Argentina's government announced Friday that foreign-owned pharmaceutical companies plan to invest US$8 billion in clinical research in the nation over the next six years, according to an official statement.
The announcement followed a meeting between Argentina’s President, Javier Milei, and representatives of the Cámara Argentina de Especialidades Medicinales (Argentine Chamber of Medicinal Specialties, CAEME), which groups together multinational pharmaceutical companies operating in the country.
“The investment, driven by the companies grouped within CAEME, will make it possible to expand the development of highly complex biomedical research across different jurisdictions of the country,” the Presidency said in a statement issued after the meeting.
The statement did not specify which companies would make the investments or how much each would contribute.
The announcement comes amid an ongoing debate over reform of Argentina’s Patent Law, a demand put forward by the United States in connection with the Reciprocal Trade and Investment Agreement that Milei signed with his ally, US President Donald Trump, in February.
Washington is seeking longer exclusivity periods for pharmaceutical patents.
Argentine laboratories oppose the proposed changes and the ruling coalition has postponed congressional debate on the matter indefinitely.
More than 50,000 patients are currently participating in around 1,000 clinical studies being carried out in Argentina, according to CAEME data. The chamber says its member companies generate US$360 million in annual exports and provide 9,000 direct jobs in the country.
– TIMES/AFP
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