By Julio G. Martinez-Clark, CEO, bioaccess, guest columnist at Medical Device Online
With a population of 32 million, Peru is the fifth most populous country in Latin America after Brazil, Mexico, Colombia, and Argentina. It has one of the highest average life expectancies in the region (77 years) and a gross domestic product (GDP) of $203.7 billion, making it the fifth-largest economy in Latin America after Brazil, Mexico, Argentina, and Colombia. The size of the Peruvian medical device market is $390 million, and Peru imports more than 97 percent of the medical devices that it uses.
This article discusses why, despite the pandemic's effects on Peru's health and economy, the country offers business opportunities for foreign manufacturers of medical devices. I will cover the country's health system, its regulatory framework, opportunities for medical device imports, and an outlook on doing business in the country going forward.