Boston, MA -- (SBWIRE) -- 06/05/2014 -- BMI View: Revenue recorded by multinational pharmaceutical companies will continue to be constrained in Colombia over the coming years due to severe drug price cuts. Less stringent bioequivalence regulations will also undermine sale growth posted by branded generic drugmakers. However, Colombia's relatively advanced drug reimbursement system will still offer revenue-generating opportunities for multinationals in comparison with other second-tier Latin American pharmaceutical markets.
Headline Expenditure Projections
- Pharmaceuticals: COP8,126bn (USD4.35bn) in 2013 to COP8,695bn (USD4.39bn) in 2014; +7.0% in local currency terms and +1.0% in US dollar terms. Forecasts revised down due to the strict implementation of drug price controls and the promotion of generic drugs.
- Healthcare: COP42,928bn (USD22.96bn) in 2013 to COP46,159bn (USD23.31bn) in 2014; +7.5% in local currency terms and +1.5% in US dollar terms. Forecasts revised down due to macroeconomic forecast changes.
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Risk/Reward Rating: In our Q214 regional RRR assessment, Colombia moved to eighth place out of 18 markets surveyed in the Americas region. Colombia boasts above-average Rewards and Risks. Although we caution that the country's intellectual property (IP) regime and its unresolved security situation will continue to represent barriers to multinational involvement, Colombia will remain of interest from a longer-term point of view, not least on account of its substantial population.
Key Trends And Developments
- In mid-February 2014, the Minister of Health and Social Protection announced that as of February 13 2014, price cuts have been enforced on 523 active pharmaceutical ingredients (APIs) and that 95% of the drugmakers complied with the regulations.
- At the end of February 2014, the government published the final list of medicines subject to price controls and announced that it planned to save over CLP90bn (USD160mn) from the scheme.
- In March 2014, Colombia's Superintendency of...
The Colombia Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Colombia Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Colombian pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Colombia to test other views - a key input for successful budgeting and strategic business planning in the Colombian pharmaceutical and healthcare market.
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