Although Colombia’s pharma sector has enjoyed growth over the past few years, new price controls could disrupt the sector’s expansion if they are poorly planned, industry representatives claim.
Their concerns focus on the reaction to maximum price controls on medication recently approved by the government. The price controls took effect in early September 2013 following the publication of an initial list of 195 medications in July by a technical working group of the Comisión Nacional de Precios de Medicamentos (National Commission of Medication Prices). In August, the group revealed a revised list of a further 189 medications that would also be subject to direct price controls from September.
Despite being generally supportive of the price caps, Alberto Bravo, President of the Association of Colombian Pharmaceutical Industries (ASINFAR), expressed concern about their impact to Manufacturing Chemist. He said that industry uncertainty about potential government controls on the pharma sector within a now approved statutory health law had halted its growth (in volume and value terms). The new law would also establish a publicly funded body to collect and distribute health services and resources and reduce the number of public and private health insurance providers. The new law would also bring in a benefits plan that aims to increase the access of citizens to medication.
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