Now Available: Colombia Pharmaceuticals & Healthcare Report Q4 2012

Recently published research from Business Monitor International, "Colombia Pharmaceuticals & Healthcare Report Q4 2012", is now available at Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 28 October 2012

BMI View: Pharmaceutical sales in Colombia are calculated to have reached a value of COP7,076bn (US$3.83bn) in 2011, of which patented drugs accounted for 67.1%., having posted an 8.6% year-onyear (y-o-y) local currency increase. While the operating environment remains challenging from the point of view of research-based pharmaceutical industry, we expect widening healthcare coverage and improvements in patent conditions to boost value growth of the Colombian pharmaceutical market. Drug consumption has grown rapidly in recent years - primarily in volume terms - as a result of a series of healthcare reforms, and an increase in the use of generic products, which are expected to post a 2011- 2016 compound annual growth rate (CAGR) of 6.9%, compared with 6.5% expected for patented drugs.

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Headline Expenditure Projections

- Pharmaceuticals: COP7,076bn (US$3.83bn) in 2011 to COP7,531bn (US$4.18bn) in 2012; +6.4% in local currency terms and +9.3% in US dollar terms. Forecast broadly in line with Q312.
- Healthcare: COP29,953bn (US$16.21bn) in 2011 to COP30,599bn (US$17.0bn) in 2012; +2.2% growth in local currency terms and +4.9% in US dollar terms. Forecast in line with Q312 figures.
- Medical devices: COP1,901bn (US$1.03bn) in 2011 to COP2,103bn (US$1.17bn) in 2012; +10.6% growth in local currency terms and +13.6% in US dollar terms. Forecast broadly in line with Q312.

Risk/Reward Rating: Colombia's composite score remains unchanged, at 53.9 out of 100, in our Q412 version of the Americas Pharmaceutical Risk/Reward Ratings (RRRs). The country, however, now ranks sixth instead of seventh, as Argentina slipped down the rankings. Colombia's positives include aboveaverage industry rewards, propped up by substantial population numbers and the underdeveloped pharmaceutical demand. However, despite some improvements in recent years, the country's operating environment will continue to present considerable challenges to multinational drugmakers, on account of its intellectual property (IP) shortcomings and also its unresolved security situation.

Key Trends And Developments

- In May 2012, Pfizer announced the merger of its Colombian subsidiary, SAS Pfizer, with Wyeth Consumer Healthcare, in order to increase its ranking in terms of industry sales from sixth in the country to third. The combined sales of the company are estimated to be in the region of COP371bn (US$200mn). BMI believes the merger will help Pfizer - already the leading multinational in the country - to diversify its product portfolio and increase its efficiency in the manufacturing, marketing and distribution of its products locally.

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