The impact of COVID-19 in the Colombian medical devices sector
The national sanitary authority (INVIMA) recently eased the requirements to produce medical devices aimed to prevent and treat COVID-19, such as gloves, face masks and diagnostic reagents, which creates regulatory opportunities to manufacture new products.
Local producers of medical devices in Colombia that require imported goods for its production process are now benefited with a total exemption of custom tariffs.
According to Fitch Solutions, public expenditure aimed to strengthen the healthcare access “will sustain medical device growth, despite lower GDP growth”. Within the next five years, medical devices sales will increase 8,4% to COP 5.7 trn (USD 1.6 bn).
During COVID-19 pandemic, providers of medical devices and personal protection goods will be able to access public contracts using a simplified legal framework.
To ensure the availability and access to some medical devices, the National Government imposed export restrictions and price controls to products such as diagnosing devices, surgical suits and face masks. If the Ministry of Trade finds enough supply of these devices in the local market, export restrictions will be lifted to help other countries in the region with high deficit.
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