Regulation in the Colombian Pharmaceutical Market

The pharmaceutical industry is a strategic sector in most countries. It is characterized by an oligopolistic structure, intensive in knowledge and technology, due to which it is a heavily regulated industry. The regulatory controls are intended to preserve R & D incentives, certify the safety and effectiveness of medicines and control the quantity and quality of expenditure. The objective of this study was to analyze fulfillment of these three purposes in the pharmaceutical industry's regulatory system in Colombia. The research was descriptive and exploratory, based on a review of literature and secondary information. The analysis led to conclusions that regulations in Colombia have deviated from the objectives proposed in theoretical terms and are oriented mainly toward market organization, ignoring aspects that facilitate a full supply of drugs through institutional and private distribution channels.