Tijuana, Mexico has one of the highest concentrations of alternative cancer therapies and clinics in the world. Thousands of cancer patients fly to Mexico each year to receive treatment that they cannot get elsewhere. Alternative and natural treatments in Mexico are more reasonable than in many other parts of the world, especially when other costs such as food and lodging are considered. These aspects could boost Mexico Oncology Therapeutics Market.

Market restraints

Mexico's chemotherapeutic scarcity has been worse over the last two years. A Mexican court issued an order to the Attorney General's Office in July 2021 as a result of insufficient cancer medicine supplies. The lack of integration of the country's new public healthcare system (known in Spanish as INSABI) has hampered patients' access to prompt diagnosis and treatment. Patients enrolled in INSABI receive only partial government support; families must pay for medications that are unavailable, such as cytarabine, cyclophosphamide, etoposide, and doxorubicin, among others. These factors may deter new entrants into the Mexico Oncology Therapeutics Market.

Competitive Landscape

Key Players

• Laboratorios PiSA: Laboratorios PiSA is a Mexican pharmaceutical company that develops and manufactures a wide range of drugs, including oncology therapeutics. The company has several oncology drugs in its portfolio, including treatments for breast cancer and prostate cancer
• Grupo Biotoscana: Grupo Biotoscana is a pharmaceutical company that specializes in the development and commercialization of speciality pharmaceutical products, including oncology therapeutics. The company has a presence in several Latin American countries, including Mexico, where it offers a range of cancer treatments
• Liomont: Liomont is a Mexican pharmaceutical company that develops and manufactures a range of drugs, including oncology therapeutics. The company's oncology portfolio includes treatments for breast cancer, lung cancer, and colorectal cancer, among others
• Rimsa: Rimsa is a Mexican pharmaceutical company that develops and manufactures a range of drugs, including oncology therapeutics. The company's oncology portfolio includes treatments for breast cancer, ovarian cancer, and lung cancer, among others
• Laboratorios Andrómaco: Laboratorios Andrómaco is a Mexican pharmaceutical company that specializes in the development and commercialization of generic drugs, including oncology therapeutics

Notable Recent Deals

April 2023: This year's International Conference on Oncology (ICO) will be place in Cancun, Mexico. The conference is intended for researchers, scientists, academics, engineers, academic, scientific, and university practitioners who may choose to attend events, meetings, seminars, congresses, workshops, summits, and symposiums.

January 2023: The Federal Commission for the Protection against Sanitary Risks of Mexico (COFEPRIS) has granted full approval for the commercialization of Zepzelca (lurbinectedin) to PharmaMar's licencing partner, Adium Pharma, for the treatment of adult patients with metastatic Small Cell Lung Cancer (SCLC) who have disease progression on or after platinum-based chemotherapy. This latest approval of lurbinectedin is based on monotherapy clinical results from an open-label, multi-centre, single-arm clinical trial in 105 adult patients with recurrent SCLC, which was used by the Food and Drug Administration (FDA) to grant lurbinectedin rapid approval in the US. PharmaMar and Adium Pharma struck a licencing agreement for lurbinectedin in Latin America in March 2021.

Healthcare Policies and Reimbursement Scenarios

Mexico has a public medical care framework, known as the Mexican Institute of Social Security (IMSS), which covers a huge extent of the populace. As far as guidelines go, the Mexican government directs the endorsement and enlistment of oncology drugs through the Federal Commission for the Protection against Sanitary Risks (COFEPRIS). As far as repayment, both public and confidential well-being guarantors in Mexico cover oncology medicines. In the public area, the IMSS gives inclusion to disease medicines, including chemotherapy and radiotherapy.