"Colombia Pharmaceuticals & Healthcare Report Q2 2011" now available at Fast Market Research

March 22, 2011 - PRLog -- Colombia has been ravaged by decades of civil conflict and the fighting has internally displaced nearly 3mn people over the years. Many Colombians have ended up living in shanty towns with little access to health or educational services. This negative scenario has been revived by the severe flooding the country endured in 2010, which has placed significant pressures on public resources and social provision.

Colombia's government, led by President Juan Manuel Santos, will continue to re-establish diplomatic relations and keep up efforts to attract foreign investment, even if it means realigning the focus of its foreign policy away from the US and towards its fast-growing Latin American neighbours. The relative small supply of credit means that Colombia's low-income population, which accounts for a large proportion, will remain unable to drive up consumption considerably. BMI believes consumer spending will remain subdued in the short-to-medium term, despite the country's healthy export sector and year-onyear (y-o-y) real GDP growth projected at 4.7% in 2011.

BMI believes Colombia offers mostly long-term rewards for pharmaceutical firms. The country's population (expected to reach almost 50mn by the end of the decade), combined with a gradual rise in per-capita consumption will provide opportunities for expansion in the pharmaceutical and healthcare sectors. However, the persistent shortcomings of the intellectual property (IP) and pricing and reimbursement regimes continue to hamper the more direct involvement of foreign companies.

By 2015, we forecast that the Colombian pharmaceutical market will be worth COP9,160bn (US$6.43bn), increasing at a compound annual growth rate (CAGR) of 7.02% in local currency terms and 13.60% in US dollar terms. By 2020, the market will have reached a value of COP11,492bn (US$8.44bn), increasing at a CAGR of 5.82% in local currency terms and 9.52% in US dollar terms. The patented drug market was valued at COP4,626bn (US$2.41bn) in 2010. By 2015, BMI calculates that originator drug sales will have reached a value of COP6,017bn (US$4.22bn), equating to a CAGR of 5.40% in local currency terms and 11.87% in US dollar terms.

In the public sector, the substitution of patented drugs with generics is encouraged, given that the inclusion of brand names (as opposed to INN) on prescription scripts is optional. Since public funds are generally limited, most state-operated healthcare institutions are actively promoting the use of generics. BMI notes that the government's focus on promoting the low-value generic drugs contributes to the declining market share of patented drugs over the forecast period. By 2015, BMI forecasts that the generic medicines market will be worth COP1,476bn (US$1.01bn) growing at a CAGR of 7.71% in local currency terms and 14.33% in US dollar terms.

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Partial Table of Contents:

SWOT Analysis
- Colombia Pharmaceutical And Healthcare Industry SWOT
- Colombia Political SWOT
- Colombia Economic SWOT
- Colombia Political SWOT
Pharmaceutical Business Environment Ratings
- Table: Americas - Regional Pharmaceutical Business Environment Ratings, Q211
- Rewards
- Risks
Colombia - Market Summary
- Regulatory Regime
- Intellectual Property Environment
- IP Shortcomings
- Counterfeit Pharmaceuticals
- Proposed US Free Trade Agreement
- Table: Colombia-US FTA Mechanisms Relevant To IP
- Pricing and Reimbursement
- Other Regulatory Issues
Industry Developments
- Epidemiology
- Recent Public Health Developments
- Healthcare Sector
- Healthcare Insurance
- Private Health Insurance
- Healthcare Insurance Funding
- Emergency Healthcare Reform
- Medical Tourism
- Pharmaceutical Retail
- Clinical Trials
- Medical Devices
Industry Forecast Scenario
- Overall Market Forecast
- Table: Colombia Pharmaceutical Sales Indicators 2007-2015
- Key Growth Factors - Industry
- Table: Colombia Healthcare Expenditure Indicators 2007-2015
- Table: Colombia Government Healthcare Expenditure Indicators 2007-2015
- Table: Colombia Private Healthcare Expenditure Indicators 2007-2015
- Macroeconomic section
- Table: Colombia - Economic Activity, 2007-2015
- Prescription Drug Market Forecast
- Table: Colombia Prescription Drug Sales Indicators 2007-2015
- Patented Drug Market Forecast
- Table: Colombia Patented Drug Market Indicators 2007-2015
- Generic Drug Market Forecast
- Table: Colombia Generic Drug Sales Indicators 2007-2015
- OTC Medicine Market Forecast
- Table: Colombia OTC Medicine Sales Indicators 2007-2015
- Medical Device Market Forecast
- Table: Colombia Medical Devices Sales Indicators 2007-2015
- Pharmaceutical Trade Forecast
- Table: Colombia Exports and Imports Indicators 2007-2015
- Other Healthcare Data Forecasts
- Key Risks to BMI's Forecast Scenario
Competitive Landscape
- Pharmaceutical Industry
- Pharmaceutical Research And Development
- Domestic Sector
- Foreign Sector
- Recent Pharmaceutical Company Developments
Company Monitor
- Domestic Manufacturers
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Full Table of Contents is available at:
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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.