Colombia the new place to be... (cont.)

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Colombia the new place to be...

With steady GDP growth, political stability and the best healthcare system in Latin America, Colombia’s life sciences industry has all the ingredients for success laid out before it. Indeed, with the domestic pharmaceutical market set to grow at a rate of around 7.3 percent and reach a USD 7.1 billion valuation by 2020, coupled with a booming medical device market set to reach USD 1.8 billion in the same time frame, Colombia is carving out a name for itself as the new place to be. 

Colombia is not, however, without its issues. The expansion of universal healthcare coverage has placed a strain on the public purse and brought about the need for cost-cutting legislation. However, pharma companies in Colombia are adapting their business strategies accordingly, while integrators and medtech outfits are seizing on new opportunities. A picture of Colombia emerges therefore as a land of opportunity within a region of uncertainty.

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