US-Colombia FTA Should Bring Significant Changes to the Structure of Colombia’s Pharmaceutical Market

DUBLIN, Ireland–(EMWNews)–Research and Markets (http://www.researchandmarkets.com/research/61c90a/colombia_pharmaceu)

has announced the addition of the “Colombia Pharmaceuticals and

Healthcare Report Q2 2008” report to their offering.

The Colombia Pharmaceuticals and Healthcare Report provides independent

forecasts and competitive intelligence on Colombia’s pharmaceuticals and

healthcare industry.

Colombia’s pharmaceutical market was estimated

to be worth US$2.36bn in 2007. Our forecast has been marginally

downgraded due to slow progress on the ratification of the US-Colombia

Free Trade Agreement (FTA) and we now expect drug expenditure to reach

US$3.40bn by the end of 2012.

Prescription market growth should be supported by the government’s

attempts to reform the healthcare system and increase public and private

health insurance coverage. At the same time, a significant portion of

the population remains priced out of the insurance market. Unable to

afford doctor consultation fees, they remain limited to the purchase of

over-the-counter (OTC) drugs, or under-the-counter (UTC) prescription

drugs. Rising disposable incomes and a propensity to self medicate

should ensure robust growth in the OTC market, which is expected to

reach US$511mn by 2012, representing 15% of total drug market

expenditure. BMI has included coverage of the Colombia medical device

market for the first time this quarter.

Demand for medical devices grew strongly in the early 2000s as Colombia’s

economy recovered from the challenges of the late 1990s. With the losses

of the late 1990s recovered, and significant sections of the population

still struggling to access healthcare, demand for medical devices is

expected to grow more slowly over the forecast period — reliant on the

success of government health reforms.

In BMI’s updated Business Environment Ratings

for Q208, Colombia receives 53 out of 100. It is placed sixth in the

Americas rankings table — a fall of one position from the previous

quarter. The lower ranking is a result of Brazil moving up the rankings,

thanks to an improved score in its risks category. The underlying

attractions of Colombia’s pharmaceutical

market — fast growth and a relatively large overall market — remain

unchanged.

The proposed US-Colombia FTA should bring significant changes to the

structure of Colombia’s pharmaceutical market.

The US is already the largest source of imports for Colombia’s

pharmaceutical market. Meanwhile, many Colombian firms continue to

struggle to meet the quality standards required to win export orders in

the US. The FTA is likely to involve short term pain for many local drug

makers as they are forced to increase manufacturing standards and take

greater steps to improve the bioequivalence of their products. However,

the longer term benefits of greater foreign investment should make these

goals easier to achieve.

Key Topics Covered:

Executive Summary

Colombia Pharmaceutical And Healthcare Industry SWOT

Colombia Political SWOT Analysis

Colombia Economic SWOT Analysis

Colombia Business Environment SWOT Analysis

Pharmaceutical Business Environment Ratings

Colombia – Pharmaceutical Business Environment Rating

Table: Americas Pharmaceutical Business Environment Ratings

Limits To Potential Returns

Risks To Realisation Of Returns

Colombia – Market Summary

Regulatory Regime

Intellectual Property Environment

Proposed US Free Trade Agreement

Table: Colombia-US FTA Mechanisms Relevant To IP

Pricing And Reimbursement Issues

Other Regulatory Issues

Industry Developments

Epidemiology

Healthcare Sector

Pharmaceutical Sector

Recent Pharmaceutical Company Developments

Industry Forecast Scenario

Overall Market Forecast

Company Monitors

Leading Multinationals

– GlaxoSmithKline (GSK)

– Pfizer

– Merck & Co

– Sanofi-Aventis

– Novartis

Indigenous Manufacturers

– Tecnoquímicas

– Lafrancol

– Brussié

Our Forecast Modelling

How We Generate Our Industry Forecasts

Pharmaceutical Industry

Pharmaceutical Ratings – Revised Methodology

Ratings Overview

Table: Pharmaceutical Business Environment Indicators

Weighting

Table: Weighting Of Components

Sources

Companies Mentioned:

– GlaxoSmithKline (GSK)

– Pfizer

– Merck & Co

– Sanofi-Aventis

– Novartis

– Tecnoquímicas

– Lafrancol

– Brussié

For more information visit http://www.researchandmarkets.com/research/61c90a/colombia_pharmaceu

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