Actavis Group CEO Claudio Albrecht Wednesday announced a major sales expansion into Latin America, among the world’s fastest-growing markets for generic drugs.

Albrecht outlined the company’s growth strategy at a meeting in South Florida with Actavis’ new Latin American business unit. The Latin America team, based in Sunrise, Florida, will target Brazil, Argentina, Colombia, Mexico, Venezuela and other key markets in the region.

With generic drugs not as widely used in South and Central America as in the United States and Europe, Albrecht said that Actavis’ portfolio of nearly 900 lower-cost alternatives to brand medications represents a potential healthcare solution for millions.

“This is not only a tremendous opportunity for Actavis to grow as a company, but also to bring great value to consumers while supporting better health,” he said.

According to IMS Health, generic sales in Latin America grew by 14 percent from 2009 to 2010, compared to 4.4 percent worldwide. Generic sales in Latin America totaled $53.4 billion last year. Actavis Group, the world’s fourth largest generic pharmaceutical company, already operates in more than 40 countries, and plans another major expansion in Japan.

The Latin America unit, headed by Ricardo Quirch, also includes specialists in regulatory affairs, portfolio and business development, supply-chain management and business administration. Quirch joined Actavis from Sandoz, the generics division of Novartis, most recently leading cross-divisional Asia-Pacific sourcing for the company.

“The decisions Actavis is making now will have long-term benefits for health consumers in these countries,” said Quirch.

“Actavis began with two products that it acquired several years ago and is now reviewing more than 20 products to potentially add to its portfolio, and in the process of receiving regulatory approval to begin marketing others,” said Quirch.

The Latin America unit is part of Actavis Inc., the global company’s New Jersey-based U.S. subsidiary headed by U.S. CEO Doug Boothe.

Actavis Inc. is the U.S. subsidiary of Actavis Group hf. Approximately one third of Actavis’ sales are generated in North America, Actavis’ single largest market. Based in Morristown, NJ, Actavis has U.S. manufacturing and packaging facilities in Elizabeth, NJ; a manufacturing facility in Lincolnton, NC; research and development facilities in Owings Mills, MD and Sunrise, FL.; and a commercial development office in Sunrise, FL.

Actavis is one of the world’s leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. The company has operations in 40 countries, with more than 10,500 employees.