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(Medical-NewsWire.com, August 18, 2016 ) OVERVIEW OF THE PHARMACEUTICAL MARKET IN COLOMBIA
Improvements in Colombia's pharmaceutical re gulation system will expand local patients' access to medicines. However, it will also p ut pricing pressure s on drugmakers, and promote the use of generic versions, which will undermine the growth of patented drug market. Nevertheless, BMI expects more foreign pharmaceutical co mpanies to invest in Colombia, capitalising on the country's strong long-term growth prospects.
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Headline Expenditure Projections
Pharmaceuticals: COP7,076bn (US$3.83bn) in 2011 to COP7,612bn (US$4.23bn) in 2012; +7.6% in local currency terms and +10.4% in US dollar terms. Forecastbroadly in line withQ4 12.
Healthcare: COP29,953bn (US$16.21bn) in 2011 to COP31,557bn (US$17.53bn) in 2012; +5.4% growth in local currency terms and +8.2% in US dollar terms. Forecastbroadly in line with Q4 12.
Medical devices: COP1,901bn (US$1.03bn) in 2011 to COP2,127bn (US$1.18bn) in 2012; +11.9% growth in local currency terms and +14.9% in US dollar terms. Forecastbroadly in line with Q4 12.
Risk/RewardRating
Despite a 3% quarter-on-quarter (q-o-q) improvement in its composite score, Colombia slipped from sixth to seventh place out of the 17 countries surveyed in the Americas region. Nevertheless, we retain our positive view of Colombia's longer-term commercial opportunities for pharmaceutical companies, which are supported by factors such as substantial population numbers, steady economic development and underdeveloped pharmaceutical demand. On a negative note, we continue to view intellectual property (IP) shortcomings as problematic.
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Table of Content
BMI Industry View7
SWOT9
Political11
Economic12
Business Environment13
Industry Forecast14
Pharmaceutical Market Forecast14
Table: Pharmaceutical Sales, Historical Data And Forecasts15
Healthcare Market Forecast16
Table: Healthcare Expenditure Trends, Historical Data And Forecasts18
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts19
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts20
Prescription Drug Market Forecast21
Table: Prescription Drug Market Indicators, Historical Data And Forecasts22
Patented Drug Market Forecast22
Table: Patented Drug Market Indicators, Historical Data And Forecasts23
Generic Drug Market Forecast24
Table: Generics Drug Market Indicators, Historical Data And Forecasts26
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