Background and Relevance
Mexico currently ranks sixth globally as an exporter of medical devices, and it is anticipated that this position will improve with the strengthening of domestic manufacturing. The Mexican government aims to triple the size of its pharmaceutical and medical device industry within five years, fostering growth through strategic initiatives.
Government Strategies
Javier Dávila, the Director General of Planning and Evaluation at Mexico’s Secretaría de Economía, emphasized the need for significant growth in this sector. He stated that the government intends to achieve this by implementing a multidisciplinary approach, rather than relying on small-scale programs.
Fiscal Incentives
As part of the strategy, the government is working on a package of fiscal incentives to make investment in the sector more appealing. These incentives may include tax deductions for specific inputs used in manufacturing and research.
“Once the President decides to announce it, she will reveal the complete package. This decision will be made after conducting thorough analyses,” Dávila explained.
Modernization of Cofepris
Another key aspect of the government’s plan is modernizing the Comisión Federal para la Protección contra Riesgos Sanitarios (Cofepris). This will streamline regulatory processes for medication, vaccine, and medical device approvals.
Accelerating Clinical Research Approvals
The government also aims to expedite the approval processes for clinical research projects, taking advantage of Mexico’s robust research institutions and skilled investigators.
Current Standing and Future Prospects
Currently, Mexico is the world’s sixth-largest exporter of medical devices. With these strategic initiatives, the government hopes to enhance this position and bolster the nation’s pharmaceutical industry, attracting more investment.
Key Questions and Answers
- What is the goal of the Mexican government for its pharmaceutical and medical device industry? The government aims to triple the size of this sector within five years.
- What strategies will be implemented to achieve this goal? The government plans to introduce fiscal incentives, modernize Cofepris, and accelerate clinical research approvals.
- What specific fiscal incentives are being considered? Potential incentives include tax deductions for certain inputs used in manufacturing and research.
- How will modernizing Cofepris contribute to the industry’s growth? Streamlined regulatory processes for medication, vaccine, and medical device approvals will foster industry expansion.
- What role will clinical research play in this growth? Expediting clinical research project approvals will leverage Mexico’s strong research institutions and skilled investigators, driving industry development.
