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October 19, 2016
The pharmaceutical market in Colombia is set to rise from $5 billion in 2015 to $7.1 billion by 2020, a compound annual growth rate of 7.3%, according to research and consulting firm GlobalData.
The company’s latest report attributes the rise to increased drug consumption and government initiatives in the public healthcare sector. In addition, it states, Colombia is fast becoming a hub for clinical trial research, due to low costs, and there has been a sharp increase in the number of clinical trials undertaken in recent years. At present, the five leading pharmaceutical companies in Colombia are Tecnoquimicas, Pfizer, Merck & Co., Roche and Procaps.
Colombia has implemented trade agreements with El Salvador, Guatemala, Chile, Honduras, Switzerland, and Canada in order to positively impact the trade and economy of the country. The government has also signed a trade agreement with the EU and the European Free Trade Association nations, which include Liechtenstein, Norway, and Iceland, and expanded its trade relations with Mexico. The country has also initiated Free Trade Agreement negotiations with Turkey, South Korea, Japan, and Panama, and has recently signed an FTA with the US.