Colombia Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement and Competitive Landscape

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Published: April 21, 2022 Report Code: GDHC0034CHR-ST

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Colombia Healthcare (Pharma and Medical Devices) Market Report Overview

The Colombia pharmaceutical market size was valued at $4.8 billion in 2019. The market has growth potential in Latin America due to qualified human resources, good manufacturing practices (GMP), and quality pharmaceutical products.

Colombia Pharmaceutical Market, 2019-2027 ($ Billion)

Colombia Pharmaceutical Market, 2019-2027 ($ Billion)

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Market Size (2019) $4.8 billion
Forecast Period 2019-2027
Key Companies Sanofi, Bayer AG, Merck & Co., GlaxoSmithKline (GSK), Genomma Lab, and Laboratorios Biopas SA (Biopas)
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The Colombia medical devices market size was $2.3 million in 2019. In Latin America, Colombia has the third largest medical devices market, after Brazil and Mexico.

Market size (2019) $2.3 million
Key Companies Roche Diagnostics, Abbott, Medtronic, Fresenius SE & Co. KGaA (Fresenius), and Siemens Healthineers
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Colombia Pharmaceutical Market Segments

The key segments of the Colombia pharmaceutical market are generic drugs, biologics, biosimilars, and over-the-counter (OTC) medicines. In Colombia, INVIMA governs the placement of medicine in the list of OTC drugs based on various factors, such as the danger of overdose. ​

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Colombia Healthcare Market– Key Players

Pharmaceutical Companies: The key players in Colombia pharmaceuticals market are Sanofi, Bayer AG, Merck & Co., GlaxoSmithKline (GSK), Genomma Lab, and Laboratorios Biopas SA (Biopas).  

Medical Devices Companies: The major players in the medical devices market in Colombia are Roche Diagnostics, Abbott, Medtronic, Fresenius SE & Co. KGaA (Fresenius), and Siemens Healthineers. 

Colombia Healthcare Market Players 

Colombia Healthcare Market Players

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Scope

This report provides: 

  • An overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers. 

  • Profiles and SWOT analysis of the major players in the pharmaceutical market: Johnson & Johnson, Roche, Boehringer Ingehlheim, Merck, and Julphar. 

  • Profiles and SWOT analysis of the major players in the medical device market: Abbott, B Braun, Zimmer Biomet, Terumo, and Smith & Nephew. 

  • An insightful review of the COVID-19 epidemiology, COVID-19 impact and developments in the healthcare market, HealthTech landscape, reimbursement, and regulatory landscape, with analysis covering details of the country’s healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices. 

  • Detailed analysis of the country’s healthcare policy highlights, demographics, healthcare infrastructure, and healthcare expenditure. 

  • An overview of the opportunities for and challenges to growth in the Colombia healthcare market. 

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  • Develop business strategies by understanding the trends shaping and driving the Turkish healthcare market.

  • Drive revenues by understanding the key trends, reimbursement and regulatory policies, pharmaceutical market segments, and companies likely to impact Turkish healthcare market in the future.

  • Formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing competitors’ performance.

  • Organize sales and marketing efforts by identifying the market categories and segments that present the most opportunities for consolidation, investment, and strategic partnership.

Table of Contents

1. Table of Contents

1.1List of Figures

1.2 List of Tables

2. Executive Summary

2.1 Executive Summary

2.2 Key Highlights – Facts about the Colombian Healthcare Market

2.3 Key Highlights: Healthcare Startups in Colombia

2.4 Key Events: Colombian Healthcare Timeline, 2015–21

2.5 Key Events: Colombian Pharmaceutical Market

2.6 Key Events: M&As, VC & PE Deals, Global Pharmaceutical Market, 2020–22

2.7 Key Events: Mergers and Acquisitions

2.8 Country Profile, Colombia, 2021

3. Overview of Pharmaceutical Market

3.1 Pharmaceutical Market – Overview

3.2 Pharmaceutical Market – Exports

3.3 Pharmaceutical Market – Imports

3.4 Pharmaceutical Market – Supply Channels, Colombia

3.5 Pharmaceutical Market – Market Segments

3.6 Major Therapeutic Areas, Colombia

3.7 COVID-19 Epidemiology, Colombia

3.8 COVID-19 Impact and Developments in the Healthcare Market, Colombia

3.9 COVID-19 Clinical Trials Landscape, Colombia

3.10 Pharmaceutical Market – Major Players

4. Overview of Medical Devices Market

4.1 Medical Device Market – Overview

4.2 Medical Devices Market – Major Players

5. Pharmaceutical and Medical Devices Market – Drivers and Barriers

5.1 Drivers

5.2 Barriers

6. Deal Analysis

6.1 Deal Analysis: Pharmaceutical Market, Colombia, 2016–22

6.2 Deal Analysis: Medical Device Market, Colombia, 2016–22

7. HealthTech Landscape

7.1 HealthTech Landscape, Colombia

7.2 HealthTech Deals Landscape, Colombia

7.3 Key HealthTech Deals, Colombia

7.4 Adoption of Technology in Healthcare, Colombia

7.5 Digital Regulations, Colombia

7.6 HealthTech Landscape: Benefits and Risks, Colombia

8. Market Access

8.1 Overview of Healthcare System, Colombia

8.2 Reimbursement Process, Colombia

8.3 Overview of Insurance Providers, Colombia

8.4 Reimbursement Landscape, Colombia

8.5 Healthcare Spending and Prescription Drug Price Trend, Colombia

8.6 Pricing Policies, Colombia

8.7 Market Access: Key Events Timeline, Colombia, 2010–21

8.8 Regulatory Landscape, Colombia

8.8.1 Marketing Authorization for Pharmaceutical Products, Colombia

8.8.2 Marketing Authorization for Biologics, Colombia

8.8.3 Marketing Authorization for Medical Devices, Colombia

8.8.4 Intellectual Property Rights, Patent, Colombia

8.8.5 Intellectual Property Rights, Trademark, Colombia

8.8.6 Clinical Trial Regulation Process, Colombia

8.8.7 Pharmaceutical Clinical Trials Landscape, Colombia

8.8.8 Medical Device Clinical Trials Landscape, Colombia

8.8.9 Pharmaceutical Manufacturing and Licensing, Colombia

8.8.10 Pharmaceutical Export and Import, Colombia

8.8.11 Pharmaceutical Advertising Regulations, Colombia

8.8.12 Pharmacy Regulations, Colombia

8.8.13 Labeling and Packaging Regulations, Colombia

9. Country Healthcare Landscape

9.1 Colombian Healthcare Policy Highlights

9.2 Healthcare Facilities, Colombia

9.3 Healthcare Resources, Colombia

9.4 Life Expectancy and Immunization Rate, Colombia

9.5 Environmental Health, Colombia

9.6 Healthcare Personnel, Colombia

9.7 Disease Burden, Colombia

9.8 Healthcare Expenditure, Colombia

10 Trade Associations, Colombia

11 Trade Fairs, Colombia

12 Opportunities and Challenges

13 Appendix

13.1 Research Methodology

13.1.1 Coverage

13.1.2 Secondary Research

13.1.3 Forecasts

13.2 Bibliography

13.3 About GlobalData

13.4 Contact Us

13.5 Disclaimer

Table

Table 1: COVID-19 indicators (number of cases), Global and Colombia, 2022

Table 2: COVID-19-related travel restrictions, Colombia, 2020–22

Table 3: Available COVID-19 IVD products, Colombia, 2020–22

Table 4: COVID-19 vaccines trials, Colombia, 2022

Table 5: COVID-19 approved vaccines, Colombia, 2022

Table 6: Pipeline COVID-19 products, Colombia, 2020-22

Table 7: Digital applications launched through MinSalud, Colombia, 2022

Table 8: Classification of medical devices, Colombia, 2022

Table 9: Patent approval fees, Colombia, 2021

Table 10: Trade fairs, Colombia, 2022

Figures

Figure 1: Pharmaceutical market, revenue ($M), Colombia, 2014–21

Figure 2: Medical devices market, revenue ($M), Colombia, 2013–19

Figure 3: Healthcare start-ups in Colombia, 2022

Figure 4: Country profile, Colombia, 2021

Figure 5: Pharmaceutical market, revenue ($M), Colombia, 2014–21

Figure 6: Pharmaceutical market, revenue forecast ($M), Colombia, 2022–27

Figure 7: Pharmaceutical exports ($M), Colombia, 2013–20

Figure 8: Top export partners, Colombia, 2020

Figure 9: Pharmaceutical imports ($B), Colombia, 2013–20

Figure 10: Top import partners, Colombia, 2020

Figure 11: Pharmaceutical supply channel, Colombia, 2022

Figure 12: Process of INVIMA against fraud medicines complaints, Colombia, 2022

Figure 13: OTC medicines market ($M), major distribution channels, Colombia, 2021

Figure 14: OTC market revenue ($M), Colombia, 2013–21

Figure 15: OTC medicines market ($M), major categories, Colombia, 2021

Figure 16: Major therapeutic areas of ATC1 anatomical group by pharmaceutical sale, Colombia, 2019

Figure 17: COVID-19 cases, Colombia, 2020–22

Figure 18: COVID-19 deaths, Colombia, 2020–22

Figure 19: COVID-19 stringency index, Colombia, 2020–22

Figure 20: COVID-19 containment and health index, Colombia, 2020–22

Figure 21: COVID-19 vaccine doses administration, number of vaccine doses administered, Colombia, 2022

Figure 22: COVID-19 vaccine booster doses administration, number of booster doses administered per 100 people, Colombia, 2022

Figure 23: COVID-19 fiscal stimulus timeline, Colombia, 2020–22

Figure 24: Objectives of National Vaccination Plan, Colombia, 2022

Figure 25: COVID-19 vaccination plan, Colombia, 2022

Figure 26: PRASS model, Colombia, 2022

Figure 27: COVID-19 vaccine distribution logistics as defined by the Ministry, Colombia 2022

Figure 28: Regulations governing COVID-19 vaccination, Colombia, 2022

Figure 29: COVID-19 clinical trials count by trial status, Colombia, 2021–22

Figure 30: COVID-19 clinical trials count by trial phase, Colombia, 2021–22

Figure 31: Top COVID-19 clinical trials sponsors by trial count, Colombia, 2021–22

Figure 32: Major pharmaceutical companies by operational income ($M), Colombia, 2020

Figure 33: Medical devices market, revenue ($M), Colombia, 2013–19

Figure 34: Medical devices market, revenue ($B) of major companies, Colombia, 2021

Figure 35: Deal value and deal count, pharmaceutical market, Colombia, 2016–22

Figure 36: Deal value and deal count subtypes, pharmaceutical market, Colombia, 2016–22

Figure 37: Deal value and deal count, quarterly, pharmaceutical market, Colombia, 2016–22

Figure 38: Top therapy areas by deal value ($M), pharmaceutical market, Colombia, 2016–22

Figure 39: Top therapy areas by deal count, pharmaceutical market, Colombia, 2016–22

Figure 40: M&A deals by quarter, pharmaceutical market, Colombia, 2016–22 (by value and by number)

Figure 41: PE deals by quarter, pharmaceutical market, Colombia, 2016–22 (by value and by number)

Figure 42: Deal value and deal count, medical devices market, Colombia, 2016–22

Figure 43: Deal value and deal count subtypes, medical devices market, Colombia, 2016–22

Figure 44: Deal value and deal count, quarterly, medical devices market, Colombia, 2016–22

Figure 45: Top equipment sectors by deal value ($M), medical devices market, Colombia, 2016–22

Figure 46: Top equipment sectors by deal count, medical devices market, Colombia, 2016–22

Figure 47: M&A deals by half-year, medical devices market, Colombia, 2016–22 (by value and by number)

Figure 48: VC deals by quarter, medical devices market, Colombia, 2016–22 (by value and by number)

Figure 49: Process of providing digital services to citizens, Colombia, 2022

Figure 50: Deal value ($M) and deal count, HealthTech, Colombia, 2015–22

Figure 51: Deal value ($M) and deal count by sector, HealthTech, Colombia, 2015–22

Figure 52: Component, transverse enablers and purpose of digital government policy, Colombia, 2022

Figure 53: Composition of healthcare system, Colombia, 2022

Figure 54: Composition of health system, Colombia, 2022

Figure 55: Number of POS medicines undergoing patent expiry during 2022–27, Colombia, 2022

Figure 56: POS medicines undergoing patent expiration, Colombia, 2022

Figure 57: OOP expenditure (% of total expenditure on health), Colombia, 2013–21

Figure 58: Change in price trend in the healthcare sector (in %), Colombia, 2016–20

Figure 59: Organization of INVIMA, Colombia, 2022

Figure 60: Procedure of marketing authorization of new pharmaceutical drugs, Colombia, 2022

Figure 61: Procedure of marketing authorization of new drug under pharmacological standards, Colombia, 2022

Figure 62: Regulatory pathway for biologics through complete dossier approach, Colombia, 2022

Figure 63: Regulatory pathway for biologics through abbreviated comparability approach, Colombia, 2022

Figure 64: Regulatory pathway for biologics through comparability approach, Colombia, 2022

Figure 65: Procedure of marketing authorization of medical devices, Colombia, 2022

Figure 66: Procedure of obtaining the automatic health registration for medical devices, Colombia, 2022

Figure 67: Patent approval process, Colombia, 2022

Figure 68: Pharmaceutical clinical trials count by trial status, Colombia, 2021–22

Figure 69: Pharmaceutical clinical trials count by indication, Colombia, 2021–22

Figure 70: Pharmaceutical clinical trials count by phase, Colombia, 2021–22

Figure 71: Top five pharmaceutical clinical trials sponsors by count, Colombia, 2021–22

Figure 72: Medical devices clinical trials count by trial status, Colombia, 2021–22

Figure 73: Medical devices clinical trials count by market categories, Colombia, 2021–22

Figure 74: Medical devices clinical trials count by therapeutic areas, Colombia, 2021–22

Figure 75: Medical devices clinical trials sponsors by count, Colombia, 2021–22

Figure 76: Process for issuing manufacturing license, Colombia, 2022

Figure 77: Labeling requirements, Colombia, 2022

Figure 78: Sustainable development goals under good health and well being, Colombia, 2022

Figure 79: Number of government hospitals, Colombia, 2015–21

Figure 80: Number of diagnostic units, Colombia, 2013–21

Figure 81: Hospital beds (per 1,000 population), Colombia, 2013–21

Figure 82: Acute care hospital beds (per 1,000 population), Colombia, 2013–21

Figure 83: Psychiatric care hospital beds (per 100 population), Colombia, 2013–21

Figure 84: Life expectancy at birth (years), Colombia, 2013–21

Figure 85: Immunization rate (%), Colombia, 2013–21

Figure 86: PM2.5 (µg per m3), Colombia, 2013–21

Figure 87: CO2 emissions (metric tons per capita), Colombia, 2013–21

Figure 88: Physicians (per 1,000 Population), Colombia, 2013–21

Figure 89: Pharmacists (per 1,000 population), Colombia, 2013–21

Figure 90: Dentists (per 1,000 Population), Colombia, 2013–21

Figure 91: Nurses (per 1,000 population), Colombia, 2013–21

Figure 92: Major causes of mortality (per 100,000 population), Colombia, 2019

Figure 93: Major causes of male mortality (per 100,000 population), Colombia, 2019

Figure 94: Major causes of female mortality (per 100,000 population), Colombia, 2019

Figure 95: DALYs by major disease (per 100,000 population), Colombia, 2019

Figure 96: Healthcare expenditure as percentage of GDP (%), Colombia, 2013–21

Figure 97: Health expenditure share (% of total health spending), Colombia, 2013–21

Figure 98: Healthcare expenditure components by function (% of total health expenditure), Colombia, 2017

Figure 99: Pharmaceutical spending (% of total health spending), Colombia, 2013–21

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