Espicom's in-depth pharmaceutical market reports are ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year. Along with many other Latin American countries, the health sector in Colombia has suffered from insufficient financing and a highly uneven distribution of healthcare resources. During the 1990s, the situation changed following the adoption of a new constitution in July 1991, which produced a far-reaching programme of political and social reform.

In the health sector, the country embarked on an ambitious reform of the social security system with the aim of providing universal healthcare coverage. Although the reform process was stalled by the country's economic recession in 1999, Colombia remains committed to the principle of universal healthcare coverage. In 2004, there were 45.3 million people living in Colombia, 71.1% of whom were insured.

The Colombian pharmaceutical market is the fifth largest in the region, behind Mexico, Brazil, Argentina and Venezuela. The healthcare reform programme has been instrumental in boosting consumption of pharmaceutical products, but growth has been largely in volume terms, due to a shift towards generics. Around 70% of the market is supplied by the well-developed domestic industry.

The domestic industry is dominated by multinationals. Major indigenous manufacturers include Bussie, Genfar, Lafrancol, La Santé, Procaps and Tecnoquímicas. However, the country has a sizeable balance of trade deficit in the field of pharmaceuticals, valued at US$295.1 million in 2004, partly due to the fact that the domestic industry is heavily dependent on imports of raw materials.

In February 2006, Colombia and the USA announced an agreement to go ahead with a bilateral Free Trade Agreement (FTA). In terms of intellectual property rights, Colombia was able to avoid the granting of second uses, or diagnostic, surgical & therapeutic proceedings. The five-year data exclusivity period was kept. Lack of linkage, compulsory licensing and parallel imports remain, guaranteeing healthcare access.

After the publication of Circular 3 in 2006, the National Commission of Drug Prices (CNPM - Comisión Nacional de Precios de Medicamentos) continues to postpone the regulatory reform to transform the current drug price system in Colombia. In December 2005, CNPM had approved the adoption of the new drug price system, which would have been enforceable from 1st July 2006.