Why is Colombia’s health and science sector so attractive?
Advantages of the Colombian industry and health system
One of the main industries for the Colombian economy and people is the health and science sector. It’s not only important because it seeks to offer a better quality of life for all people through health and innovation, but also because it has become a very competitive industry at a regional level, which opens great opportunities for investors and drives the national economy. For this reason, any initiative related to this topic is very relevant to the country's economy.
It’s precisely the interest in this sector that has turned it into an industry with several characteristics that make it competitive and full of advantages for investors. Some of these are:
- The talent of Colombians and their knowledge of health issues.
- The sector’s capacity to produce and distribute health services, electrochemical instruments and Colombian medicines. That means that part of Colombians knowledge and talent can reach many destinations through what is produced by this sector.
- Colombia's geographical location offers the health and science sector great advantages over others, as the country is located right in the heart of the Americas, becoming a bridge between many markets in the region and facilitating the logistics for businessmen when they want to arrive with their goods to nearby countries.
- The country has a large domestic market with high levels of consumption, which makes it profitable for multinationals interested in expanding their operations in the region.
- Colombia has organizations such as INVIMA, the country's sanitary agency, that has achieved recognition by the Pan American Health Organization (PAHO) for its IV level in the regulatory standards. This is important for the national industry, as it gives it greater reach within the region thanks to the fact that goods produced in Colombia are backed by an organization that inspires confidence in buyers.
Companies that have succeeded in Colombia
Colombia has been an attractive destination for foreign investors in this sector for decades, and this is evidenced by the fact that large multinational companies are investing in the industry of health care in Colombia, and have found all the potential that the economy, the market and the geographical location of the country of beauty can offer them.
Two examples of this are Pfizer and Novartis, both of which have been investing in Colombia for years and are deeply interested in increasing their presence in the country.
Novartis in Colombia
Novartis is a multinational pharmaceutical company, headquartered in Switzerland. This company has decided to trust in Colombia and has found hundreds of opportunities for business in the country.
According to Sandra Cabezas, Country President of Novartis in Colombia, the company has discovered that the health sector in the country offers great opportunities and advantages. The development of the health care system in Colombia and the possibility of investing in research for new therapies are some of these.
This motivated the company to invest more than US$ 6 billion in clinical trials in Colombia during 2022. In addition, Novartis has approximately 50 clinical trials in several cities in the country. This demonstrates their interest in growing here and their confidence in the stability and profitability of the national economy for this sector.
If you are interested in Novartis’ story and the vision it has for its presence in the country, listen to Why Colombia, the podcast that shows how Colombia’s beauty drives businesses.
Pfizer's presence in Colombia
Pfizer is one of the largest pharmaceutical companies worldwide and its history in Colombia began more than 70 years ago, when the company decided to expand its operations here. Since then, the relationship with Colombia has been stable and trustworthy, which is a sign of the stability and profitability that multinational companies can find in the country.
According to Ana Dolores Román, General Manager for Colombia and Venezuela at Pfizer, it’s Colombians’ talent that has made the company to be interested in the country and wants to stay and increase its production here.
And it’s this young talent, loaded with knowledge in the health sector, in financial issues and the innovation in pharmaceutical technology, which makes Colombia an ideal destination for foreign investments, with the possibility to offer services in this field to other countries.
For Pfizer, Colombia has become an innovation hub, where initiatives such as telemedicine and Artificial Intelligence can take off, giving the opportunity to many consumers to take its services.
If you are interested in learning more about Pfizer's history in Colombia, listen to this episode of our podcast Why Colombia.
An ideal destination
All this shows Colombia as a place where the health and science sector has central relevance for its development, not only in welfare issues, but also in innovation, economy and research. Don't miss the opportunity to invest in Colombia, the country of beauty. Find more information here.
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