Image from Izamal, Mexico. by SCStock from Getty Images, Canva
Mexico‘s pharma market boasts impressive growth rates, projected to reach USD 23,05 billion by 2035 at a 7,47% CAGR, making it the second largest in Latin America after Brazil. With a solid CAGR of 8,86%, the Mexican e-health market is projected to be valued at approximately USD 6,14 billion by 2035. For managers and industry leaders, this presents an exciting landscape ripe for exploration and investment.
More than 43% of Mexico’s population purchased medications online during the pandemic, with 15% continuing to do so afterward. This shift signals a major transformation, especially as over 83% of the population now has internet access. The integration of innovative wearable medical devices, the expansion of pharma e-commerce, and the rise of telemedicine are set to revolutionize the patient journey. These advancements will not only enhance patient care but also create new avenues for growth and efficiency in the Self-medication and Pharma sector.
Figure 1. Overview Snapshot of the Mexican Pharma & E-Health Markets
E-commerce in Mexico
Since the pandemic, the Mexican OTC and pharma e-commerce has seen exponential returns. The country’s digital pharmacy landscape is dominated by “bricks and clicks” like:
- Farmacias del Ahorro
- San Pablo Farmacia
- Farmacias Guadalajara
This combination of traditional and digital channels allows the Mexican consumers to get the medicine they need directly at their doorstep within 2-3 hours. Another attractive feature unique to Mexican online pharmacies is that ordering Rx products is possible since pharmacy couriers are also licensed pharmacists. Therefore, the prescription needs simply to be presented to the courier/pharmacist upon delivery.
However, there seems to be enough space even for strictly online marketplaces, like:
- Mercado Libre, which offers Mexican consumers online OTC, FS and cosmetics sales.
- Rappi, a Colombian app, initially for food and groceries, which can also be used to conveniently order and receive a wide variety of FS, cosmetic and OTC products delivered straight to Mexican doors thanks to collaborations with registered pharmacies across the country.
At the same time, like many other countries, Mexico is struggling with medicine counterfeiting and black market. Therefore, consumers tend to turn to a safer option – physical pharmacies.
Telemedicine Trends in Mexico
Figure 2. Overview of Some Telemedicine Platforms Available in Mexico
The Mexican e-prescription landscape is evolving rapidly, with estimates indicating that between 30% and 40% of all prescriptions in Mexico are now digital.
Telemed Mexico is at the forefront of this transformation, revolutionizing access to healthcare for both expats and nationals by offering high-quality medical services regardless of location. They provide nationwide telemedicine consultations with experienced multilingual doctors who offer advice, diagnosis, and e-prescriptions to a diverse range of customers.
Figure 3. Future Scenarios for the Mexican Telemedicine & E-Commerce Landscape
Overall, Mexico’s OTC & Rx market is experiencing dynamic growth, fuelled by a surge in online shopping and the adoption of digital healthcare solutions. While traditional pharmacy chains currently dominate, online marketplaces are rapidly gaining traction, signalling a shift in consumer behaviour. E-prescriptions are on the rise, presenting a modern approach to healthcare, yet challenges like counterfeit medicines remain a concern.
With over 83% of the population having internet access and a growing demand for convenience, Mexico is brimming with untapped opportunities for managers and industry leaders. Future trends promise the expansion of online pharmacy services and potential collaborations between innovative online marketplaces and established players, creating a vibrant landscape ripe for exploration and investment. Embrace the transformative potential of this market, where the next big breakthrough in healthcare services awaits!
At Chameleon Pharma Consulting Group (CPC), we specialize in supporting pharma companies navigate complex market landscapes and leverage digital transformation to unlock new growth opportunities. Our expert team provides tailored solutions in market entry strategy, product lifecycle management, and digital health integration, ensuring your company stays ahead of the curve.
Have you considered how digital transformation can help expand your market reach or optimize your operational efficiency? What does this mean for your company’s future success? To explore how CPC can support your business growth through innovative strategies, contact us at service@chameleon-pharma.com.
