Key View

• The trend of increasing pharmaceutical prices is expected to continue in Argentina due to ongoing drug shortages and inflationary pressures.
• Increasing pricing pressures will place downward pressure on drugmakers operating in Argentina.
• Macroeconomic and political concerns will continue to pose downside risks to Argentina’s

The Latest: In November 2023, Argentina’s National Administration of Drugs, Food and Technology (Administración Nacional de Medicamentos, Alimentos y Tecnología Médica; ANMAT) and Brazil’s National Health Surveillance Agency (Agência Nacional de Vigilância Santiária; Anvisa) signed the first Mutual Recognition Agreement on Certificates for

Key View

• The libertarian candidate, Javier Milei, is favoured to win the upcoming presidential elections on November 19 in an extremely tight race against the moderate Economy Minister, Sergio Massa.
• Given likely support for the sector from both major candidates, we hold a broadly positive outlook for Argentina’s oil and gas sector, with

The Latest: In October 2023, Argentina’s National Administration of Medicines, Food and Medical Technology (Administración Nacional de Medicamentos, Alimentos y Tecnología Médica; ANMAT) approved the country’s first domestically produced vaccine against all Covid-19 variants, Arvac. The vaccine was jointly developed by the National Scientific and

Key View

• The PAHO and ANMAT technology transfer project will support regional vaccine manufacturing capacity. 
• Governments in Latin America will continue to engage in cross-border collaborations to support the regional supply chain.
• However, high economic and political instability will pose headwinds for drugmakers operating in Latin America

Key View

• Argentina sees continued momentum in midstream infrastructure projects initiated with the commencement of operations of the Néstor Kirchner Gas Pipeline Stage 1.
• The completion of Nestor Kirchner Stage 2 project constitutes an upside risk to our medium term natural gas production forecast. 
• The Northern Pipeline reversal project

Key View

• We have revised down our Argentine 2023 real GDP forecast from a contraction of 2.1% in 2023 to 2.3%, reflecting our updated expectations for broader economic weakness in the latter half of the year, particularly for private consumption.
• We have held our forecast for 2024 at 0.5% as tailwinds from stronger commodity production and