23 of September of 2021

Pharmaceutical Industry

Colombia has the third largest pharmaceutical market in Latin America, due to its growing manufacturing industry and the arrival of multiple global players to the country.

Latin American Pharmaceutical Market 2019 (USD Billion)

The market breaks down in the following categories:

Bogota, pharmaceutical capital

Bogota is one of the main pharmaceutical cities in Latin America. In Colombia, it´s home to 66% of the medicine manufacturers, 65% of the pharmaceutical wholesalers, 49% of the sector jobs and 87% of the industry exports.

Additionally, the weather of the city is favourable for the handling and manufacturing of pharmaceutical products with an average annual temperature of 14OC and without any seasons, thus generating low production costs and energy savings

Concurrently, Bogota is the main hub of decision-makers in the healthcare sector and it´s also home of the headquarters of the national regulatory entity (INVIMA), which is one of the top agencies in Latin America with the highest rank awarded by the Pan American Healthcare Organization.

Sources: Ministry of Health, Ministry of Industry, Trade and Tourism, World Bank, Bogota Healthcare Cluster.