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Pharmaceutical Market

Description and Figures of the Pharmaceutical Market in Colombia

The Colombian pharmaceutical industry for human and veterinary use has been characterized by the continuous presence of multinational companies that have enabled national laboratories to be at the forefront in terms of technology and quality standards.

The country has promoted for the industry to have unique qualities that allow it to enter the competition and offer a production that is flexible and tailored to the customers requirements, primarily due to the implementation of GMPs where in Colombia the level of technology in the production plants is well above any Latin American laboratory.

Currently, there are approximately 130 pharmaceutical companies in Colombia, certified in Good Manufacturing Practices, which are the most demanding in Latin America, and ISO 9000. Additionally, the pharmaceutical industry boosts other sectors since it shows a trend to self-supplying of generic products and brands.

This sector also has growth potential due to the country's biodiversity, which allows it to develop pharmaceutical products from natural substances. During 2015, Colombia shipped goods worth USD$525.4 million.

The main export destinations were: Ecuador with USD$123.1 million (23.4%), Venezuela with USD$97.5 million (18.6%), Peru with USD$59.1 million (11.2%), Panama with USD$43 million (8, 2%), and the United States with USD$30.1 million (6%).

Los principales destinos de exportación fueron: