20 of January of 2020

Pharmaceutical Industry

The pharmaceutical industry in Colombia has great potential, due to sustained market growth. From 2014 to 2017 the sales in Colombia presented an annual average growth rate (CAGR) of 5.3% in local currency (COP).

All the categories of this market present dynamic growth, reporting an average annual growth rate (CAGR) between 2014 and 2017 of 4.9% for generic drugs, 5.9% for patented medicines and 4.8% for OTC products.

This market concentrates in Bogota, where 66% of the manufacturers and 65% of the wholesalers are located representing 49% of the sector´s jobs. In addition, the capital city of Colombia is the main commercial hub of the industry with 47% of the exports and 82% of the imports. Additionally, Bogotá has a smart specialization strategy that brings into focus the productive approach of the city towards advanced health services and pharmaceuticals.

Colombia is a global pioneer in the regulation of pharmaceutical products, leading several processes replicated in many countries. In addition, the National Institute of Surveillance of Medicines and Drugs (INVIMA), is an international reference entity, qualified with the maximum level by the Panamerican Health Organization.

Bogota has the potential to be the hub of development of chemical synthesis medicines, based on the biodiversity of the country.