At the beginning of 2026, Kexing Pharmaceutical (688136.SH) received good news regarding its overseas commercialization. The company's anti-tumor drug, Paclitaxel for Injection (Albumin-bound) developed in collaboration with Haichang Bio, was granted a registration certificate by the National Administration of Drugs, Food and Medical Devices of Argentina (ANMAT), officially entering the Argentine pharmaceutical market. This marks another key breakthrough for Kexing Pharmaceutical's internationalization strategy in the Latin American region.
The high demand for anti-tumor drugs highlights the potential of the pharmaceutical market.
Argentina is the second-largest economy in South America after Brazil and the sixth-largest trading partner of China in Latin America. Its per capita GDP in 2024 is expected to be 14,000 US dollars, placing it in the category of upper-middle-income countries. In recent years, the size of its pharmaceutical market has been steadily increasing, with strong demand. According to research data from Grand View Horizon, the size of Argentina's pharmaceutical market was 10.941 billion US dollars in 2024 and is projected to reach 14.1914 billion US dollars by 2030, with a compound annual growth rate of approximately 4.4% from 2025 to 2030. Among them, biologics and biosimilars are growing the fastest.
According to Statista research data, Argentina is one of the countries in Latin America with a relatively high density of hospital beds and a high doctor-to-patient ratio. In 2020, Argentina's healthcare expenditure accounted for approximately 10% of its GDP, making it one of the well-funded and well-equipped medical systems in the region. However, it still faces challenges in terms of drug accessibility. Data from the Observatory of Economic Complexity (OEC) shows that Argentina's drug imports amounted to 2.73 billion US dollars in 2023.
According to the data from the International Agency for Research on Cancer (IARC) in 2022, the overall cancer incidence rate in Argentina is approximately 215.8 cases per 100,000 people, and the overall cancer mortality rate is about 102.7 cases per 100,000 people. Among them, breast cancer has the highest incidence and mortality rates among women, while prostate cancer has a high incidence rate among men, and lung cancer has a high mortality rate.
Albumin-bound paclitaxel, as a broad-spectrum anti-tumor drug, has shown efficacy in treating various malignant tumors such as metastatic breast cancer, non-small cell lung cancer, and metastatic pancreatic cancer. Compared with conventional paclitaxel injection and paclitaxel liposome, it has improved safety and patient compliance, and enjoys a high level of clinical recognition. This approval will precisely meet the current market situation and clinical treatment needs in Argentina, providing local patients with more high-quality and accessible treatment options.
The strategic layout accelerates the internationalization journey in Latin America once again.
Since Sinopharm's introduction of the product Paclitaxel for Injection (Albumin-bound) was approved for marketing in the EU in 2024, its commercialization process has advanced rapidly. The product began to gain traction in 2025, with its revenue from albumin-bound paclitaxel increasing by 35.84% quarter-on-quarter in the second quarter of 2025. Meanwhile, the high-standard certification in the EU has effectively facilitated the product's market access in Latin America and emerging markets. As of 2025, it has been approved for marketing in multiple countries including Peru, Oman, Uruguay, and Georgia.
Since its listing on the A-share market, Sinovac Biotech has been continuously focusing on the international market, striving to build a global commercialization platform featuring "global product selection and global coverage". "Simultaneous rapid registration in multiple countries" has become the core advantage of the company's internationalization strategy and has been widely recognized in the industry. The approval and listing of albumin-bound paclitaxel in Argentina is an important achievement of the company's deep commitment to overseas markets, its implementation of the internationalization strategy, and its multi-product layout in Latin America.
In the future, the company will rely on the market foundation in Argentina to further expand its business in the Latin American region, actively participate in the development of local medical and health undertakings, and at the same time, continuously promote the international registration process of more high-quality drugs to benefit more patients around the world.

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