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The Medical Device Market: Colombia
Espicom Business Intelligence Ltd, Oct 2011, Pages: 62
With a population set to reach 50 million by 2015, Colombia is currently the third largest country in Latin America, behind Brazil and Mexico. The capital, Santa Fe de Bogotá, has a population of around 7 million.
Colombia had a reputation for political instability and lawlessness in more remote areas. However since President Juan Manuel Santos came to power in 2010, he has marginalised the Farc guerrillas and improved relations with Venezuela and Ecuador, Colombia's geographical neighbours. Foreign investors are being attracted by its natural resources and more stable political environment. Drug trafficking problems have improved since the 1980s. Colombia does remain one of South America?s poorer countries though, having more in common with its Andean and Central American neighbours than the more developed Mercosur economies.
Colombia's GDP shrank from US$245 billion in 2008 to US$236 billion in 2009. The decline was experienced because of budget tightening and inflation in Colombia and global economic problems. GDP recovered during 2010 and should reach US$334.0 billion in 2011.
Colombia announced an Emergency Social Plan in 2010, to tackle corruption and find new sources of income for the public healthcare sector. Ten decrees were signed with a view to protecting the aim of providing health coverage for all.
Colombia has universal health insurance as a goal and currently has around 80% of the population covered. Allowing insurers to compete for clients creates competition between insurers and healthcare providers. In 2008, the country stated it would invest over US$16.5 billion up to 2010 to fund this scheme with a view to improving health indicators in maternal and child health and priority transmissible diseases.
The country's healthcare infrastructure is adequate in the larger urban areas, but in need of modernisation. The healthcare system is complex, and coverage is not yet universal. Funding is generally very low; expenditure on medical equipment is just over US$18 per person in 2011.
The medical device market is heavily reliant on imports, especially in the more high tech sectors. There is some domestic capacity for more basic items. A few multinationals manufacture in the country. The medical device industry is concentrated around the capital Bogotá. Within the capital a free trade zone has encouraged international companies to the market.
Colombia’s planned Free Trade Agreement with the US was put on hold indefinitely in 2008. President Bush pushed for a fast track decision on the agreement in April, bypassing the normal voting timetable. Congress, as a consequence, voted against this and to delay the decision.
Includes 3 quarterly updated outlook reports!
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