LIFE SCIENCES AND HEALTHCARE INDUSTRY
Several multinational companies recognize Colombia as a regional production and distribution hub for pharmaceutical products. In addition, the country's domestic consumer market and proficient health system, along with health clusters and established clinical research companies, make Colombia an attractive, high-quality investment destination.
1. The health system in Colombia is proficient and offers high-quality services.
- Colombia has universal health coverage and the highest share of public health spending in the region.
- The WHO classifies the Colombian health system as the best in Latin America.
- 21 of the top 50 hospitals in the region are located in Colombia.
- The country is an attractive destination for medical tourism.
2. The demand for pharmaceutical products in Colombia is high and with a growing trend.
- Colombia has more than 50 million inhabitants with universal health coverage.
- Pharmaceutical sales will increase due to the expected dynamics of out-of-pocket spending.
3. Colombia is a competitive export platform of pharmaceuticals for the region.
- Colombia is an export hub of pharmaceutical products for Latin America and the Caribbean.
- The Colombian regulatory health agency has international recognition with the highest regulatory standards as a level IV entity.
- The pharmaceutical sector has high-quality human capital at moderate costs.
- It's Free Trade Agreements allow preferential access to countries in the region.
- Colombia's air and maritime connectivity makes it an efficient logistics center.
4. The country stands out for its stability and friendly business environment.
- Colombia offers several incentives that could apply to the pharmaceutical sector.
5. The Colombian pharmaceutical sector offers multiple business opportunities.
- Production centers can develop through mergers and acquisitions.
- Installation of logistics centers to supply the region.
- Establishment of production centers for sophisticated, biotechnological, and biosimilar medicines.
- Installation of research centers for the development of clinical trials.
The competitive prices of the chemical industry's raw materials and a qualified workforce make Colombia an excellent destination to produce and distribute products derived from the chemical sector to the rest of the region. There is a wide diversity in the installed capacity of the chemical sector in Colombia with leading multinational enterprise chemical companies in Colombia offer a wide variety of products (industrial gases – Caustic soda – Chlorine – Fumaric acid – Citric acid – Chemicals for water treatment) for different industries.