Working towards mentally healthy societies is fundamental for Latin American countries, in order to keep the pace of development. Although awareness about the importance of mental health research is increasing in Latin America, the mismatch between needs and investment (the 10/90 gap) is still present. During recent years, many initiatives have been fostered to promote mental health research in the region. This paper summarizes the information collected through those efforts, in addition to presenting the current state of research in the field of psychiatry and mental health in Latin American countries. Future perspectives for the field in the region are discussed in terms of funding, research priorities and research resources, as well as the potential of Latin American countries to insert themselves within global psychiatry/mental health research efforts.