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Economy Keys Facts

Colombian sector opportunities

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Colombia Inside Out 2021

Colombian sector opportunities

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LIFE SCIENCES AND HEALTHCARE

April 7, 2021
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LIFE SCIENCES AND HEALTHCARE
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REASONS TO INVEST IN LIFE SCIENCES AND HEALTHCARE

 

  • Scienti­c and Medical Cannabis Industry in Colombia:
  • Colombia was one of the ‑rst countries to create a legal framework that promotes the development of the entire medical and scienti‑c production chain of cannabis. Being a pioneer, it has been a reference for other countries that seek to develop regulation for cannabis.
  • Colombia is one of the countries with the highest commercial quota for cannabis production with 14 tons authorized by INCB (International Narcotics Control Board)
  • The country has the infrastructure for ­ower crops and climatic conditions that enable the plant´s natural growth in optimum conditions, without the need of investing in heating, cooling or other types of arti‑cial technologies.
  • Colombia is the third largest producer of oil in Latin America and the Caribbean, behind Brazil and Mexico. Colombia produces over 800.000 barrels of crude oil per day.
  • In 2015, Colombia expanded the main re‑nery of the country (REFICAR). Located in Cartagena, REFICAR is regarded as the most modern re‑ning facility in Latin America.
  • The top 4 companies of the chemical and life sciences sector in Colombia (Esenttia, Mexichem, Belcorp and Bayer) exported more than USD 1 billion.
  • In Colombia, more than 21 thousand people annually graduate from degrees related to Industrial Engineering, Chemical Engineering and Chemistry. In addition, according to the IMD World Competitiveness Yearbook, the industrial sector in Colombia has one of the most competitive salaries in the region, below Argentina, Peru, Brazil and Chile.
  • According to the World Bank, Colombia has the highest fertilizer consumption rate in the region with a value of 659.5 kg per hectare of arable land. Additionally, Colombia has positioned itself as an agrochemical export hub for the region with the presence of production and logistics centers of the world's leading companies such as Bayer, UPL and Yara.
  • In the last ‑ve years, Colombia has had a compound annual growth rate of more than 100% of tons of recycled waste. According to studies carried out by the UN, Colombia is the leader in recyclability rates in the region with a rate of 17.2, ranking above Peru, Mexico or Brazil.