Read the Conversation
Meeting highlights:
- Demographic Shift & Healthcare Demand: Colombia is undergoing a rapid aging process, with 25% of the population expected to be over 65 in the next 20 years. This shift will drastically increase demand for chronic disease services (e.g., cancer, arthritis, diabetes), requiring a healthcare system realignment.
- Healthcare System Under Strain: The inclusion of nearly all medical services under public coverage has led to unsustainable deficits. Government interventions have taken control of major insurers, worsening cash flow problems across the system and delaying treatments.
- Grupo Amarey's Strategic Evolution: The company rebalanced its portfolio (now ~50% pharma, 35% devices, 15% services) and expanded into genomics, AI-driven diagnostics, and plans to introduce generics to address future cost pressures.
- Approach to Partnerships & Innovation: Grupo Amarey prioritizes innovative, evidence-based, exclusive partnerships built on strong relationships. They serve as a trusted, compliant channel for global companies entering Colombia and Central America.
- Vision for a Sustainable System: To build a resilient healthcare model, Colombia must go beyond access to focus on quality and efficiency. This includes investing in value-based solutions and securing new, sustainable funding sources to meet rising healthcare costs.
EF: 2025 is shaping up to be a significant and complex year for Colombia. From your perspective, how do you see the year unfolding?
MC: There are two main dynamics at play, and they go beyond government decisions—they’re tied to demographic and behavioral shifts. First, Colombia is going through one of the fastest demographic transitions in its history. Within the next 25 years, approximately 25% of the population is expected to be 65 years old or older. We’re starting to resemble a developed European country, with a shrinking youth population and a rapidly aging one full of chronic diseases.
To give you an idea, just ten years ago, we had around one million births annually. Last year, that number dropped to 430,000. Fewer children means long-term shifts in demand across many sectors, but especially in healthcare, where 60% of chronic diseases occur in populations over 60—diabetes, cancer, pulmonary conditions, osteodegenerative diseases, and so on. That’s a big driver of change.
The second factor is the evolving behavior of patients. Twenty years ago, patients would visit a physician, get a recommendation, and follow it. Today, they want options, second opinions, and several specialists, but they lack the tools and financial support to run them effectively. That hyper-specialization increases costs, resulting in more tests, labs, and procedures. So we’re seeing rising healthcare expenditures driven not only by aging, but also by changing patient expectations and medical advancements.
EF: And how is this picture evolving?
MC: Before the current administration, during President Duque’s government, Colombia expanded its health coverage to include almost everything under a new high-budgeting system—Presupuestos Máximos. This was a good move in terms of equity, but the increase in coverage wasn’t matched with sustainable funding. The budget didn’t grow fast enough to cover the surge in treatments, diagnostics, and medications now included.
Furthermore, this government has attempted to reform the sector, primarily through legal interventions. Several major insurers were placed under state control. Today, roughly half of the population is under these publicly managed insurers, but they lack the experience and financial support to run them effectively. This has created widespread deficits.
We’re seeing cash flow issues everywhere— sometimes insurers can’t pay hospitals, hospitals can’t pay providers, and approvals for surgeries and chronic treatments, such as cancer, are being delayed. We’re in the middle of a turbulent time.
EF: Given these challenges, what changes does Colombia need to make to ensure a more sustainable system, particularly in light of the aging population?
MC: First, I agree with the government that we must invest in health care prevention, and at the same time, we need to expand our capacity for chronic care services—this will be one of the country’s key healthcare priorities. Second, we must rethink pediatric services. With fewer children being born, pediatric departments won’t be managing volume but rather complexity.
EF: And how is Grupo Amarey preparing for these demographic shifts?
MC: We’re putting a stronger focus on chronic disease services—cancer, arthritis, orthopedics. But it’s not just about providing products. We’re shifting toward integrated care—delivering solutions that support the patient holistically, not just surgically.
EF: When we last spoke with one of your colleagues three years ago, Grupo Amarey was transitioning its portfolio from a pharma-heavy focus to a more balanced mix including devices and services. How has that strategy evolved?
MC: I’m pleased to say that we have achieved that. Today, approximately 50% of our sales are from pharmaceuticals, 35% from medical devices, and 15% from services, with a small portion of sales from equipment. But beyond that, we’ve expanded into genomics. For example, we now offer a test that helps determine whether a breast cancer patient needs chemotherapy. We have also recently signed a partnership with a U.S. company to launch the world’s only approved genomic test for arthritis, enabling physicians to select the most suitable class of treatment from the outset.
We’re also exploring AI-driven risk assessment tools for sepsis and ICU complications. This is where we’re headed: personalized care, genomics, and AI-based solutions. We’re open to generics—not because they’re trendy, but because they’ll be essential for cost control in a system under strain.
EF: That’s a major shift. And in terms of partnerships, what do you look for when bringing global innovations to Colombia?
MC: We currently represent over 26 international companies—including Intuitive Surgical’s da Vinci robot, which is why I’m wearing this shirt. What we look for in a partner is innovation first and foremost. We want products that genuinely solve problems.
Second, we need exclusivity. If everyone distributes the same product, the focus shifts to price, not value. Third, we expect evidence. Show me the clinical studies, the published data, the real-world outcomes. And finally, it’s about relationships. We build partnerships based on shared goals and trust.
EF: If you could send a message directly to patients in Colombia, what would you want them to know about Amarey and your mission?
MC: We want to be the best partner in the region—not just in business terms, but in outcomes. When we say something is the best option, it’s because we have the evidence, we’ve trained the doctors, and we’re investing to make it available. We honor our claims.
For example, in response to the growing threat of antimicrobial resistance, we’ve introduced immunoglobulins that enhance immune response and make antibiotics more effective in critical care. We’re also promoting next-gen minimally invasive procedures. One of our partners offers a surgical solution that allows gynecological access via the vaginal canal, eliminating the need to cut through the abdominal wall, for a safer and faster recovery.
EF: What technology excites you most right now in terms of its potential to impact patient outcomes?
MC: We’re very focused on pharmaceutical robotics—automating pharmacies to improve safety and efficiency. We’re also doubling down on genomics. We’ve already brought in a test for arthritis, and I’d love to bring in more. This space is where we can make a real difference.
EF: You recently celebrated four years as CEO of Amarey. Looking back, what achievements are you most proud of?
MC: First, I have to acknowledge those who came before me. The Amaya family and the previous leadership built a company with a strong reputation and high standards. My role was to build on that. Since I joined, we’ve increased profitability by reducing non-value-added products and focusing on innovation.
EF: How are you supporting your employees in this uncertain healthcare environment?
MC: The first thing is job security. We are doing everything we can to retain our team—this is not a good time to be unemployed in Colombia, and I take that responsibility seriously.
We’ve also invested in communication—monthly updates on the healthcare landscape, government reforms, and internal developments. We’ve restructured our leadership dynamics to prioritize teamwork, coaching, and collective decision-making. And finally, when we’ve had to divest from certain business lines, we’ve done our best to reallocate or support those employees through the transition.
EF: What message would you share with our readers?
MC: Colombia is in the middle of a change moment of change, but the healthcare sector is going to double in size over the next decades.
Grupo Amarey is a highly reputable, well-connected partner with one of the strongest compliance systems in the country. We work with over 26 global companies and are fully open to new alliances. We’re a strategic channel to Colombia’s largest accounts. Think of us as a well-paved road—if you bring your vehicle, we’ll get it to its destination.
EF: And finally, if we were to build a more sustainable healthcare model in Colombia, what would be your three priorities?
MC: Thirty years ago, the challenge was access, and we’ve achieved over 90% coverage. Now, we need to focus on quality. Access without quality isn’t enough. And the third priority is efficiency.
That means two things: externally, we need new funding sources; and internally, we must embrace value-based care. Every product, every solution must either improve outcomes or reduce costs. Healthcare is expected soon to represent over 10% of Colombia’s GDP. We need to be ready for that, with smart investment and sustainable models.
