Colombia’s healthcare framework needs modernization
According to a report published by Research and Markets, the healthcare infrastructure of Colombia is wide-spread in larger urban areas, but it requires advancement. Funding for the healthcare system is very low. Per capita health expenditure was estimated at USD 479 in 2013, while per capita medical device expenditure was around USD 24 only. Colombia heavily depends on imports of medical devices, especially for advanced and high-tech devices. Local manufacturers provide only basic items. In 2012, Colombia’s import of medical devices was valued at USD 865.2 million. The nation has only a few multinational medtech players. The medtech industry in Colombia is concentrated around its capital Bogotá, which has a free trade zone that attracts international companies for business in Colombia. The country, with a population of 48 million follows Brazil and Mexico as the third most populous country in Latin America. High birth rate and lesser mortality rate have led to relatively young and rapidly growing population. In terms of economy, Colombia occupies the fourth position after Brazil, Mexico and Argentina in Latin America. It is at the 30th position globally.