As the annual Florida International Medical Expo (FIME) 2023 approaches, healthcare professionals, entrepreneurs, and industry insiders have their eyes set on the interactive workshop titled “Latin America is Open for Business”. Promising a wealth of information and expert perspectives, this session aims to provide valuable insights into the dynamic and rapidly growing Latin American health market.
Latin America, with its diverse markets, challenges in public healthcare systems, and burgeoning middle class, offers a plethora of untapped potential for the medical and healthcare industry. The region is witnessing significant growth in healthcare expenditure, driven by an ageing population, increasing prevalence of chronic diseases, and rising demand for advanced medical technologies. However, penetrating these markets can pose unique challenges, such as regulatory intricacies and supply chain complexities, despite the abundance of opportunities.
At the upcoming FIME 2023, I am honoured to direct and speak at the workshop “Latin America is Open for Business”, which aims to demystify the process of doing business in Latin America. We will explore the nuances of capitalising on Latin American markets, building strong partnerships with distributors, sourcing the right medical devices, navigating supply chain challenges, and finding effective solutions.
As the founder of FRAGIA CORP., a Miami-based pharmaceutical and consulting company, one of our success stories is the development and curation of the “Buyer Representative” service. Tailored for any healthcare institution seeking a non-disruptive supply chain management and purchasing supplies at a lower cost, this service allows them to focus on providing the best healthcare to their customers. We guarantee an income increase of at least 50 per cent for the first year of having us as Buyer Representatives.
In line with our mission, we also specialise in innovation and collaborate with strategic partners in software development, e-commerce, and data science to provide our clients with the Purchasing Representative Consulting Service. Our primary objective is to tackle the costs of a company’s supply chain, making consumption efficient, avoiding losses, and implementing properly planned and executed strategies that benefit our clients in the short and medium term.
Capitalising on Latin American markets
Understanding the diversity of the Latin American healthcare market – a mosaic of distinct markets with unique regulations, market dynamics, and cultural nuances – is key to successfully penetrating these markets. During the workshop, we will provide an in-depth overview of the various markets, highlighting their specific opportunities and challenges. Attendees will be guided on how to formulate market entry strategies tailored to the local context, ensuring effective tapping into the region’s potential.
Building strong partnerships with distributors
One of the keys to successful business operations in Latin America is building strong relationships with local partners. Distributors in the region play a vital role in navigating local market idiosyncrasies and managing regulatory complexities. Our workshop will offer practical tips and strategies to identify and establish profitable, enduring relationships with the right distributors, forming the backbone of your business operations.
Sourcing the right medical devices
“A comprehensive understanding of the region’s healthcare infrastructure, regulatory landscape, and patient needs is essential for sourcing medical devices suitable for the Latin American market,” emphasizes another expert speaker. Our workshop will share insights on how to ensure that the sourced devices align with market demands and adhere to the necessary quality standards and regulations.
Navigating supply chain challenges
“With challenges ranging from logistics to import regulations, creating an efficient supply chain in Latin America can seem daunting. But with the right knowledge and strategies, these challenges can be overcome,” assures a supply chain veteran. Our experts will share their experiences and provide solutions to help businesses establish efficient, reliable supply chains.
Latin America is open for business
Latin America is indeed open for business, and the healthcare sector is no exception. Despite global economic uncertainties, the region has shown resilience and growth. This sentiment is echoed by the recent surge in investor interest, drawn by the region’s rising economy and favourable business climate.
Economic indicators are promising, with the Latin American economy rebounding strongly post-pandemic. The economic recovery in Latin America has been stronger than expected, and the healthcare sector is a significant contributor to this revival. This revitalised economy, coupled with low investor competition, presents an enticing proposition for healthcare businesses looking to expand their global footprint.
The economic indicators for investment are all giving the green light, as even the top economists couldn’t forecast that Latin America and the Caribbean would be the best-performing regions regarding inflation for 2023. Even Mergers and Acquisitions activity in Latin America and the Caribbean is poised to increase in the second quarter of 2023, as buyers look for growth in key sectors like healthcare and sellers seek to evolve their business to world standards. We can easily define that investors for Q3 and Q4 of 2023 and forward will play a key role in the advancement of the entire region.
The ‘Latin America is Open for Business’ workshop at the Florida International Medical Expo 2023 is more than just a session – it is an opportunity to gain hands-on knowledge from industry veterans, engage in fruitful dialogues, and network with professionals sharing the same vision. George Frazer will be speaking at the workshop on Friday, June 23 at 1:30pm.
This article appears in Omnia Health magazine. Read the full issue online today.