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Healthcare, Regulatory and Reimbursement Landscape – Colombia
Colombia and the US Improve Trade Relations, Opening Opportunities for both Healthcare Markets
The new report* states that the approval of the recent Free Trade Agreement (FTA) between the US and Colombia in 2012, which allows goods to be traded without import tariffs needing to be paid, will bolster pharmaceutical imports and exports between both countries.
Estimated at US$3.3 billion in 2010, Colombia boasts the fourth largest pharmaceutical market in Latin America, following Mexico, Brazil and Argentina, and is projected to grow to US$9.2 billion by 2020. Colombia has the third largest population in Latin America, and so healthcare demand is significant.
The medical device market of Colombia is mainly dependent on imports, but the local medical industry also manufactures surgical instruments and apparatus, medical supplies of plastic and rubber, and medical, surgical, dental and veterinary furniture. Venezuela and Ecuador currently count as major export destinations for these supplies, but this new trade deal opens Colombia up to a potential new consumer with vast finances invested in its national healthcare program.
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The Colombian government also created a single universal health coverage plan in 2012, following one of the most extensive reforms of a national healthcare system in Latin America during the 1990s which greatly extended healthcare coverage across the population. Various government policies are now being undertaken to curb the rise of various diseases, including HIV/AIDS, malaria and dengue fever, and the FTA will now allow healthcare professionals to import vaccines from the US.
This report provides information on the healthcare, regulatory, and reimbursement landscape of Colombia, and gives an overview of the pharmaceutical and medical device markets, including size, segmentation, and key drivers and barriers.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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