Colombia's health care sector: profitable for international investors?
Colombia, with a strategic location in Latin America, has established itself as an attractive destination for foreign investors in several industries. Among them, the health care sector stands out with its capacity for innovation, quality in production, highly qualified human talent and a solid infrastructure for the production and distribution of goods at a global level.
Discover the reasons that make this sector a profitable option for those seeking investment opportunities in an industry with great growth potential.
1. The possibility of health innovation from Colombia
Innovation is one of the main advantages that position Colombia as a regional leader in the health care industry. According to Larry Vasco, LATAM Senior Director for Renal Care Services, the company reports the highest rates of new technologies in the country, with over 40% of its consumers benefiting from these advancements, outperforming other countries in the region.
Mr. Vasco was a guest on ProColombia’s Why Colombia podcast, which explores how The Country of Beauty inspires and drives businesses. In the episode here, he shared into the opportunities Colombia offers for the development of new technologies, enabling the company to strengthen its presence in both domestic and regional markets.
In Colombia the company has managed to open more than 5 clinics during the last years, something that contributes to the medical infrastructure of the country, which has 21 of the best 50 hospitals in the region.
On the other hand, Mr. Vasco found in the country an opportunity for research in this field, since most of their clinical evidence is obtained in Colombia, which allows it to create solutions that are used in countries such as Germany, New Zealand and Japan, among others. This has helped the company to innovate and create much more effective treatments for patients with preventive medicine.
In addition, the country has developed a whole infrastructure that allows it to have a competitive goods production, reaching new goals in terms of sustainability, by reducing water consumption and giving greater scope to renewable energy during production processes.
2. Colombian talent
Colombia has high quality human capital at competitive costs, which represents an important advantage for foreign companies. More than 52% of Renal Care Services employees in Latin America are from Colombia, reflecting the confidence of large international companies in the preparation and professionalism of the national workforce.
3. Access to growing markets
Another reason that makes this sector a profitable option for international health care investors is its ability to position itself in both the domestic and regional markets.
Colombia not only has a domestic market of more than 50 million consumers but also acts as an export platform in the region thanks to its air and maritime connectivity, with more than 3,500 maritime routes to 140 countries; and 2,400 export routes through 30 airlines, with access to more than 500 cities. This makes it a key place for the distribution of pharmaceutical goods.
The country also benefits from a network of 17 trade agreements that facilitate the export of goods and services to international markets of more than 1.5 billion consumers, with tariffs, tax and logistical facilities.
Moreover, Colombian institutions such as the National Food and Drug Surveillance Institute (INVIMA) are internationally recognized for their high regulatory standards, facilitating the entry of innovative goods from Colombia to the international market. This combination of talent and reliable regulation positions Colombia as a strategic distributor of goods in this industry for Latin American countries.
Businesspeople have already found that potential
International companies, such as Renal Care Services, are an example of the success stories reported in Colombia of companies that wish to continue investing in the country of beauty.
In recent years, the company has opened new clinics and research centers, leveraging Colombia's competitive advantages to develop innovative healthcare solutions that have already reached more than 27,000 patients across the country.
Global pharmaceutical leaders such as Pfizer and Novartis, have also invested in Colombia, recognizing significant growth opportunities driven by the conditions mentioned above.
Why invest in Colombia’s health care sector?
The Colombian health sector offers an ideal environment for innovation, with competitive human talent, access to large markets and a commitment to sustainability. Therefore, if you are looking for a destination where you can find profitability and new opportunities, Colombia offers the perfect scenario.
Here you could develop production centers through mergers and acquisitions; set up logistics centers to supply the entire region; establish production centers for medicines, biotechnology and biosimilars; and set up research centers for the development of clinical studies, among other major projects.
Invest in Colombia, the country of beauty, and become part of this fascinating sector.
Listen to the full episode of Why Colombia with Larry Vasco here.
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