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Colombia is the third largest country in Latin America, behind Brazil and Mexico with a population of 48 million. The capital, Santa Fe de Bogotá, has a population of around 7 million. The population is relatively young and growing rapidly thanks to a high birth rate and a low mortality rate.
Colombia has a reputation for political instability and lawlessness in more remote areas. President Juan Manuel Santos, who came to power in 2010, has marginalised the left-wing Farc guerrillas and improved relations with Venezuela and Ecuador, Colombia’s geographical neighbours. However other criminal groups have subsequently taken over drug trafficking from the paramilitaries. Foreign investors are attracted by Colombia’s natural resources and more stable political environment. Colombia does remain one of South America’s poorer countries though, having more in common with its Andean and Central American neighbours than the more developed Mercosur economies.
Colombia is the fourth largest economy in Latin America, after Brazil, Mexico and Argentina and ranks within the top 30 largest economies in the world. In 2012, GDP is forecast to reach US$372.6 billion, equivalent to around US$7,740 per capita. Economic growth remains well above average for the Latin American region with GDP forecast to rise 4.6% in real terms during 2012.
Colombia has universal health insurance as a goal and currently has around 80% of the population covered. Allowing insurers to compete for clients creates competition between insurers and healthcare providers.
The country’s healthcare infrastructure is adequate in the larger urban areas, but in need of modernisation. The healthcare system is complex, and coverage is not yet universal. Funding is generally very low; per capita health spending is estimated at US$516.8 in 2011, whilst expenditure on medical equipment is only around US$23 per person.
Colombia announced an Emergency Social Plan in 2010, to tackle corruption and find new sources of income for the public healthcare sector. Ten decrees were signed with a view to protecting the aim of providing health coverage for all. This was followed by Law 1438, which took effect in January 2011.
The medical device market is heavily reliant on imports, especially in the more high tech sectors. There is some domestic capacity for more basic items. In 2011, Colombia imported medical equipment & supplies valued at US$799.3 million, their highest ever level. A few multinationals manufacture in the country. The medical device industry is concentrated around the capital Bogotá. Within the capital, a free trade zone has encouraged international companies to the market.
Colombia ratified a Free Trade Agreement with the USA in October 2011, promoting trade between the two nations, five years after it was originally signed by George W. Bush.
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