Countries covered: Colombia
Espicom’s in-depth pharmaceutical market reports are ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts.
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Additional Information
The Colombian pharmaceutical market is the fifth largest in the region, behind Brazil, Mexico, Venezuela and Argentina. At retail prices, it is estimated at US$2.0 billion in 2009. At manufacturers’ prices, the pharmacy sector was valued at US$891 million and the institutional sector at US$410 million in 2004. There is still a high incidence of ‘under-the-counter’ sales.
Colombia’s GDP is expected to shrink from US$240.8 billion in 2008 to US$181.5 in 2009 because of budget tightening and inflation and global economic problems. GDP should recover to just under the 2008 level by 2014, according to the EIU.
The largest indigenous manufacturers are Bussié, Genfar, Lafrancol, La Santé, Procaps and Tecnoquímicas which produce generic copycats. In April 2008, an argument between the White House and Congress stopped a TPA agreement between the US and Colombia being fast-tracked, which might have enforced IP regulations, perhaps delaying it indefinitely.
The major pharmaceutical producers are subsidiaries of international companies. By 2004, 32 had closed their manufacturing facilities; leaving ten foreign producers currently. Altogether there were 213 pharmaceutical producers in 2006, with the industry mainly focused in Bogotá. Pharmaceutical R&D investments, reported by AFIDRO, the association of research-based producers, amounted to US$25 million between 2000 and 2004.
Imports of pharmaceuticals increased by 23% to US$933 million in 2007, and exports increased by 8% to US$277 million. Raw materials made up 35% of total imports and saw the biggest yearly increase. The deficit in the balance of trade increased to US$657 million in 2007; the balance has increased since the introduction of intellectual property rights in the mid 1990s.
The majority of the market is supplied by the relatively well-developed domestic industry. Domestic production of human pharmaceuticals amounted to US$935.4 million in 2005. This together with veterinary pharmaceuticals (US$117.0 million) and other chemical and plant substances (US$165.1 million) took domestic pharmaceutical production to US$1.2 billion.
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