Date

14 de April 2015

Turkish Companies Arrive in Colombia to Develop Businesses in Pharmaceutical, Medical Device, and Duty-Free Products

Biotechnology
  • The main companies from the chemical pharmaceutical sector in Turkey visited Colombia to conduct the 2015 Turkey–Colombia Pharmaceutical and Medical Device Business Round Table.
  • The event was organized by the Istanbul Chemicals and Chemical Products Exporters’ Association (IKMIB). This association is affiliated with the Turkish Ministry of Foreign Trade, which is supported by the Turkish Embassy in Colombia, Fenalco, the Chamber of Medical Devices and Health Supplies of the National Business Association of Colombia (ANDI), and Invest in Bogota.

  • This mission consolidates bilateral relationships and marks the beginning of new commercial and investment opportunities.

  • Bogota is a central location for this sector in Colombia, given that 61% of companies and 21% of the insured are concentrated here, thus creating significant investment potential for companies in the natural sciences sector.

  • It is estimated that over 80.7% of the medical devices consumed in Colombia are supplied by imports, which opens up opportunities for companies interested in local manufacturing for the national market.

Turkish Companies Arrive in Colombia to Develop Businesses in Pharmaceutical, Medical Device, and Duty-Free Products

The goal was to establish commercial partnerships with Colombian entrepreneurs interested in importing supplies, medications, medical devices, and over-the-counter (OTC) products from this industry for the local market.

The 2015 Turkey–Colombia Pharmaceutical and Medical Device Business Round Table was organized by the IKMIB. This association is affiliated with the Turkish Ministry of Foreign Trade, which is supported by the Turkish Embassy in Colombia, Fenalco, the Chamber of Medical Devices and Health Supplies of the ANDI, and the agency for promoting investment in Bogota, Invest in Bogota.

The arrival of IKMIB in Colombia represents a step toward the consolidation of bilateral relationships and the beginning of new commercial and investment opportunities that will benefit the economies and strengthen relationships between Latin America and Asia Minor.

Currently, Colombia is the third largest health market in Latin America, after Brazil and Mexico. During the last five years, this market has experienced annual average growth of 10.6% and, according to a study conducted by Business Monitor, it is ranked the second fastest growing country in the medical devices market.

Juan Gabriel Pérez, Executive Director of Invest in Bogota, states that “Colombia is one of the few countries in which 95.5% of the national population has health coverage. Bogota is a focal point for this sector, given that 61% of the companies and 21% of the insured are concentrated here, thus creating significant investment potential for companies in the health sciences sector.”

The Turkish entrepreneur commission of the medical device, medication, and duty-free products sector came to Colombia with a wide portfolio of breakthroughs, such as strips for rapid detection of infectious diseases such as HIV, malaria, and markers for cardiac enzymes and tumors.

Other products presented by the Turkish representatives to the Colombian market included orthopedic implants, hip and knee prosthetics, external mounting systems, eye drops, medications and molecules for the elaboration of these, disinfectants, antiseptic products, surgical sutures, generic medications, anesthesia devices, ventilation and resuscitation devices, injectables, and disposable textiles, among others.

It is estimated that 80.7% of medical devices consumed in Colombia are supplied by imports, providing opportunities for companies interested in local manufacturing for the national market, Pérez stated.

These types of activities provide Colombia the opportunity to have access to medical technologies that will benefit patients and meet the Ministry of Health and Social Welfare’s plan to decrease inequality and improve the quality of health care.

 

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