With a growing pharmaceutical company and manufacturing industry, a well established healthcare system, and sustainable investment on health research, Colombia continues to be an attractive place for investors and international companies to put their bet on the country.
What positions Colombia as one of the best pharma manufacturers in Latin America is its biodiversity, flexible trade agreements allowing the country to be a great exportation hub and access to innovative technology.
The country’s rich biodiversity offers great opportunity to develop natural products attracting more global companies.
The local production of generic drugs, over-the-counter pharmaceutical products and patent medicines has created a great potential to attract new global markets and multinational companies.
In 2015, pharmaceutical and chemical supplier companies in Colombia exported goods that were worth $525.4 million U.S dollars.
Pharmacy laboratories and pharmaceutical companies in Colombia are well equipped in terms of technology to meet the quality and production standards needed to deliver the best high end pharmacy supplies.
Bogota, the capital of Colombia, holds most of the country’s market with 66% of pharma manufacturers producing pharmaceutical products and where 65% are wholesalers distributors. The city is responsible for 47% of all exportation becoming an important hub to develop chemical synthesis medicines.
The main export destinations are Ecuador, Venezuela, Peru, Panama and the United States.
It is expected for the Colombian pharmaceutical market to grow at a rate of around 7.3 percent and reach a USD 7.1 billion valuation by 2020.
There is no doubt that Colombia offers a great deal for regional production and distribution hubs for pharmaceutical products.
