Colombia: discover one of the largest consumer healthcare and pharma markets in Latin America
The Colombian OTC and pharma market is the third largest market in Latin America. This country is full of opportunities to explore if you’re looking to expand your business internationally.
Being the third-largest consumer healthcare and Rx market in Latin America, the Colombian market has a lot to offer. In 2021, the drug market reached US$4.1 bn, which amounted to 1% of Colombia’s GDP, and the overall Colombian consumer healthcare and pharma market is expected to grow more in the next few years.
The revenue in the self-medication and Rx should amount to USD 10,4 Billion in 2035 at ex-factory price, according to our own forecast, and the market is expected to grow on average by 7,24% in the next few years.
The economic and political environment is stable, so the outlook is positive for the market growth. Colombia is looking forward to increasing drug access for the whole population under a universal insurance program, which will immediately expand the market. Imports, exports and the number of Pharma companies operating in the market are also rising. The current leading 3 OTC and pharma companies in Colombia are Bayer, followed by PROCAPS and Baxter.
If you are planning on entering Colombia, our expertise and long standing network can support you. The Chameleon Pharma Consulting Group has extensive OTC and pharma expertise in Latin American markets, and we would be thrilled to support you to take advantage of the opportunities this region has to offer!
The Colombian OTC and pharma market in 2035
USD 10,4 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
Colombia in numbers
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