While most companies build with BRICs, demand is growing in this overlooked region.
The healthcare industry has identified huge global opportunities, both now and in the near future. Thanks to a catchy acronym, much of the spotlight falls on the so-called “BRIC” countries: Brazil, Russia, India, and China. Of these markets, China is the one that is most actively pursued—despite being one of the most challenging markets to enter and succeed in.
While it may be argued that the BRICs offer some of the strongest demand for new healthcare initiatives from abroad, many other markets also show increasing promise for U.S. brands. Of these, one of the most commonly overlooked is Latin America. Not only is its population growing, creating a corresponding rise in demand for healthcare, many parts of the region also enjoy the benefits of rising prosperity backed by ever-improving infrastructure.
According to some of the most recent data published by the World Health Organization (WHO), healthcare expenditures have been growing steadily in key South American markets since 2005. Brazil, part of the BRIC club, leads the pack with growth of 168%. During the same period, healthcare spending doubled in Columbia, rose by 143% in Venezuela, 98% in Chile, and 94% in Argentina.
These figures, coupled with continued population growth, suggest there are huge opportunities in the region—offering a potential that is so far largely untapped by many U.S. healthcare companies.
To learn more about other emerging markets that offer great opportunities outside the BRICs, download our free parathink briefing Meeting 21st Century Challenges to Global Healthcare Brands. Click here to get your free copy.
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