Colombia Pharmaceuticals & Healthcare Report Q1 2013 - New Study Released

New Healthcare market report from Business Monitor International: "Colombia Pharmaceuticals & Healthcare Report Q1 2013"

by Bill Thompson

(WireNews+Co) - Boston, MA - 22 February 2013

BMI View: Improvements in Colombia's pharmaceutical regulation system will expand local patients' access to medicines. However, it will also put pricing pressures on drugmakers, and promote the use of generic versions, which will undermine the growth of patented drug market. Nevertheless, BMI expects more foreign pharmaceutical companies to invest in Colombia, capitalising on the country's strong longterm growth prospects.

Headline Expenditure Projections

- Pharmaceuticals: COP7,076bn (US$3.83bn) in 2011 to COP7,612bn (US$4.23bn) in 2012; +7.6% in local currency terms and +10.4% in US dollar terms. Forecast broadly in line with Q412.
- Healthcare: COP29,953bn (US$16.21bn) in 2011 to COP31,557bn (US$17.53bn) in 2012; +5.4% growth in local currency terms and +8.2% in US dollar terms. Forecast broadly in line with Q412.
- Medical devices: COP1,901bn (US$1.03bn) in 2011 to COP2,127bn (US$1.18bn) in 2012; +11.9% growth in local currency terms and +14.9% in US dollar terms. Forecast broadly in line with Q412.

View Full Report Details and Table of Contents (http://www.fastmr.com/prod/536418_colombia_pharmaceuticals_healthcare_report_q1.aspx?afid=201) (http://www.fastmr.com/prod/536418_colombia_pharmaceuticals_healthcare_report_q1.aspx?afid=201)

Risk/Reward Rating: Despite a 3% quarter-on-quarter (q-o-q) improvement in its composite score, Colombia slipped from sixth to seventh place out of the 17 countries surveyed in the Americas region. Nevertheless, we retain our positive view of Colombia's longer-term commercial opportunities for pharmaceutical companies, which are supported by factors such as substantial population numbers, steady economic development and underdeveloped pharmaceutical demand. On a negative note, we continue to view intellectual property (IP) shortcomings as problematic.

Key Trends And Developments

- In October 2012, Colombian drugmaker Corpaul launched its pain-relief medicine Traucet (intravenous acetaminophen) in the country. The drug is primarily intended for infants, postoperative patients and elderly patients who are unable to take oral medication. The drug is designed for use by medical staff only and sale by prescription. The launch made Colombia the second country in the Americas, after the US, to manufacture and sell the product.
- In September 2012, the Colombian government approved COP250bn (US$139.4mn) of funding to develop its first national drug policy, aiming to improve access to and proper usage of medicines in the South American country. According to the Ministry of Health, the policy includes ten strategies to address issues of high drug costs, the lack of reliable information in the pharmaceutical sector and the shortage of staff training. It is also designed to improve drug price regulation and monitoring systems.

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