Turkey opens Colombian market with medicines, medical devices and over-the-counter products

15 of the most important companies in the Pharmaceutical Chemical sector of Turkey will visit Colombia to hold the Turkey-Colombia Medicines and Medical Devices Business Roundtable with the aim of establishing commercial alliances with Colombian businessmen interested in importing supplies, medicines, medical devices and OTC products from this industry to the local market.

The Turkey-Colombia 2015 Medicines and Medical Devices Business Roundtable event is organized by the Istanbul Chemical Products Association (IKMIB), an association affiliated with the Turkish Foreign Trade Secretariat, which has the support of the Turkish Embassy in Colombia, Fenalco, the ANDI Chamber of Medical Devices and Health Supplies and the investment promotion agency for Bogotá, Invest in Bogotá.

The arrival in Colombia of the Turkish Association of Istanbul Chemical Exporters (IKMIB) represents a step towards the consolidation of bilateral relations and the beginning of new trade and investment opportunities, which will benefit the economies, strengthening the links of Latin America with the so-called Asia Minor.

Colombia currently ranks as the third largest health market in Latin America, after Brazil and Mexico, with an average annual growth of 10.6% over the last five years, although it is willing to be the second largest country. growth in the medical device market, according to a study carried out by Business Monitor.

Juan Gabriel Pérez, Executive Director of Invest in Bogotá, states that: “Colombia is consolidating itself as one of the few countries with 95.5% national health coverage; Bogotá being the main sectoral cluster in the country, as it concentrates 61% of the companies, with 21% of policyholders, which generates great investment potential for companies in the health sciences sector.

The commission of Turkish businessmen in the sector of medical devices, medicines and over-the-counter products will arrive in Colombia with a broad portfolio of innovations, such as strips for rapid detection of infectious diseases such as HIV, dengue, malaria, cardiac markers and Tumor markers.

Other products that will reach the Colombian market from Turkey are: orthopedic implants, hip and knee prostheses, external fixation systems, eye drops, medications and molecules for their preparation, disinfectants, antiseptic products, surgical sutures, generic medications and devices for anesthesia, ventilation and resuscitation; injectables, and disposable textiles, among others.

It is estimated that 80.7% of medical device consumption in Colombia is supplied from imports, which opens opportunities for companies interested in producing locally for the national market, said Juan Gabriel Pérez, Executive Director of Invest Bogotá.

These types of activities allow Colombia to have the possibility of having medical technology that will benefit patients, continuing with the plan of the Ministry of Health and Social Protection in terms of reducing inequalities and improving the quality of care.