The Colombian pharmaceutical market will grow at a compound annual growth rate (CAGR) of 7.3% to surpass $7 billion in value by 2020, says a report by GlobalData.

Titled 'CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Colombia', the report estimates the growth for five years between 2015 and 2020, from the base value of $5 billion in 2015.

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An increasing burden of diseases resulting in higher consumption of drugs, and the state initiatives in the public healthcare sector are expected to drive the growth.

"An increasing burden of diseases resulting in higher consumption of drugs, and the state initiatives in the public healthcare sector are expected to drive the growth."

The Colombian government has entered trade agreements with El Salvador, Guatemala, Chile, Honduras, Switzerland and Canada in addition to EU and the European Free Trade Association nations, including Liechtenstein, Norway and Iceland to improve its trade and economy. It has also taken steps to improve trade relations with Mexico.

Furthermore, Colombia has signed a free trade agreement (FTA) with the US and initiated negotiations for FTA with Turkey, South Korea, Japan and Panama.

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Cost advantages and availability of well-trained biomedical researchers for conducting clinical trials have been attracting multi-national pharmaceutical companies to Colombia from other Latin American countries such as Argentina and Mexico.

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The report states Tecnoquimicas, Pfizer, Merck & Co., Roche and Procaps as the leading pharmaceutical companies in the country. Generics is largely untapped segment, where a significant opportunity exists for multi-national pharmaceutical companies.