Currently worth US $4.2 billion, the Colombian Healthcare market may seem small in comparison to its neighbours, but the market is set to expand at a one-digit CAGR between 2013 and 2016.
The economic and political environment is stable, so the outlook is positive for pharmaceutical 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 pharmaceutical company in Colombia is Tecnoquimicas, followed by Baxter and Roche; its largest domestic manufacturers are Bussie, Genfar and Lafrancol (who produce generic copycats).