Eric Dawson

Myron Jansen
Patrick Sousa
Medina
Eddie van der
Loos
Marilyne Borges
Mendes
Gino Ospina

EXPORT PLAN
PEDAK

IBL32
13th of June 2014

Table of Content
Internal Analysis......................................................................................................... 5
Strategy.................................................................................................................. 5
Structure................................................................................................................. 5
Shared values.......................................................................................................... 6
Staf......................................................................................................................... 6
Skills........................................................................................................................ 7
Style........................................................................................................................ 8
External Analysis........................................................................................................ 9
Demographics......................................................................................................... 9
Economy............................................................................................................... 11
Technology............................................................................................................ 18
Social..................................................................................................................... 20
Technology............................................................................................................ 22
Ecology.................................................................................................................. 24
Political.................................................................................................................. 25
CICD Analysis........................................................................................................... 27
Customer Analysis................................................................................................. 27
Industry................................................................................................................. 28
Competitors Analysis............................................................................................. 30
Distribution analysis ............................................................................................. 36
SWOT........................................................................................................................ 39
Weaknesses........................................................................................................... 39
Opportunities........................................................................................................ 39
Threats.................................................................................................................. 39
Market context......................................................................................................... 40
International Trends............................................................................................... 40
Relevant legal (international) principles, regulations, directives involved in
globalization strategies......................................................................................... 43
Cross cultural field analysis...................................................................................44
Dos and Donts.................................................................................................. 46

Financial perspective............................................................................................. 47
Should Pedak enter into Colombia?..........................................................................50
Marketing Mix........................................................................................................... 51
Annex....................................................................................................................... 52
Internal analysis:................................................................................................... 52
External analysis................................................................................................... 52
CICD Analysis........................................................................................................ 55
Market context...................................................................................................... 55

Internal Analysis
For the internal analysis, the 7S Model is implemented for the reason that it is a
useful model to gain information concerning the internal afairs of a company. It
provides information regarding the strategy, structure, shared values, style, staf
and skills of the company. Finally, a financial overview is also added to the internal
analysis in order to analyze the companys financial state.

Strategy
PEDAK implements a customer intimacy strategy in which the companys main goal
is to have a tailor made solution to the measurement concerns and/or questions any
customer may have. This customer driven habit and desire to be the solution for
any (new) challenge is a great strategy which may be the critical factor that makes
this company excel in the industry. This is very well perceivable in their mission and
vision which are as follows;

Mission
"All measurement questions answered by our knowledge and experience."
PEDAK provides measurement solutions to companies and institutions with a
measurement question. A solution is only good enough if it connects perfectly to the
measurement question. The PEDAK staf is ready to answer any measurement
question. If a "standard" solution is not sufficient, PEDAK ofers a customized
solution. Ofering a specific measurement solution which solves a specific problem
is what PEDAK stands for, for almost 40 years, with great experience, a wealth of
knowledge and a lot of enthusiasm.

Vision
"PEDAK as a connecting factor between customer, product / supplier and
team, making PEDAK THE term in measuring technology."
The company has the following guidelines in mind every step they take:
PEDAK is a partner for the customer in answering all measurement questions.
PEDAK has a strong base by long-term relationships with suppliers and customers.
PEDAK has a powerful team with knowledge, commitment, experience and
enthusiasm.

Structure
The structure of the company is relatively simple in comparison with other (bigger)
companies. At the moment their team consists of nine members including the
current C.E.O. mr. Vossen. Except that all decisions need to be approved by the
director mr. Vossen, the company has a relatively flat-out company structure. This
enables the team of course to have one single leader. Sometimes it is better to have
a small group that performs efficiently and in one direction, than having a larger

group with diferent leaders. This may have bad influence on the general
performance of an organization.
Therefore in this particular company, it is quite simple to know who the boss is and
thus how the information flows. However, the director is open to any constructive
suggestion the members of the team can make. Each member of the group has his
own department to take care of, but since they are still a limited group, the
communication among the departments seems to be really efficient. Consequently
in professional terms, you could say that the company has an implicit information
flow. This in his turn, enables the entire team to conduct the activities really well.

One team, one direction

Shared values
The core values that are manifested within PEDAK are:

Client oriented mentality

Team oriented mentality
Innovation
Ambition
Enthusiasm
Creativity
Loyalty

These core values are strongly evident in the companys corporate culture. PEDAK
strives to solve its clients measurement problems with tailor-made measurement
solutions. It strives to do this by working efectively together, being creative and
innovative while staying enthusiastic in its business and being loyal to its suppliers.
Especially, its loyalty to its suppliers, its ambition for growth and its desire to
provide creative solutions have been fundamental values the company was built on
and values which has allowed it to grow into the company it is today.

Staf
PEDAK has a powerful team with:

Knowledge

Commitment
Experience
Enthusiasm.

Obviously, these skills are the reason that PEDAK is succeeding in doing business.
PEDAK has a small team but flexible team as all employees are able to do any kind
of job within the organization.
Roland Vossen is the director and he is the one which makes all final decisions.
Basically, he makes the final decision when a challenge presents itself for PEDAK.
Furthermore, he is an authorial leader who does listen to his employees during the
decision-making progress.
The rest of the eight employees are at the same level in the organization and are all
very innovative as well. Being open minded is necessity at PEDAK because they
thrive on the fact that they can find a solution for every measurement problem.
Currently, the company is not recruiting employees via any job-website but they
have their own page at the website of PEDAK were people are able to apply for a
job.
Providing colleagues with feedback is a standard policy of PEDAK. The employees
are very punctual and the acceptance capability is at a high level. In short, the team
of PEDAK is striving to be the most reliable company in their sector.
On the other hand, their small staf might cause problems when expanding abroad
because the workload per employee will increase with an expansion and will be too
much to stay efficient and efective.

Skills
PEDAK has a few skills which distinguishes itself from their competitors.
Firstly, their product ofer distinguishes the company from its competitors. PEDAK
imports high quality brands from all over the world and combines them with their
own product developments.
In addition, PEDAK delivers tailor made solutions to various industrial companies
which work with indoor climate, but also hospitals, pharmaceutical companies and
foods manufacturers. Every section needs a diferent solution and PEDAK ofers
their clients a tailor-made solution to their measurement problem. They analyse
exactly what their clients want to measure to deliver the right advice including
equipment, but also maintenance and calibration. When there is no equipment
available for a certain problem, they have the expertise to make those equipment to
meet the exact need of their clients. You can see that the company attaches great
importance to their clients.
Finally, due to the creativity and the knowledge of the employees, the company has
been able to come up with some new innovations which even led to winning an
important award. When a solution is not adequate, PEDAKs employees think
outside of the box for a perfect solution.

Style
Kurt Lewins classification of leadership styles is a style framework that is commonly
adopted. There are three major leadership styles, which are:
Dictator
Autocratic leader
Laissez Faire (free reign)

The director of PEDAK, according to this method, is applying an Autocratic

leadership style. He includes the team members in the decision-making process, but
ultimately he is the one who makes the final decisions. By including his employees
in the decision-making process, he encourages the creativity of the group, increases
the engagement of his employees in their work and increases productivity.
There are no real teams functioning within PEDAK. The staf works in nominal
groups, but each employee has his own specialization, which the director uses and
put in practice. PEDAK has only 9 employees working, this makes the employees be
cooperative, as they work together to achieve deadlines and goals.

External Analysis
For the external analysis, the DESTEP analysis is elected as this analysis provides a
clear overview of the macro economic factors of a country. The demographical,
economic, social, technological, ecological and political aspects of Colombia will be
brought to light in this analysis.

Demographics
Geography and people
Colombia is a South American country in the northern part of this continent which
shares borders with Panama (Northwest), Venezuela (East), Brazil(East), Ecuador
(South) and Peru (South). The country also has extensive coastlines on the Pacific
Ocean and Caribbean Sea. According to the Colombian Embassy, Colombia is home
to the second largest population in South America, with a population of 46 million
people. Of its total population 75% live in urban areas. Its major cities are its capital
Bogota (9million), Medellin (3.5 million), Cali (2.4 million) and Barranquilla (2
million).
Colombia is home to the third largest Spanish speaking population in the world, only
trailing Mexico and Spain. A SEMANA article shows that even though its peoples
knowledge of English is currently not great, its knowledge of this language has
improved with a promising 4.2% from 2012 to 2013. In the major cities the
population has a greater knowledge of English, especially businessmen are able to
communicate in this language. Colombians are a fairly educated population. With a
literacy rate of 91%, almost all of its people above 15 years old, can read and write.

Health care
According to a Dorland Healthcare report (2004), Colombia has a total amount of
approximately 1000 hospitals, both public and private throughout the country. A
Perspectives of Health Care in Latin America report (2209) shows that the public
hospitals have a far higher participation (84%) in the Colombian health care market
than the private hospitals. The Colombian hospitals have a hospital bed density of
1.4 per 1000 Colombian inhabitants. The country has an infant mortality of 15.5
deaths per 1000 live births. A total of 16 of these hospitals were voted in the top 40
clinics of Latin America, according to Proexport Colombia.

Infrastructure
According to Pymes Exportadores de Colombia, Colombia has a good infrastructure,
for sea transportation, road transportation and national and international air
transportation. Due to the geographical conditions of the country, air transportation
is of great importance. Even small and intermediate cities have airports for
domestic flights to the big cities or to tourist destinations because of the long
traveling time by car. Transportation by sea still plays an important role in the
Colombian economy. About 20 national and international shipping lines operate in

the Caribbean harbors (Barranquilla, Cartagena, Santa Marta, Turbo, Puerto Bolvar)
and the Pacific harbors (Buenaventura, Tumaco). Container harbors exist in
Buenaventura, Cartagena and Barranquilla. The most important harbor in Colombia
is Buenaventura. Difficulties related to the harbor traffic and the bad overland roads
between the harbors and centers such Bogot or Medelln, have resulted in a usual
way of the combined sea/air transportation for freights from and to Colombia. Goods
are shipped from Europe to Miami and then transported to Bogot or Medelln by
plane. Shipments to Europe are also shipped the same way.
To conclude, Colombia has some demographic opportunities. The country has a
huge health care market with approximately 840 public hospitals and 160 private
hospitals of great quality. Furthermore, the country possess a good infrastructure, in
particular its air and sea transportation which is used to import and export goods to
and from the country.

Economy
Prosperity
The economy of Colombia has grown the past decades and that has not been
without notice. Colombias economy has recently become the third greatest
economy of Latin-America taking the place of Argentina and standing only behind
Brazil and Mexico as is stated on several news sites such as InfoBea. According to
the CIA World Factbook the booming economy of Colombia has also been under
observance by the three major rating agencies as it is now also the second largest
economy of South-America.
The GDP has grown the last three years with more than 4 percent per year and has
reached a GPD purchasing power parity of $526.5 billion and a GPD purchasing
power parity per capita of $11,100 in 2013. With that Colombia position itself at the
twenty-ninth spot among world economies.
Additionally, the country has a relatively low inflation rate of consumer prices at
2.2%. Although the unemployment has been the lowest in years, at 9.7% it is still
one of the highest of Latin-America. Colombias income distribution showed a high
level of inequality. With a wealth income ratio of 26.6, that is between the lowest 20
percent and the top 20 percent, Colombia surpassed the average Latin-America
ratio of 17.2. Colombia has a budget surplus of 0.4% of its GDP. Besides the budget
surplus, Colombia has also a surplus in trades. With an export amount of $58.7
billion and an import of $53.5 billion, the country exports more than it imports. The
outcome is a trade surplus percentage of 9.7%.
Colombias main export partners are the United States with (36.6%), China (5.5%),
Spain (4.8%), Panama (4.7%), Venezuela (4.4%) and the Netherlands (4.1%). The
main import partners of the country are the United States (24.2%), China (16.3%)
and Mxico (10.9%) and Brazil (4.8%).
Colombia has also a tight relationship with the EU that started to blossom more in
June 2012 when the signing of the Trade Agreement occurred. As published on the
European Union website, at 1 August 2013 the trade agreement finally entered into
application and all the trade barriers between Colombia and the EU were lifted. The
EU is the third largest source of importation of Colombia and the EU is also
Colombias second biggest market of exportation. Both countries will have mutual
benefit by the Trade Agreement. According to the European Union, Colombia will
have a new opportunity to diversify their export, by not only exporting fish and
agriculture but also industrial products.

Colombias rating to BBB

Although the country has a public debt of 39%, Colombias government debt has
been upgraded by these agencies to investment grade, making Colombia share the
same BBB rating title as Brazil and Panama. According to a research from the

BBVA bank the reasons for this upgrade are; the strengthened external bufers and
their debt dynamics, the strengthening of external bufers has been attained
through sustained accumulation of international reserves, access to IMFs Flexible
Credit Line and a net sovereign external creditor position in 2013. This allows
Colombia to better withstand the anticipated change in external financial conditions
as the tapering begins and capital flows lose appetite towards emerging markets.

Shortcomings of the economy

On the other hand, the Colombian economy still has lingering shortcomings that can
undermine the prospects for long-term economic development. Firstly, the country
still depends heavily on its oil exports, which has acquired approximately $16 billion
in foreign investment in 2012.
Secondly, there is still a huge disparity in income in the country. Approximately
33% of the population currently is living below the poverty line, which means that a
small group of the population is improving in its economic situation.
Thirdly, corruption is still an impeding factor as Anti-corruption laws have had little
impact, and the judicial system is still vulnerable to political interference.
Lastly, there are also security issues that weaken the protection of property rights,
infrastructure deficiencies, and complex tax and labor systems.
According to the MOHR Partners publication, the top income and corporate tax rates
amount to 33%. Other taxes include a value-added tax (VAT) and a financial
transactions tax. The overall tax burden amounts to approximately 14.5% of total
domestic income. The trade-weighted average tarif rate is 8.9%, but non-tarif
barriers are relatively low. The investment regime can be unwieldy but is generally
transparent. Foreign investment receives national treatment, and 100% foreign
ownership is allowed in most sectors. Private institutions dominate the growing and
well-capitalized financial sector.

Growth perspectives
The strong economic performance of Colombia is very promising. For the economy
there are several growth perspectives that will contribute to the expected GDP
growth of 4.4 percent:
According to MOHR there are more free trade agreements negotiations
taking place with foreign countries such as Canada and Japan, which will be
favorable for the economy of Colombia and turning the country into a
potential new free trade haven.
Colombia in order to avoid double taxation and tax avoiding has been
busy with expanding their network of bilateral agreements with other
countries. This tax treaty has also been bound with The Netherlands and will
contribute to the growing economy. The aim of this tax treaty between

countries is to stimulate the intensifying of mutual investments as stated on

the Dutch Government website.
The latest upgraded rating title received by the major rating agencies
Standard & Poors, Moodys and Fitch Group, will give investors, according to
the BBVA research, more ease and confidence to invest their assets in
Colombia.
New negotiations have started with the countrys guerilla group FARC
in hope to bring peace and end a 50 years long conflict. The result of peace
will be very favorable for Colombia and will become a more secured country.
That will contribute to a better national economy, attract investors and last
but not least a growth in tourism.

Potential markets
Best potentially markets in Colombia are:

Medical, surgical, dental or veterinary instruments

Electro-diagnostic apparatus
Prosthetic devices
Diagnostic imaging equipment
Laboratory equipment and consumables
Ultrasound, mammography and cardiovascular equipment.
Dermatological and laser treatment apparatus and apparel (boosted by
health care tourism and expanding plastic surgery demand)
Intensive care, cardiology, neurology and oncology related equipment

Health care tourism

Colombia is not only the third economy of Latin-America, but is also the third of
Latin-America when it comes to the cosmetic surgery sector. On a global scale is
Colombia based on cosmetic surgery the eleventh of the world. According to the
database of Dorland Healthcare, Colombia has a total amount of approximately
1000 hospitals, both public and private throughout the country. The public hospitals
have a far higher participation (84%) in the Colombian health care market than the
private hospitals. According to newspapers ElTiempo and Vanguardia there are
recently 500 public hospitals on the edge of bankruptcy. Colombian government
wants to help these hospitals with the needed resources and a new strategy so they
can continue operating as a public hospital instead of being privatized. The
Colombian hospitals have a hospital bed density of 1.4 per 1000 Colombian
inhabitants. According to ProExport Colombia, A total of 16 of these hospitals were
voted in the top 40 clinics of Latin America. With professional high-tech hospitals
and private clinics such as la Fundacin Valle de Lili from Cali (4 th place), la
Fundacin Cardioinfantil from Bogot (6th place), la Fundacin Cardiovascular
from Bucaramanga (8th place) and the Hospital Pablo Tobn Uribe from Medelln

(10th place) are amongst the top 10 of the world and taking care of 3.3 percent of all
worldwide surgeries. According to ElColombiano, the low prices, high quality, knowhow, sophisticated treatment and personalized care are the reasons of attraction of
the health care tourists. Not only does Colombia attracts tourists, according to the
news article on BearingPointCaribbean there are also cases in which insurance
economize on their patients by outsourcing them to Colombia.
The tourist that visit Colombia for esthetic reasons are according to ElColombiano;
60% from the U.S., 15% from Spain, 5% from Venezuela, 15% from the rest of
Central & South-America and 5% from the rest of Europe. The prices of the surgeries
and treatments are in Colombia mostly 20-50% cheaper than the homeland of the
tourists, making it very attractive for them. Not only have the prices seemed to be a
trigger point but also the quality treatment and aftercare what they get for in return.
There are even special hotels which their specialism is on taking care of these
special tourists after they have undergo their treatment.

Pharmaceutical market
According to OSEC report on Medical and Pharmaceutical products in Colombia
(2010), there are national companies and international pharmaceutical enterprises
in the form of subsidiaries in the pharmaceutical sector of Colombia. The
pharmaceutical distribution in Colombia is also divided and consists of 2 channels.
A lot of Latin-American pharmaceutical companies has noticed that the market of
Colombia is tremendously increasing and has become very important. Thats why
the past years Latin-American pharmaceutical companies have tried to get a share
of Colombias market by taking over some national Colombian pharmaceutical
companies. By this acquisitions they want to position themselves in the market of
Colombia amongst the big players and to profit of the clientele, know-how, and the
booming economy.

Import
Imported Products
The finished pharmaceutical products that register a high imported value area:
Drugs, in dosage, human use
Drugs, in dosage, human use, For oncologic treatment or HIV
Other blood fractions/ for oncologic treatment or HIV
Vaccines, human use
Other blood fractions
Human blood; animal blood for therapy, prophylactic/diagnoses uses; microbial
preparations

Antibiotics, in dosage, human use

Hormones, not containing antibiotics, in dosage o/t contraceptive, human use
Reagents of laboratory or of diagnosis that are not used in the patient
Contraceptive preparations based on hormones or spermicides

Although Colombia is making progress and producing a lot of pharmaceutical

products, yet still their import is higher than their export. A reason for this trade
deficit is that they are in constantly need of raw material for medicaments
production and finished goods which they dont have or produce at a major scale.
Underneath a list of pharmaceutical products that are manufactured in Colombia.

Principal pharmaceutical products manufactured in Colombia:

Medicaments prepared for human use containing vitamins, antibiotics, alkaloids,
penicillin and /or hormones established for retail sale
Other articles having an adhesive layer
Vaccines for human and veterinary medicine
Cement and other dental elements
Similar sterile surgical suture
Preparation of gel
As above mentioned the imports of the pharmaceutical industry consists mostly of
finished goods and raw materials also known active ingredients. The pharmaceutical
industry of Colombia highly depends of the active ingredients in order to produce
medication. The international enterprises located in Colombia are the ones who
mainly import the finished goods. The country had an importation average annual
growth of 24.2% from the year 2006 to 2009. In 2009 the import of finished
pharmaceutical goods was passed $1.245 million dollars.
The United States was a long time ranked first place regarding the origin of
Colombians imports of finished pharmaceutical products. In the year 2009
Switzerland exceeded those of the United States and became the number one on
the ranking. 15.8 % of the import of finished goods of Colombia came from
Switzerland. United States provided 12.2% of Colombias import. The Netherlands
was ranked at the seventh place and 5.8% of the import was of Dutch origin.
Underneath there is a list of the imported products, the imported products from
Switzerland and the importing companies.

The most representative pharmaceutical products of the imports of

Colombia from Switzerland are:
Other blood fractions, for oncologic treatment or HIV.
Drugs, in dosage, human use.
Drugs, in dosage, human use, for oncologic treatment of HIV.
Importing
Companies
Exporting
Vitamins and
their derivatives, in dosage,
of tarif code 2936, human use.
companies
PRODUCTOS
Antibiotics,
in ROCHE
dosage,S.A.
human use.
MERCK S.A.
ABBOTT LABORATORIES
DE
COLOMBIA SA

PROCAPS S.A.

NOVARTIS DE COLOMBIA
SA. INGELHEIM S.A. UAP 164
BOEHRINGER
LABORATORIOS GENFAR
WYETH INC.
S.A.
BAYER SA

LABORATORIOS BAXTER SA

PFIZER SA

CI. PROCAPS S.A.

LABORATORIOS W
BAXTER
- L LLCS.A.
/ WARNER LAMBERT LTD
GLAXOSMITHKLINE
S.A.
SIA COLOMBIA.
INAMER LIMITADA
SANOFI-AVENTISSANOFI
DE COLOMBIA
AVENTIS DE COLOMBIA SA
S.A.
SCHERING-PLOUGH S.A.
MINISTERIO DE LA PROTECCION
SOCIAL

Exports
In 2009 the exports of finished pharmaceutical goods of Colombia reached $404
million dollars. There was registered for this analyzed period an annual increase in
volume of 3.5% and in value of 11.9%. The countries of Colombias exports of
pharmaceutical products are Venezuela, Ecuador and Panama. Venezuela is
occupies the first place and represents the main market, followed by Ecuador and
Panama. Switzerland was ranked as 19th on the list. Venezuela, Ecuador and Panama
were accounted for 65% of all the exports in that particular category. This proofs
that the international companies that are located in Colombia that serves these
markets are using Colombia as a platform for their export. Underneath a list of the
exported products and the exporting companies.
Exported Products
83% Colombians export of pharmaceutical goods consisted of the following
products:
Medicaments, in dosage, human use,
Vitamins and their derivatives, in dosage, from tarif code 2936, human use
Antibiotics, in dosage, human use
Alkaloids or their derivates, not antibiotics or hormones, in dosage, human use,
Antibiotics, in dosage, veterinary use

Social
Standards & values
Looking at the dimensions of Hofstede, Colombia is a country with a masculine
culture where people live to work. Achieving success, performance, money and
recognition are important goals for them. Achieving success at work gives them
personal satisfaction, prestige and power. Colombians are one of the most
collectivistic cultures which means that the society is divided into groups, often
family groups. They find safety and security in these groups because most of the
time they cannot rely on assistance or protection of the government. Everyone
helps each other. In a business relationship with a collectivist culture, they will be
loyal to the members of their own group. However, the country has a high power
distance rate which is normal in an economically weaker country. This means that
the inequalities amongst people are just a way of life and are accepted by the
society. When you are doing business with such a culture it is important to recognize
status symbols. To a certain extent if you want to be a business partner you should
make sure that you have a similar social status as your affiliate. In addition
Colombians have a high uncertainty avoidance rate which means that they fear the
future within their culture. They sufer from a lot of rules, want certainty in their
work and are very religious. Therefore, deviant or unique behavior is not valued by
society.

Communication
According to Culture Crossing and the Colombian business etiquette, in comparison
with the Netherlands, Colombians are more indirect when communicating. They
attach a great value on what other people think or their reaction. They are always
careful not to ofend others. In comparison with business they tend to be more
direct, but only in formal and social environments. They love chitchatting and
basically make decisions on the basis of their feelings. It is normal that Colombians
speak very loudly, that is why the shy ones are often heard during a conversation. It
is also normal when a Colombian embraces you and greeting takes a long time.
They try to show respect to the other person through this way. Titles are an
important aspect and should always be visible on business cards. A person should
always be addressed by using his/her title. It is good to talk about family, soccer,
culture, cofee and history. But never talk about drug traffic in Colombia, politics or
religion, these are sensitive subjects. Although culture is a good subject to talk
about, never make a comparison between their culture and yours.

Social trends
As published in the Centre for strategic and international studies, in 2014 Colombia
is focusing on the peace negotiations between FARC and the Colombian
government. There is progress in the peace process. Besides, the Colombian
economy is growing and they are showing commitment to free trade which can
cause an increase in relations abroad.

Lifestyle
The Marketline PESTLE report shows that Colombia is known as a developing
country. The civil war and large scale drug trafficking has a negative impact on the
social development in the country. However, the secondary and tertiary education is
improving, the higher education is still not meeting the needs of the growing
economy. Looking at the healthcare sector, you can see that it has improved since
1993. The healthcare system consists of local, regional specialized and university
hospitals. There are three other big factors in the Colombian healthcare system,
which are the Instituto de Seguros Sociales, private sector and the paragovernmental social security institutions.
According to Inter-American Development Bank, 250 million dollars is being
invested in the Colombian healthcare sector in order to increase the equity and
efficiency in health services. This may generate an improvement in health outcomes
and ensure the transparency and flow of the health care in Colombia. The main goal
of the IDB is to provide more support to the Colombian government to create more
sustainability for the countrys healthcare system.
According to World Bank, the health expenditure per capita in Colombia was 431,95
dollar in 2011 as a ratio of the total population. These are the public and private
health expenditures. The private health expenditure in Colombia was last measured
in 2011 and consists of 1,54% of the GDP in Colombia. The private expenditures
consist of out-of-pocket spending, private insurance, etc. The public health costs are
divided into total health expenditure and governmental health expenditure in
Colombia. In 2011 the public health expense was 74,85% of the total health
investment in Colombia, while the government spending was 18,53% of the total
health expenditure in Colombia.
As published in Colombia Politics on April 16th 2013, the healthcare insurance
system in Colombia is provided both by public and private companies. They tend to
avoid one or another sector to gain monopoly over it which enables a high service.
The services are supplied by The Entidades Promotoras de Salud also known as EPS
through the Instituciones Prestadoras de Salud also known as IPS. The IPS are the
health providers. Every employee hands in a part of their salary to the EPS. This is
quite efective because it covers a large proportion of the Colombian population, but
also a plan of the government since the biggest part of the funding comes from the
employers.
To conclude, the healthcare sector in Colombia is improving. The government is
investing in this sector. Furthermore, it is important to create knowledge about the
cultural diferences and aspects when doing business.
HAS TO BE MORE EXTENSIVE

Technology
The third sector in which Colombia has been doing well is the technology sector. In
2012 the Wall Street Journal called Medellin the third most innovative city of the
world which was a surprise. The reason that it was such a surprise had to do with
that 10 years ago the city held the title of Coke capital of the world. What the
masses does not know is that in the past years the country Colombia has reached to
position itself as a Silicon Valley of Latin-America and attracting an increasing
amount of foreign start-ups to position themselves in the country.
It all started 11 years ago when Colombia decided to develop an ecosystem of
technology called ParqueSoft. ParqueSoft is located in the southwestern region of
Colombia and has gained a lot of international attention. The name ParqueSoft
means Park of Software and that is where the most innovative technology
companies has positioned themselves. The technology corridor consist of 11 parks
that are located in Colombian cities such as: Armenia, Buenaventura, Buga, Cali,
Manizales, Palmira, Pasto, Pereira, Popayan, Sincelejo and Tulua. ParqueSoft also
functions a network and connects universities of the region with the start-ups and
foreign subsidiaries. According to ParqueSoft they have nowadays a worldwide
clientele and ofering them a total coverage in the demand of IT products, services
and related content. The technological corridor has more than 500 clients in the
following continents: United States, Europe, Asia, Africa and Latin-America.
According to VB News, Colombia has a diferent policy in comparison with their
competitors Chile and Brazil that also fight for becoming the Latin-American version
of Silicon Valley. Chile has a start-up program since 2010 to attract foreign start-ups
by ofering them a $40.000 investment grant. Brazil has also a similar program
since 2013 in which they ofer start-ups an investment amount up to $100.000 in
the period of a year. Colombias program is totally diferent. Colombia did not
wanted to take the same approach of giving away huge amount of money to
foreigners and then see them leave without making developments as happened in
Chile. Colombia had another way to stimulate the growth and attraction of
foreigners and doing this by ofering venture capital. In this approach of giving only
the necessary finance there are less risks, more control and a higher productivity.
By ofering venture capital Colombia also earns money by owning equities in the
companies they invest in.
The more international approach to entrepreneurship is another way in which
Colombia distinguished itself from the competitors. Colombia difer itself by
promoting the export of technological products and services instead of only focusing
on the national market. For this approach Colombia takes advantage of their unique
strategic geographical location.

Colombia is the only country who connects South and Central America

Colombia is within a distance of just 3 hours from the city Miami of the
United States
Colombia shares the same time zone as that of New York

All these benefits that has Colombia give access to a market of 53 million Hispanics
in the United State. This market of Hispanics from the United States haves a
spending power of $1.2 trillion dollars according to The Financial Times. The access
to the huge market of Hispanics and their spending power attracts foreign start-ups
to position themselves in Colombia. By positioning themselves in the country they
are helping Colombia in becoming the Silicon Valley of Latin-America.

Conclusion
Colombias economy is clearly on the rise with a growing GDP every year. The still
growing GDP has made Colombia the third largest of Latin-America and the second
largest economy of South-America. This has not stayed unseen by the major rating
agencies who have given Colombia an upgraded rating title. The hard work is also
starting to pay of on an international scale in the form of FTAs with several
countries all over the world. In August 2013 the European Union trade barriers were
lifted and Colombia finally succeed to enter the EU market. The sophisticated health
care sector of Colombia has created a new kind of tourism which the country is now
well known for. The hospitals and clinics are by the high demand of health care and
their ranking amongst the top of the world, obligated to keep up with the
technology. That is something very convenient for Pedak as they can provide the
product and service and even establish a long-term relationship. The booming
health care sector also influence the pharmaceutical sector who is also in prosperity.
International foreign pharmaceutical companies position themselves in Colombia to
profit of the well ding of the sector and to use Colombia as export platform to reach
other markets of Latin-America. Other countries from Latin-America see Colombia as
a role model in particular when it comes to health care trends, equipments and
technology. Pedak can profit from the incoming companies who are taking over
other pharmaceutical companies and renovating by ofering them the 123-2touch
display. Pedak can also profit of the role model that Colombia has, by making a
name and being successful in Colombia that will guarantee success in other
countries of Latin-America. Colombia has managed to create a name for their
technology sector, with ParqueSoft a corridor spread amongst 11 cities and to even
been called the Silicon Valley of Latin-America. ParqueSoft is still expanding and
there are a lot of new foreign startups that are positioning themselves in these
technological corridor, which are potential customers for Pedak. Colombia still
struggles with aspects such as their high income percentage dependency on oil,
huge income disparity, corruption and infrastructure deficiencies. Although the
struggles which Colombia still deals with, we can safely say that Colombia is on
their way to become a world economy and a potential market for Pedak.

Ecology
The climate in Colombia may difer from very hot at lea level to relatively
cold at higher elevation. Also it would be possible to have a variation in
temperature from 17 during day time to 5C at night. The Colombians have
diferent terminology for their climate zones: e.g. the area below 900 meters
is called tierra caliente (hot zone), between the 900 to 1.980 is the tierra
templada (temperate zone), and from that altitude to 3.500 is referred to as
tierra fra(cold zone). Approximately 86% of the total area of Colombia lies
in the hot zone. Here, temperate varies between 24-38C dependant on the
altitude.
Rainfall in the hot zone is the heaviest in the Pacific lowlands and in certain
areas of eastern Colombia, where it rains almost on daily basis and rain
forest predominate. Extensive areas of the Caribbean interior are
permanently flooded. Not because of the moderately heavy precipitation
during rainy season (May October), but due to poor drainage.
About 8% of the country is being covered by the temperate zone, which
includes the lower slopes of the Cordillera Oriental and Cordillera Central.
Important cities of Medellin and Cali are located in this particular zone. Here
is the rainforest moderate and the annual temperature lies between 19-24C.
Then there is the cold zone which is approximately 6% of the total area. This
is the most densely populated. It covers a quart of the countrys total
population. Average temperature lies between the 10-19C with wet seasons
in April and May and from September to December.
Colombias geographic and climate variations have created in some way
ethnocultural groups. E.g; the Costeo from the Caribbean coast; the
Caucano in the Cauca region and the Pacific coast; the Antioqueo in
Antioquia, Caldas, Risaralda, and Valle del Cauca departments; the Tolimense
in Tolima and Huila departments; the Cundiboyacense in the interior
departments of Cundinamarca and Boyac in the Cordillera Oriental; the
Santandereano in Norte de Santander and Santander departments; and the
Llanero in the eastern plains. Each group has its own distinctive
characteristics, customs, accents, social patterns etc. You could say that
there are sub-cultures within the countrys culture created by diferent
geographic and climate situations.
There has been a rising CO2 emission that could potentially afect the quality
of the air and consequently impact the health of the countrys population.
CO2 emissions rose in the last decade from 57.7m metric tons to 71.2m
metric tons.

Technology
Health care
Due to the health care reform, in 1993, known as the law 100, Colombia has one of
the most extended insurance systems and medical financial protection in Latin
America. They stand second, only behind Chile. According to a report of Banca
dItalia, named The health-care system and its fiscal impact in Colombia, 86 per
cent of the population of Colombia has a universal health insurance. Within this
medical industry, the private sector is the most stable sector and it imports
especially large purchases.
The healthcare infrastructure needs to modernize, but is sufficient in the larger
urban areas. Still, the healthcare system remains complex, with a lot of corruption,
and not everyone, as stated in the article The corruption at the heart of Colombias
Health care system, of Worldcrunch, has access to a universal health insurance.
Due to a public sector health crisis, the import to large amount of technological
medical equipment, declined. However, this crisis is being tackled and the actions
are created to ease its impact. These actions were implemented in the period of
2012/2013, and this should make the public sector more reliable and attractive to
suppliers.
A study, made by America Economia Intelligence, pointed out that sixteen of the
forty best hospitals and clinics in Latin America in 2012, are in Colombia. Hospital
Fundacion Santa Fe in Bogot, the Fundacion Valle del Lili in Cali, Fundacion
Cardioinfantil in Bogota, and Fundacion Cardiovascular de Colombia in
Bucaramanga respectively are on the fourth, seventh, eighth and ninth place.

Growth
Conforming to the article Colombia as a potential new free trade haven, there are
factors that has positioned Colombias medical industry in growth. For example
plans for increasing in public spending for the health sector. In this case it boosted
the modernization of hospitals, clinics and clinical laboratories. Other factors are a
stable positive economic growth of the country and the free trade relationship with
the United States.

Opportunities
The government wants to improve the health care system and the aim is to upgrade
clinical laboratories, so that quality of service delivery in the health care sector can
be improved. The clinical laboratory market will highly benefit from this increase of
income and control. The remaining leading market are medical, surgical, dental or
veterinary instruments and electro medical equipment.
The capital of Colombia, Bogot, is the area, on which should be focused, as it the
most focused area for the medical device industry. Bogot is also a free trade zone,

which has to encourage international companies to invest in the capital city as

reported in A top Prospect for Colombia, from Export.Gov.

Conclusion
There are made some reforms by the Colombian government, and this will lead to
more investors to invest in the health care sector. Hospitals, clinics and laboratories
are modernizing and the biggest opportunities lies in the capital of Colombia,
Bogot, which is also free trade zone.

Political
Political influences
The healthcare sector is stimulated very well since Juan Manuel Santos Calderon
was elected president of Colombia. He already invested $948 million into the
Families in Action program which is a program that gives poor families cash
subsidies to have healthcare services. In 2003 former president Uribe launched the
Forester Families program which ofers families located in criminal areas a legal
alternative to earn money. The private and public sector is growing rapidly, it is a
major boost to human development in Colombia. There are a lot non-profit
enterprises who are providing healthcare and other social services to poor people.
There is a law in Colombia that permits foreign investors to have 100% property
ownership. Due to this (and to the lowest interest rate of L-A) you see a lot of
private clinics owned by foreigners.

Foreign policies
The relation with the USA and EU has been strong the last years. Colombia is also a
member of the Rio group which is an association of many Latin American
countries that are striving to have the same policy on a variety of issues. In 2013 it
received an ofer from the OECD. The OECD is an intergovernmental organization
that supports democracy and free market policies as well. President Santos wants to
work on foreign relations, particularly with countries in South-America. In May 2011
Colombia started the Pacific Alliance with Mexico, Peru and Chile. This group is
acting as one trading bloc they integrate their stock markets.

Economic policies
The central bank of Colombia is supporting private investment by improving the
business environment. The national industry is getting more and more open for
foreign investors and the corporate tax is dropping every year as well. Improving
the well-being of the citizens of Colombia is the main objective of President Santos.
He planned an investment of 316 billion dollars to reduce poverty and supporting
the welfare programs in the country. The government hopes this investment will
lead to a growing economy and the citizens are healthy and living by high
standards. Since 1991 the most heath care institutes and pension organizations are
owned by private players. They are getting important players in this sector since
Colombia decentralized public services.

Conclusion
There are plenty opportunities for foreign investors in the private sector. In addition
to that, there is not much bureaucracy for business companies, foreign investors are
allowed to have 100% property ownership and the corporate tax is dropping every
year. The government of president of Santos has launched many welfare programs
in the public sector to support many families who cannot pay for their own
healthcare services. Lastly, Colombia is has good foreign relations with the USA and
Europe and has a free trade agreement with Peru, Chile and Mexico.

CICD Analysis
Customer Analysis
To define Pedaks customers we will make use of the 6 Ws by Ferrell. These
questions will help us to target the right end user group.

Who are the potential customers?

In 2011, the total income of medical equipment, in Colombia, were worth 914
million US $. During these year the United States exported $ 325 million in medical
equipment. Other important import countries are China, Taiwan, and Germany.
According to Maine International Trade Centre and Export.gov, large purchases and
imports are almost fully done by the private sector. The private sector accounted for
nearly 45 per cent of hospital admissions and about 40 per cent of medical
appointments, suggestive of a relatively expensive health-care system with
extremely limited coverage.
The product, Cleanroom display, especially made for cleanrooms, operating rooms,
and laboratories, gives a glance whether the climate in the work environment is
right or wrong (e.g. temperature, diferential pressure, relative humidity, door
movements, dust). The potential customers for Pedak can be hospitals, pharmacies,
pharmaceutical companies (e.g. laboratories), or production companies (e.g.
medical products).

What are the potential customers doing with their product?

Customers buy the product in order to always have insight into the indoor climate
within the cleanroom and to be able to react immediately to maintain maximum
quality.

Where do the potential customers buy Pedaks products?

-

When do the potential customers buy Pedaks products?

When potential customers want to control, register and measure indoor climate to
prevent infection, but also for more safety and a better comfort zone.

Why do the potential customers choose for Pedaks products?

The potential customers will see the high-quality design and technic and this will
add value to their clinic/laboratories. It stands for luxury, exclusivity (from other
hospitals) and probably something to show of their professionalism, for when a
patient visit the clinic. It is also easy to control and to program, suitable for network,
can communicate with existing BMS, and settings are exchangeable.

Why would the potential customers not purchase Pedaks products?

Non-potential customers could buy Pedaks cleanroom display when they are
looking for modernization of their clinics or laboratories and what to add highquality products.

Conclusion
Pedaks customer are both public as private clinics or laboratories in Colombia.
There is more potential in the private sector, as they do most of the import of large
medical equipment.

Industry
When looking for better insight of the industry a company is doing business in, there
is one useful model which is the framework for industry analysis developed by
Michael E. Porter.
Mr. Porter is a professor at Harvard Business School in America whom is being
considered a management guru in the field of competitive strategies. The model
involves the following 5 points;
1. Threat of new entrants -(Level of difficultness to penetrate this
market?)
2. Threat of substitute products or services -(Is the product easy to
be replaced with any other cheaper product or services?)
3. Bargaining power of suppliers (How strong is the position of the
supplier?)
4. Bargaining power of buyer (Does the customer have a strong
position?)
5. Rivalry among existing players in the market (Level of
competition/who has the most power?)

Threat of new entrants

As perceived on the Colombian governmental webpage, there are plenty of
requirements to successfully be able to manufacture or import into this specific
industry. It is no exception when it comes to measurement equipment. The medical
industry on itself requires a high level of knowhow in every aspect. Without the
expertise, knowhow and even prestige, it becomes very difficult to penetrate into
any market and especially the medical industry. In addition, as perceived on the
webpage of Geert Hofstede, Colombia has a high level of uncertainty avoidance
which resembles in the buying/trusting behavior of the country. This is in order to
emphasize the importance of the reputation of the product/ service.

Threat of substitute products or services

The product which this research is conducted for is sophisticated and so far there is
no similar product in the Colombian market. This leads to an assumption that there
is no exact replacement for the product 123-2touch display. However the real threat
for it is the habit of economization that the culture has and retain the customers
from buying. Potential customers could hesitate to buy this product because they
already have a product that has the same functions. And hereby they do not have
the need of replacement.

Bargaining power of supplier

As stated here above, the average Colombian consumer prefers American products.
This gives their current supplier a big advantage already in comparison to European
suppliers. Besides, the Colombians have the tendency to relate quality with
American products and their current (biggest) supplier (Ohio Medical Corp.) is also
internationally known.

Bargaining power of buyer

In this specific industry, the buyer has little to no-power because it concerns a high
value product and/or service. This is reason enough why they would spend what is
necessary to obtain high quality products. However this does not mean that they
would simply renovate if this is not strictly necessary.

Rivalry among existing players in the market

When it comes to the market for similar displays, Ohio Medical Corp is the biggest
supplier in the Colombian market. Almost in every hospital is their equipment to be
found. This company itself has diferent distributors in the country already as we
can see from the data of the website Sicex regarding importers of Ohio Medical
Corp. Unfortunately there are no statistic figures though that shows the exact
percentage of the market-share that this company has. Furthermore, it is a fact that
Colombias hospitals rank among the top 10 of the world as it is published in the
newspaper ElColombiano and on several other mediums . Once you are positioned
in the Colombian market (as a supplier), it is not easy to be replaced.

Competitors Analysis
Siemens
Summary
The Siemens healthcare company stands for innovative products combined with
personal service. People are getting older and they are used to high living standards
so Siemens ofers medical technology to provide this need and its individual
approach are what makes Siemens unique. Siemens ofers advanced measurement
solutions and IT-systems for better diagnoses and precise treatment decisions.
Strengths
1. Flexibility
2. A long term contract needs flexibility and transparency and that is
what Siemens ofers to their customers.
3. Know-how
4.

diverse teams with diferent services and clinical backgrounds.

5. Experience
6. more than a decade experience in managing projects all over the
world. They know what it takes to succeed under pressure and they know
how to deliver top quality products.
7. Certainty
8. all the fees are fixed at the start of the contract so there is no space
for any uncertainty.
Weaknesses
1. Relative expensive
2. A- brand, because Siemens is a world known brand with high quality
standards.
Strategy and objectives
Globalization, demographic change and more megatrends are creating challenges
for human kind. Siemens is aware of these changes and have defined their goals
and vision according to the changes globally. Siemens wants to be the pioneer and
market leader in innovation driven markets. Aside from this objective, they also
want to be close to their markets and local partners. Lastly, they also want to
expand their service portfolio to better understand what really helps their
customers, meaning they want to intensify their interaction with their customers.

Health care customers in Colombia

The Imbanaco Medical Center in Cali, Colombia
Fundacin Cardioinfantil of Bogota
Hospital Pablo Tobn Uribe
Fundacin Valle de Lil
Cedimed

National Instruments Corporation

Summary
The company tries to solve the worlds most pressing challenges. The company
develops medical equipment and treatment tools and does daily engineering in
nearly 50 countries. Providing software and hardware platforms for companies and
institutes is a specialty of the company as well.
The company has approximately 7100 employees and is founded in 1976. The
company has an office in Bogota and is a member of the NI Alliance Partner
Network.
Strengths
1. Innovative
The national instruments corporation is always striving to manufacture high tech
and revolutionary medical equipments.
2. Public relations
3.

each year more than 35.000 companies select NI products

4. Platform based approach

5. cost-efective development methods because they are using one
platform to design many programs and system so it is not necessary to
develop a new platform for each new system that is developed.
6. Academic
7. the company has a strong connection with engineering students.
Obviously they want to have the best students working for them.
Weaknesses
1. Stock market
2.

shares fell over 7% . The majority is losing trust in the company.

Strategy and objectives

The company wants to think diferent than the most companies in their sector. With
the NI platform-based approach, you can customize and design systems at any
desired level. Their main objective is to make a complex engineering challenge
simple. By using a single-software system and reconfigurable hardware the products
of the NI (national instruments) are cost-efective. The NI also planned to invest in
tools that can help them keeping ahead of the competition. Obviously, the company
provides global services and support and maintaining high-quality measurement
systems.

Ohio Medical Corporation

Summary
The company stands for high quality and several services and finds it very
important to be recognized by their customers as an improving company in
respiratory, medical and industrial gas/vacuum systems. They are always trying to
meet their customers needs with innovative and high quality products while
ofering an extending service. They attach high importance in meeting and
understanding customers needs and honoring obligations towards them with
integrity and respect.
Strengths:
1. Market share in Colombia.
The products of Ohio are used in most hospitals in Colombia which makes them a
strong
competitor
2. High commitment to non-latex products.
latex-free statement
3. High commitment to customers.
importance in meeting customers expectations. Corporate Social Responsibility is
one of the key factors to their success
4. Broad range of products.
separated into clinical, med/gas and industrial products because they are not only
active in the medical sector but in de industrial sector as well. Because of this they
are able to spread their risks.
Weaknesses:
1. Facilities in United States and Canada

Strategy and objectives

The company has a high commitment to quality. The customers can see this
through the development of the products and customer service and support. They
find it very important to ofer their customers non-latex products whenever and
wherever possible. This in combination with their commitment to the customers.
They have built a strong name and reputation over the past 45 years. The hospitals
buy their products because of the strong reputation of being a good manufacturer of
reliable products. In addition, they are a worldwide leading supplier of the products.

Colombia

SENSOR MEDICAL, LTDA is one of the retailers which sells the products of the Ohio
Medical Corporation in Colombia.

Testo
Summary
Testo is market leader in measuring technology with its headquarter based in
Germany. The company has 30 subsidiaries, 80 agencies worldwide with a minimum
of 2450 employees. They are specialized in developing, producing and marketing
portable and stationary measuring technology. They have two agencies in Colombia
specifically Colsein in Cundinamarca and MN TECHNOLOGIES in Bogota. Testo
focuses on the development of innovative measuring equipment including the
climate technology, food industry, and construction and emission analysis.
Strengths:
1. Large number of subsidiaries and agencies worldwide
2. Great investment in the future
3. Highly qualified staf
4. Great value on service
5. Wide range of products
Weakness:
1. Less focus on clean room displays
2. In comparison with PEDAK, less focus on meeting customers
expectations
Strategy and objectives
The company had revenue of 221 million euros in 2012. In addition to highly
qualified staf, the basis of their success is the above average investment in the
future. They invest 10% of their worldwide revenue in Research and Development
which is a very success orientated step near the future. The company attaches
great value on service. Their motto is more service equals higher quality. The
accuracy and user-friendliness are very important factors. In addition they ofer a
wide range of products.

Conclusion
The potential competition for PEDAK in Colombia is stif, both in the health care as
in the industry market. Their potential competitors are all big companies with
decades of international experience in the field of measurement equipment which
have had good success not only in Colombia but in total Latin America.
In the health care market, PEDAK would mainly battle the companies Ohio Medical
Corporation, National Instruments Corporation and Siemens. In the hi tech industry,
the biggest competitor for PEDAK is Testo.

Siemens
Siemens as PEDAK values and ofers innovative products combined with personal
service. Although it sells rather expensive products, it has a huge market share in
the health care market and already supplies for a number of health care institutions
in Colombia. The company has its own subsidiary in Colombia and numerous
partnerships with hospitals.

Ohio Medical Corporation

Reminiscent of Siemens, the Ohio Medical Corporation, also has a huge market
share in the health care market and already supplies big hospitals of measurement
products. The company sells its products through local retailers such as SENSOR
MEDICAL.

National Instruments Corporation

This company has years of experience and quality products , and is part of the NI
Alliance Partner Network which allows it to easy locate partners in Colombia.

Testo
In Colombia, Testo mainly works with two agents, specifically Colsein in
Cundinamarca and MN TECHNOLOGIES in Bogota. Testo provides these agents with
high quality products and these agents add a client specific mentality and
knowledge of the Colombian market.
PEDAK should consider really well whether to expand/export to that market or not
based on diferent relevant point of views. But certainly it does not seem the most
opportunistic market based on a competitor analysis.

Distribution analysis

Distribution method
The main consumers for the clean room displays from PEDAK in Colombia are public
and private hospitals.
In the Netherlands PEDAK usually sells its climate-products through middlemen,
such as installation companies. The clean room displays need to be installed and
customized to needs of the specific hospital in question and in the long run need to
be serviced. For these reasons, it can be concluded that personal service is needed
for the clean room displays. This personal service is the precise added value that
PEDAK wants to add to its products.

Distribution channels in Colombia

According to OSEC report on Medical and Pharmaceutical products in
Colombia(2010), there are two channels of distribution in the country regarding
medical equipment, specifically the institutional channel and the commercial
channel. The institutional channel consists of both the private and the public sector.
Public sector
The most important entities to the public sector are local authorities for instance
departments and municipalities, public hospitals, and institutions such as the
National Technical Training Center (Servicio Nacional de Aprendizaje SENA in
Spanish). Additionally, la Nueva EPS that replaced the old Instituto de Seguros
Sociales (ISS) and the Military are noteworthy group of actors worth to mention.
The public sector makes its purchases through procurement processes taking into
account the next methods of selection or choice of contractor: bidding, short lists,
tenders on merit and direct contracting.
Private sector
The private institutional channel is incorporated by Social Compensation Funds, the
largest of the being CAFAM, COLSUBSI DIO and COMPENSAR. Private Health Provider
Institutions (HPI) such as the Instituto del Corazn in Bucaramanga, Hospital
Pablo Tabon Uribe in Medellin, the Centro Mdico Imbanaco in Cali and the
Hospital Universitario Santa Fe de Bogot, among others, EPSs such as
COLSANITAS, SALUDCOOP, COOMEVA and FAMISANAR. The commercial channel
consists of importing companies and wholesalers such as JOHNSON Y JOHNSON DE
COLOMBIA, BOSTON SCIENTIFIC COLOMBIA LTDA., ST. JUDE MEDICAL COLOMBIA
LTDA., SYNTHES COLOMBIA S.A., LABORATORIOS BAXTER S.A., and SIEMENS S.A..
Amongst the retailers are LOCATEL COLOMBIA and FUTURO, are worth to mention.
Multinational companies located in Colombia such as 3M, BAXTER, FRESENIUS,
JOHNSON & JOHNSON DE COLOMBIA serve both the domestic and ADEAN market
(Ecuador and Venezuela).

Distribution method for PEDAK in Colombia

It is advised for PEDAK to use a distributor to sell its products because of the
personal service the clean room displays require and because of the specific
knowledge of the Colombian market a distributor adds. The following list of
companies are known importers of medical and surgical furniture and accessories
which could serve as distributors for PEDAK:
- The major companies that import medical and surgical furniture into
Colombia are:
1. HOSPIMEDICS S.A.
2. AMAREY NOVA MEDICAL S.A. (UAP 773)
3. LEASING DE OCCIDENTE S.A. COMPANIA DE
FINANCIAMIENTOCOMERCIAL
4. LIBCON DE COLOMBIA LIMITADA
5. HOSPITAL PABLO TOBON URIBE
6. SION MEDICAL LTDA
7. INDUSTRIA AMERICANA DE COLCHONES INDUAMERCOL SA
8. FUNDACION SANTAFE DE BOGOTA
9. DRAGER COLOMBIA S.A.
- The major companies that import surgical instruments and apparatus
into Colombia are:
1. JOHNSON Y JOHNSON DE COLOMBIA U A P 074
2. BOSTON SCIENTIFIC COLOMBIA LTDA.
3. ST. JUDE MEDICAL COLOMBIA LTDA.
4. SYNTHES COLOMBIA SA UAP 0552
5. LABORATORIOS BAXTER S.A. UAP COD. 077
6. SIEMENS SOCIEDAD ANONIMA
7. DISORTHO LTDA
8. MEDIHUMANA COLOMBIA S.A.
9. F.N.E. PARA B. BRAUN MEDICAL S.A.

10.PHILIPS COLOMBIANA DE COMERCIALIZACON S.A

Fairs
Fairs could be an efective way for PEDAK to promote its clean room displays to
potential distributors or even end-users. The most important fairs for the medical
equipment sector in Colombia are:
Meditech 2014 Bogota: Medical Fair, Colombia
Dates: 12th -15th of August 2014
Based in: Bogota,Colombia
Sector: Health and Medicine
Webpage: http://www.feriameditech.com/

Bogota International Fair

Dates: 29th of September 3th of October 2014
Based in: Bogota, Colombia
Webpage: http://www.feriainternacional.com/
Although this is not specifically a fair for medical equipment, it is a well known
industry fair which is open to buyers of a certain specific profile: entrepreneurs,
professionals and national and international trade
missions interested in acquiring technology tips, with as
goal to be up to date with the latest developments in
their industry and to make important contacts which
could be of added value in future business.

SWOT
Strengths
- Customer oriented
- Enthusiastic company culture
- Clear hierarchy
- Productive, creative and specialized staf
- Good relationship with its suppliers
- Financially healthy
- Productivity and creativity are high, as the director includes his employees in the
decision- making process
- Specialized staf

Weaknesses
-

Company is dependent on one single pillar

Small staf
No real team working in the office
Spanish communication limitations.

Opportunities
-

Centralized market with Bogot as biggest market to focus on

Government spending on the health sector
An open door to other Latin America countries and the United States
Governments reforms to upgrade technology in hospitals and clinics
Growing economy
100% property ownership for foreign investors
Planned government investment in welfare programs
The corporate tax
Amount of hospitals
Infrastructure
Governments reforms to upgrade technology in hospitals and clinics
Government spending on the health sector
Positive economic growth
Free trade relationship with the United States.

Threats
-

Corruption in the health sector

The political landscape of Colombia
Dependence on oil as main export product
Infrastructure deficiencies which hinder economic growth
Security/Safety(FARC)
Growing Corruption
Financial state public hospitals
14 per cent of the population still dont have a universal health insurance
Corruption is still a problem in the health sector
Other reforms/law did not worked in the past

Market context
International Trends
The reforms health care system
Currently, the Colombian government is trying to pass a bill that will reform the
health care system in Colombia. The current healthcare system consist of a private
intermediary organization, called EPs, which manages public health funds for
individual treatment. Colombians choose which EPS they wish to represent them,
giving the company power to allocate resources for treatment and choose services
on their behalf.
In theory, the EPS acts as an intermediary body which tries to keep down overall
costs by giving individual Colombians greater leverage in the health market. In
practice, the EPSs have been widely unethical, creating bureaucratic barriers for
treatments, withholding payments, and investing funds in areas which do not relate
to health care.
The government wants to extract the intermediarys power to manage public funds
through this new reform and implement a single government pool, called Salud Mia
to acts as a distribution center for the government budgets for annual healthcare
costs.
This reform gives the government more power and increases the possibility of
corruption in the health care market. (Colombia Reports 2013)

Colombias getting easier to do business in

An Euromonitor report showed that Colombia is currently ranked 43 rd of 189
economies in the World Banks Ease of Doing Business 2014 report. It has improved
in the categories:

Protecting investors
Getting electricity

These changes have come about by the current trend of pro-business reforms. It is
likely to continue this trend in the future in order to gain more foreign investment in
particularly the IT sector.

IT Business trend
According to CDN (computerdealernews) a trend in Colombia is the IT business
opportunities. Colombia is one of the biggest IT and BPO players in the world. BPO
stands for Business process outsourcing and is a basically back office outsourcing,
which includes internal business functions such as human resources or finance and
accounting, and front office outsourcing, which includes customer-related services
such as contact centre services.

Compared to the market leaders the Philippines and India, Colombia has a more
accessible way in ofering BPO. The six major regions in Colombia has the potential
to support successful software growth, business outsourcing, or information
technology corporate services, due to a construction of new fibre connection, which
will allow connecting of 96% in 2014.
Companies such as IBM Corp, Kimberly-Clark, Convergys and Hewlett-Packard (HP)
already made some recent investment in Colombia, which created jobs in the
software development, engineering and marketing sectors.
Colombia also started to work together with Canada, via a Free Trade Agreement
and a Double Taxation Agreement, to increase investment between the countries.
According to a presentation by ProExport, Canada is responsible for 3.6 % of
investment in Colombia, with a combined total investment of $1.3 billion between
2000 and 2010.

Tax reforms trend

A trend in Colombia is the new government policies including tax reforms. Thanks to
the various tax reforms since 2006 there is more fairness and transparency for
business companies. Consequently, the rates have been reduced.

38,6 % in 2006
33% in 2008
25% in 2012

A 9% equity levy is imposed on companies to compensate for the loss until 2015.
After 2015 the rate will be reduced to 8%. Thanks to these reforms it is more
interesting for foreign companies to start a business in Colombia. Liberalization
leaded to uninhibited foreign ownerships in several sectors like :

Telecommunications
Accounting
Energy
Mining and tourism

Silicon Valley of Latin-America

In 2012 the Wall Street Journal called Medellin the third most innovative city of the
world which was a surprise. The reason that it was such a surprise had to do with
that 10 years ago the city held the title of Coke capital of the world. What the
masses does not know is that in the past years the country Colombia has reached to
position itself as a Silicon Valley of Latin-America.
Colombia has a diferent policy in comparison with their competitors Peru and Brazil
that also fight for becoming the Latin-America Silicon Valley.

Chile has a start-up program since 2010 to attract foreign start-ups by ofering them
a $40.000 investment grant. Brazil has also a similar program since 2013 in which
they ofer start-ups an investment amount up to $100.000 in the period of a year.
Colombias program is totally diferent.
Colombia did not wanted to take the same approach of giving away huge amount of
money to foreigners and then see them leave without making developments as
happened in Chile. Colombia had another way to stimulate the growth and
attraction of foreigners and doing this by ofering venture capital. In this approach
of giving only the necessary finance there are less risks, more control and a higher
productivity. By ofering venture capital Colombia also earns money by owning
equities in the companies they invest in.
The more international approach to entrepreneurship is another way in which
Colombia distinguished itself from the competitors. Colombia difer itself by
promoting the export of technological products and services instead of only focusing
on the national market. For this approach Colombia takes advantage of their unique
strategic geographical location. Colombia is the only country who connects South
and Central America and within a distance of just 3 hours from Miami. Colombia also
shares the same time zone as that of New York. All these benefits that Colombia
haves give access to a market of 53 million Hispanics in the United State. This
market of Hispanics from the United States haves a spending power of $1.2 trillion
dollars according to The Financial Times. This also attract foreign start-ups to
position themselves in the country and by doing this they are helping Colombia in
becoming the Silicon Valley of Latin-America.

Relevant legal (international) principles, regulations,

directives involved in globalization strategies
Regulations
The Pharmaceutical Industry follows international standards, and especially those
from World Health Organization. There are two institutions that are responsible for
the regulations and policies in Colombia .Namely, The Ministry of Social Protection
and the INVIMA.
The INVIMA is an organization that checks the quality and safety of the products. If
you want to use their services you need to register the company which is possible
on their website.
Colombia ofers duty free zones in South- America to help foreign companies to
serve the local market. The corporate tax is dropping each year as well. The amount
of tax in Colombia is based on net income of companies

Corporate tax

Actual

Previous

Highest

Lowest

Forecast

Dates

25.00

25.00

35.00

25.00

25.00 | 2014/06

2006 2014

Treaties
Colombia holds many international agreements related to foreign investment
protection. There is a treaty with the EU since 26 June 2012.This means that buying
and selling products between the EU and Colombia is become easier. Another efect
of this treaty is that Hospitals and private medical investors are much more likely to
choose Pedak as a supplier because of the tax benefits. To receive the tarif

prevention you need to proof the origin of your goods. Therefore, you need a
certificate that is given by the Douane or The Ministerio de Commercio.

Below you can find the most important treaties for the pharmaceutical sector, such
as:

Overseas Private Investment Corporation - OPIC

Multilateral Investment Guarantee Agency - MIGA
International Center for the Settlement of Investment Disputes - ICSID
Andean Promotion Corporation - CAF

Legal principles
The Colombian law enables companies to solve their conflicts through arbitration.
Both parties are free to choose the arbitrators but normally a third party selects the
arbitrators.
When having a conflict with a government institute it possible to use arbitration as
well. This way of solving problems is much faster and cheaper than going to the
court. In small conflicts only one arbitrator is needed.
(In case that legal procedures are needed to be taken)
In Colombia there are three ways to exert arbitration :

Independent

(parties by themselves )

Institutional

(procedures by arbitration center)

Legal
( There is no agreement between the parties

Cross cultural field analysis

It is important for Pedak to have a certain knowledge of the cultural diferences that
might cause problems when doing business with Colombia.
The power distance of Colombia is 67 while Pedak has a score of 44. This is a
diference of 23. Colombians thinks it is normal to have inequalities between people.
You can see these inequalities in the layers of the society. A director of a company
has more concentrated power than the management team, while the management

team has more concentrated power than his employees. It is important to send
somebody of high function within the company to do business in Colombia due to
the high power distance. Hierarchy is very important to them. It is of high
importance that they deal with people of similar class/status.
In individualism the Colombians have a score of 13, while Pedak scores 55. This is a
diference of 42. This low score in individualism shows that Colombians have a
collectivist culture. They believe that group opinions are very important. It is
important to be loyal to their group and to avoid discussions. It is also important to
create relationships to become part of the group, because outsiders are often
considered as enemies. So, in a business atmosphere, we advise to first establish a
relationship with the possible customers before getting into business. Watch out
with being too direct, this could be misinterpreted as rudeness. Trust is very crucial
when doing business with Colombians. Thats why we advise not to focus too much
on the business matter when having a conversation. Try to talk about other
important matters such as family first.
Colombians have a score of 64 in masculinity while Pedak scores 41. This is a
diference of 23. This high score in masculinity shows that Colombians are driven by
competition and achieving success in what they do. The competition is always
towards others instead of internal competition, with regard to relatives close by.
For them seeking acceptance in other groups give them a sort of status. Because of
the fact that Colombians are more success driven, this could be helpful when
establishing a relation. For instance it would be useful to clarify the advantages for
them when trying to conduct business.
When looking at the Colombian uncertainty avoidance we see a score of 80
compared with Pedaks score of 43. This is a diference of 37. The high score in
uncertainty avoidance shows that Colombians dont like trying new things. They
stick to the rules which they have for everything, you can see this even in their
religion. The rules are not always followed. In groups the rules depend on the
groups opinion. Often decision makers also make their own rules which are
followed. When doing business everything has to be planned detailed but this
doesnt mean that the planning is followed. The product PEDAK provides is a
measurement solution and Colombians have a high uncertainty avoidance. Which
means that they fear the unknown. PEDAK can use this as an advantage by
explaining what the dangers are by not using such products. Use their fear as an
advantage.
The Colombian score for pragmatism is 13, compared with Pedaks score of 56, this
shows a diference of 43. The low score of the Colombians shows that they are
trying to achieve good results as quick as possible. They also attach great
importance in traditions. Therefore it is important to focus more on how the product
is able to help them on the short term.

Colombian has a high score in indulgence which is 83, while Pedak has a score of
67. This is a diference of 16. The high score in indulgence shows that Colombians
are always trying to realize their desires, but they always keep in mind that enjoying
life and having fun are more important. They have a positive attitude and are quite
optimistic. They show greater importance in leisure time, that is why they act as
they please and spend money the way they want to. So, when building a relation,
PEDAK should go into the Colombian environment. Adapting to the lifestyle and
accept free time proposals with limitations.

Dos and Donts

Do

Dont
Talk about family, health,
sports before doing business
Book meetings at least a
week in advance and always
confirm them before departure.
Make appointments via telephone
or fax.
Find a local contact to act
as a guarantor and interpreter
such as a representative. They
are familiar with how business
has to be done in the country.
Always put relationship
before business. The less
business you discuss the better.
Always maintain eye
contact, this leaves a good
impression.
Pay attention to
appearance. This is very
important.
They love gifts made in
America. Gifts could be fine
scotches, wine, engraved pens,
calculators or a gift from home.

Never rush the process

Never address someone

with their first name

Do not yawn in public, this

is impolite

Do not get angry when

they are late for an appointment,
this is seen as normal.
Do not talk about politics,
drugs or religion.
Never decline invitations
for a bullfight, the tickets are very
expensive.
Never wear tennis shoes to
meetings. The first thing they
notice are the shoes.

Financial perspective
Balance sheet 31th December 2012
Fixed assets

66,765.-

66,765.-

Equity
Paid capital
18,000. Premium reserve
78,818. Other reserve
221,446.-

318.264.-.Current assets
Inventories
115,272. Debtors
228,168, Cash
14,185.-

Liability

STL
106,126.-

106,126. 357,625,-

Total Invested
424,390,-

Total Financing
424,390.-

Liquidity
Net Working Capital:
Current Ratio:
3.37
Quick Ratio: 2.28

251,499.-

Net working capital

Looking at the net working capital, the value of current assets is sufficient to cover
the short terms liability.

Current ratio
In the current ratio there is made a comparison between the values of the current
assets with the short term liabilities. The rule is that this outcome should be
between the 1.50 and 2.00.
The current ratio of Pedak (3.37) shows that nothing is done with the liquid assets. A
too high current ratio means that the company has too much liquidity. The money
can be better invested or invest to get more returns.

Quick ratio
A healthy quick ratio should have a value of minimal 1.00. In this case the quick
ratio is 2.28, this means that Pedak is able to meet their short-term debts.

Income statement is not published

Solvency
Equity / Total Assets = 75%.
The higher the solvency ratio, the better Pedak is able to pay their financial
obligations. A high solvency often equals a strong financial company. A solvency
ratio between 25 and 40 is generally equal to a financially healthy company.

Interest coverage ratio cannot be calculated as there is no income statement

Analysis
The balance sheet, is a picture Pedaks health. It tells how much Pedak owns (its
assets), and how much it owes (its liabilities). The diference between what it owns
and what it owes is its equity.
The balance sheet tells a lot about a Pedak: how much debt the company has and
how much cash and equivalents it possesses and what kinds of funds the company
has generated over time.

Fixed Assets
From 2010 till 2012 the tangible fixed assets increased from 34.025,- to 66.765,-

Floating assets
From 2010 till 2012 the total of these assets fluctuated from 390,005,- in 2010 to
252.866,- in 2011 and 357.625.- in 2012.
There was decrease in inventory and work in progress which was a good job, from
2010 to 2011, from 97.583,- to 89.099,- (which still had to be sold to their
customers). But the inventory raised again to 115.272,- in 2012.
The decrease in the Cash and Banks part, in 2011, from 30.719,- to 11.288,- was
not so good. But this increased again in 2012 to 14.185,- This shows how much
money they have in cash, and the more the better.
The decrease in account receivables, in 2011, was showing that Pedak were not
doing their business so well. The decrease from 261.703,- to 152.479,- is in first
sights good, but as it is more than the half of the floating assets, Pedak, is doing a
lazy job. These receivables should have been cash. In 2012 they did not do better
as well

Equity
The equity did not changed from 2010 till 2011. From 2011 till 2012 the equity
changed from 212.302.- to 318.264.-.
There was a raise in the Reserves. Reserve is the profit realized where a certain
amount of it is put back into the company which can be used when the company is
not doing very well.

Paid capital of the company amounts 18.000, divided into 180 ordinary shares of
100,-. The total issued shares is 180.

Liabilities
From 2010 till 2011 the current liabilities decreased from 211.728,- to 84.935,-.
This is a way that Pedak is funding the company. The decrease shows that Pedak is
paying their suppliers and that Pedak are doing a good job.
In 2012 the current liabilities raised again to 106.126,-. This is also a good job, as
an increase helps the cash flow.

Conclusion
The calculations have shown that Pedak has practically no risk of economic failure.
Pedak has the cash to survive, no long term debt, sufficient cash to pay its shortterm debts, no inventory to worry about, and extremely strong current and quick
ratios. Its working capital is also positive. If Pedak would consider to reach out to
investors the main question an investor would ask when looking at the balance
sheet is, "why so much cash?

Should Pedak enter into Colombia?

Marketing Mix

Annex
Internal analysis:
PEDAK, PEDAK.nl, visited on 2th of March 2014

External analysis
Colombian Embassy, About Colombia, http://www.colombiaemb.org/overview , visited on
6th of March 2014
Semana,Colombia todava se raja en dominio de ingls, http://www.semana.com/vidamoderna/articulo/nivel-de-ingles-colombia-education-frst-epi/363923-3, visited 7th of March
2014
Colombian culture, Colombia, http://www.everyculture.com/Bo-Co/Colombia.html#b,
visited 7th of March 2014

Dorland Healthcare, Latin American & Caribbean Hospital Database,

http://web.archive.org/web/20040501010230/http://www.dorlandhealth.com/dblah.htm, visited on 7th of March 2014
Proexport Colombia, 16 Colombian clinics among the best 40 in Latin
America,http://www.proexport.com.co/en/health-colombia/health-turism-news/16colombian-clinics-among-best-40-latin-america, visited on 7 th of March 2014
Maceira, Mesoamerica, N@tschool, p. 13, visited on 7 th of March 2014
Pymes, Doing Business
Colombia,http://www.usergioarboleda.edu.co/pymes/english/transport.htm, visited
on 7th of March 2014
InfoBae, Colombia desplaz a Argentina como la tercera economa de Amrica
Latina, http://www.infobae.com/2014/02/28/1547067-colombia-desplazo-argentinacomo-la-tercera-economia-america-latina, visited on 12th of March 2014
CIA the world factbook, Colombia, https://www.cia.gov/library/publications/theworld-factbook/geos/co.html , visited on 12th of March 2014
European Union, EU-Colombia trade agreement takes efect on 1 August,
http://trade.ec.europa.eu/doclib/press/index.cfm?id=953 , visite don 12th of March
2014
BBVA research, Colombia Flash,
http://www.bbvaresearch.com/KETD/fbin/mult/131210_FlashColombia_FitchRatings__
tcm348-415277.pdf?ts=11122013 , visited on 12th March 2014

MOHR Partners, Colombian economy continues to thrive,

http://www.mohrpartners.com/wp-content/uploads/2013/04/Colombia-EconomicReport-March-2013.pdf , visited on 12th March 2014
Government of The Netherlands, Tax treaty,
http://www.government.nl/news/2012/03/31/the-netherlands-and-colombia-attemptto-complete-the-tax-treaty-in-april.html
----Dorland Healthcare, Latin American & Caribbean Hospital Database,
http://web.archive.org/web/20040501010230/http://www.dorlandhealth.com/dblah.htm, visited on 7th March 2014
ElTiempo, Piden que parte de dinero de regalas se use para salvar hospitals,
http://www.eltiempo.com/politica/ARTICULO-WEB-NEW_NOTA_INTERIOR13611882.html , visited on 7th of March
Vanguardia, Reforma a la salud elimina intermediacin financiera de las EPS,
http://www.vanguardia.com/actualidad/colombia/197581-reforma-a-la-salud-eliminaintermediacion-financiera-de-las-eps , visited on 7th of March
Proexport Colombia, 16 Colombian clinics among the best 40 in Latin America,
http://www.proexport.com.co/en/health-colombia/health-turism-news/16-colombianclinics-among-best-40-latin-america, visited on 7th March 2014
El Colombiano, Cuatro hospitales colombianos entre los 10 mejores de
Latinoamrica,
http://www.elcolombiano.com/BancoConocimiento/C/cuatro_hospitales_colombianos
_entre_los_mejores_10_de_america_latina/cuatro_hospitales_colombianos_entre_los_
mejores_10_de_america_latina.asp, visited on 12th March 2014
Bearingpoint Caribbean, AZV Aruba bespaart op patinten naar Colombia,
http://bearingpointcaribbean.com/news/azv-aruba-bespaart-op-patienten-naarcolombia/ , visited on 12th March 2014
The international entrepreneur, Technology Opportunities in Latin America (Part 3),
http://www.the-international-entrepreneur.com/the-international-entrepreneurtechnology-opportunities-in-latin-america-part-3/ , visited on 30th March 2014
VB News. 2013 September 29. The Silicon Valleys of Latin America: A tale of 3
nations, http://venturebeat.com/2013/09/29/the-silicon-valleys-of-latin-america-atale-of-3-nations/, visited on 26th March 2014
Parquesoft, Acerca de ParqueSoft, http://www.parquesoft.com/parquesoft/acerca-deparquesoft.html , visited on 30th March 2014

Wall Street Journal 2012, City of the year 2012,

http://online.wsj.com/ad/cityoftheyear, visited on 26th March 2014
OSEC, Colombian Market Report for Medical Devices and Pharmaceutical
products(2010), visited on 30th of March 2014
The Hofstede Centre, What about Colombia,
http://geert-hofstede.com/colombia.html (search for Colombian culture), visited on
8th March 2014
2

Culture Crossing, Communication Style,

http://www.culturecrossing.net/basics_business_student_details.php?Id=8&CID=46
(search for Colombian business communication), visited on 9 th March 2014
3

Colombia business etiquette, culture & manners, Colombia communication,

http://www.cyborlink.com/besite/colombia.htm (search for business communication),

visited on 9th March 2014
4

Centre for strategic & international studies, What to watch in Latin America 2014:
Trends and Highlights, https://csis.org/publication/what-watch-latin-america-2014trends-and-highlights (search for Colombian trends in 2014), visited on 10 th March
2014
Banca dItalia, The health-care system and its fiscal impact in Colombia,
http://www.bancaditalia.it/studiricerche/convegni/atti/fiscal_sustainability/session_3/
clavijo_torrente.pdf (search for health insurance currently covers the population
Colombia), visited on 6th March 2014
Worldcrunch. The corruption at the heart of Colombias Health care system,
http://www.worldcrunch.com/world-afairs/the-corruption-at-the-heart-of-colombia039-s-health-care-system/colombia-health-care-corruptionprivatization/c1s9688/#.Ux-YN_l5N2Q (search for Colombia healthcare corruption),
visited 10th March 2014
Proexport Colombia, 16 Colombian clinics among the best 40 in Latin America,
http://www.proexport.com.co/sites/default/files/ranking_hospitales_2012_2.pdf
(search for best hospitals and clinics in Latin America), visited 11 th March 2014
Forbes, Colombia As A Potential New Free Trade Haven,
http://www.forbes.com/sites/bmoharrisbank/2013/01/31/colombia-as-a-potentialnew-free-trade-haven/ (search for Colombia free trade haven U.S), visited 10 th March
2014

Export.Gov, Medical Equipment A top Export Prospect for Colombia,

http://export.gov/colombia/marketresearchoncolombia/bestprospectsforu.s.compani
es/medicalequipment/index.asp (search for Colombia technological trends), visited
on 5th March 2014

http://countrystudies.us/colombia/34.htm
http://360.datamonitor.com.ezproxy.hro.nl/Product?pid=ML00002-036
Country analysis report : Colombia In depth PESTLE Insights,
http://advantage.marketline.com.ezproxy.hro.nl/Product?pid=ML00002-036&view=d0e1392,(
visited on March 5th 2014)
Information report
http://www.nti.org/treaties-and-regimes/rio-group (visited on 5 th March 2014)

CICD Analysis
Repblica de Colombia. Gobierno en lnea. Registro Sanitario de dispositivos
mdicos y equipos biomdicos que no sean de tecnologa controlada importados
Clase I y IIA. Retrieved from https://www.gobiernoenlinea.gov.co/tramite.aspx?
traID=4504 on March 20 2014
Hofstede, G. What about Colombia?. Retrieved from http://geerthofstede.com/colombia.html on March 20 2014
Sicex. Colombia Imports By Supplier (Ohio Medical Corp). Found on
http://www.sicex.com/importers-exporters-products/sisduan/EN/423-1-0138107/Colombia/Imports/OHIO+MEDICAL+CORP/ on March 20 2014
ElColombiano. 2013 December 28. Cuatro hospitals colombianos entre los 10
mejores de Latinoamrica. Found on
http://www.elcolombiano.com/BancoConocimiento/C/cuatro_hospitales_colombianos
_entre_los_mejores_10_de_america_latina/cuatro_hospitales_colombianos_entre_los_
mejores_10_de_america_latina.asp on March 20 2014
http://www.healthcare.siemens.com/infrastructure-it/hospital-projects-andconsulting/managed-equipment-service/why-siemens-mes (visited on 3 April 2014)
http://www.siemens.com/about/en/values-vision-strategy/strategy.htm (Visited on 3
April 2014)
http://www.industry.siemens.com/topics/global/en/magazines/industry-journal/22012/Documents/Siemens_Colombia_EN.pdf (Visited on 7th of May 2014)
http://www.ni.com/company/our-vision/ (visited on 3 April 2014)
http://www.zacks.com/stock/news/121685/Weakness-Seen-in-National-InstrumentsCorporation-NATI-Stock-Tumbles-70 ( visited on 3 April 2014)
http://www.ni.com/pdf/company/en/350009F-01-03188-Corp-Brochure-FGr.pdf
( visited on 3 April 2014
www.testo.com (visited on 4th April 2014)
www.ohiomedical.com (visited on 5th April 2014)

Market context
Taran Volckhausen, Colombia medical workers continue protest against health
reform bill, Colombia Reports(October 2013), http://colombiareports.co/colombiamedical-workers-continue-struggle-presidents-health-reform-bill/, visited on 26 th of
March 2014

Euromonitor(2014), Business Environment: Colombia,

http://www.portal.euromonitor.com.ezproxy.hro.nl/Portal/Pages/Search/SearchResults
List.aspx, visited on 26th of March 2014
Computerdealernews, December 13th 2012, Colombias Emerging IT Power, and
Author: Chris Rogers, http://www.computerdealernews.com/news/colombiasemerging-it-power/11253 (visited on 26th March)
ProExport, December 14th 2012, Great IT Business Opportunities for Colombia,
http://www.investincolombia.com.co/newsletter/614-great-it-business-opportunitiesfor-colombia.html (visited on 26th March)
Country Analysis Report: Colombia, In-depth PESTLE Insights
http://advantage.marketline.com.ezproxy.hro.nl/Product?pid=ML00002036&view=d0e1392 , visited on 26th March 2014
Wall Street Journal 2012, City of the year 2012,
http://online.wsj.com/ad/cityoftheyear, visited on 26th March 2014
VB News. 2013 September 29. The Silicon Valleys of Latin America: A tale of 3
nations, http://venturebeat.com/2013/09/29/the-silicon-valleys-of-latin-america-atale-of-3-nations/, visited on 26th March 2014
INVIMA,https://www.invima.gov.co/index.php?
option=com_content&view=article&id=3060&Itemid=2189
Colombian market report. http://www.s-ge.com/en/filefieldprivate/files/6468/field_blog_public_files/7944 Visited on 4 May 2014
Trade information.
http://www.pincvision.com/nl/inzicht/nieuws/vrijhandelsakkoord_colombia Visited on
4 May 2014
Colombia corporate tax rate. http://www.tradingeconomics.com/colombia/corporatetax-rate Visited on 4 May 2014
Dimensions of Hofstede, http://geert-hofstede.com/colombia.html , visited on 4th of
May 2014
Kwintessential, http://www.kwintessential.co.uk/etiquette/doing-businesscolombia.html, visited on 5th of May 2014
eDiplomat, http://www.ediplomat.com/np/cultural_etiquette/ce_co.htm , visited on
4th of May2014
MNTECHNOLOGIES, ,http://www.mntechnologies.com.co/, visited on 4th of May 2014
Colsein, http://www.colsein.com.co/?page_id=1019, visited on 4th of May 2014

Siemens, http://www.industry.siemens.com/topics/global/en/magazines/industryjournal/2-2012/Documents/Siemens_Colombia_EN.pdf , visited on 4th of May 2014

Testo, http://www.testo-international.com/index.jsp , visited on 4th of May 2014