OVERVIEW OF THE PHARMACEUTICAL MARKET IN COLOMBIA
A stable macroenvironment will make the Colombian pharmaceutical market more attractive. Juan Manuel Santos, who relied on the popularity of Álvaro Uribe, won the run-off presidential race in June 2010. He aims to improve relations with Venezuela and Ecuador, and continue to fight against drug trafficking. Economically, the country has felt some effects from the current global credit crisis, but GDP grew by a moderate one-digit rate in real terms in 2011, according to the Economist Intelligence Unit (EIU). Legally, the Office of the United States Trade Representative (USTR) kept Colombia on the Watch List in 2011. Demographically, the country has the third largest population in Latin America, which is an attractive market, but those aged 65 and over only represented less than 6% of the total in 2011, according to the EIU. http://www.bharatbook.com/market-research-reports/healthcare-market-research-report/the-pharmaceutical-market-colombia.html
Colombian drug prices have been deregulated since 2006, therefore all the players in the distribution channels have abused their power to increase drug prices, particularly affecting drugs not included in the Mandatory Health Plan (POS) or drugs for which there is no competition. The Ministry of Social Protection (MPS) believes that drug pricing deregulation, which has resulted in drugs being overpriced, is one of the causes that explain the financial crisis in the public health sector. In the last decade, thousands of Colombians have used a judicial action for the protection of basic rights (Tutela) and demanded the provision of health services that are excluded from the mandatory health plan (POS); these are known as non-POS services.
Colombia has the fourth smallest pharmaceutical market in the Latin America region. The pharmaceutical market is set to expand at a one-digit CAGR in dollar terms between 2011 and 2016. The economic and political environment is stable, therefore the outlook is positive for pharmaceutical market growth. Colombia is looking to increase drug access for the whole population under the universal insurance programme (SGSSS), which should expand the market accordingly. Pharmaceutical imports and exports will increase. The number of pharmaceutical companies operating in the market has also risen. Gross pharmaceutical production will continue its upward trend and the industry is expected to create more employment. The leading pharmaceutical company is Tecnoquímicas, followed by Baxter, Roche, Abbott and Bayer.
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Market size and trends impacting the development of the market.
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Regulations on drug applications & approvals, pricing & reimbursement as well as wholesaling and retail.
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EXECUTIVE SUMMARY. 1
Snapshot: Strategic Espicom Analysis..2
Snapshot: Key Data Projections .3
MACROENVIRONMENT .... 4
Developments Related to the United States – Colombia Trade Promotion Agreement Parallel Imports6
Birth Rate. 8
Death Rate.... 8
Infant Mortality Rate. 8
Life Expectancy at Birth. 8
HEALTHCARE - ACCOMPANYING HEALTH STATISTICS....11
REGULATORY AFFAIRS... 17
Product Control & Vigilance...20
PRICING & REIMBURSEMENT... 22
Measures Implemented in 2010..22
Drug Price Deregulation ...23
DISTRIBUTION CHANNELS.. 27
Leading Co-operatives/Pharmacy Chains/Cajas28
Éticos Serrano Gómez...29
MARKET ANALYSIS 30
Balance of Trade..45
TRADE ASSOCIATIONS 48
COMPANY INTELLIGENCE 50
Bayer Schering Pharma50
Mcneil (Johnson & Johnson).50
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The Pharmaceutical Market : Colombia
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The Pharmaceutical Market : Colombia