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Colombia

Streets of Cartagena Old Town Colombia

Featured image: Photo by Ricardo Gomez Angel on Unsplash

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

6-8%

OTC and pharma market growth

Colombia in numbers

Total population

Male/Female

Population growth

Birth rate

Mortality rate

Life expectancy

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