From The Report: Colombia 2014
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Though it has seen advances in coverage in the past two decades and has inched closer to attaining universal coverage, the health sector is also seeing pressure from escalating costs due to increased coverage and an ever-expanding mandatory health plan. In 2012 the public sector accounted for 75.8% of total expenditure, with the private sector making up the other 24.2%. Total health care expenditure represented 6.8% of GDP for the same year. Meanwhile, some sub-sectors areas are registering stable growth. A dynamic private sector is pushing medical tourism forward, in the process adding to the country’s expanding infrastructure capacity. Attracting more than 50,000 medical tourists in 2013, the industry reported revenues surpassing $220m in 2013, up significantly on the $130m recorded in 2012. The local pharmaceutical industry grew 6% in 2013, while the medical device market, valued at $1.2bn in 2013, is projected to grow at a compound annual growth rate of 13.3%, reaching $2.2bn by 2018, double its current size.