By Julio G. Martinez-Clark, CEO, bioaccess, guest columnist at Medical Device Online
Colombia has a population of approximately 50 million inhabitants, making it the third-most populous country in Latin America after Mexico and Brazil.1 Colombia's economy is the fourth-largest by volume in Latin America, after Brazil, Mexico, and Argentina. Together, Brazil, Mexico, Colombia, Chile, and Argentina could represent the fourth-largest economy globally, with health spending equivalent to India or China. Colombia, along with Mexico, Costa Rica, and Chile, is one of the only countries in the region that is a member of the Organization for Economic Cooperation and Development (OECD). The OECD membership grants Colombia access to the best economic and social practices, along with the U.S., Canada, and other advanced economies that are members. Colombia stands out in Latin America for its solid institutions and its commitment to the private sector, which has made it one of the most economically and politically stable markets in Latin America.
This article discusses why Colombia, despite the global effects of the COVID-19 pandemic, has become the country with the best commercial advantages in South America and one of the three best in Latin America for foreign medical device manufacturers to market their innovations. We will cover the general Colombian health social security system (coverage, affiliation, and forms of financing); the current medical device regulatory framework, including the short marketing authorization times, compared to other countries in the area, and the size and trends of the market.