The drug shortage has been characterized as a problem that affects public health and has been increasing around the world. The objective of this study is to analyze the behavior of factors associated with drug shortage presented in Colombia between 2012 and 2018. The research was carried out in four stages: 1) selection of the factors to be analyzed, identified through a systematic review of the literature, 2) identification of the drugs considered to be stocked in Colombia between the years 2012-2018, 3) description of the factors selected for stock-out drugs and 4) adaptation of a proposed statistical model to evaluate the relationship of the variables of interest with the shortage of medicines in Colombia. In accordance with the foregoing, multiple causes were identified that have been described in the literature and that are associated with problems in manufacturing, distribution, service provision, product or market characteristics, and regulatory requirements or measures. In Colombia, there were a total of 73 drugs shortages presented between 2012-2018, with the majority therapeutic groups being antineoplastic and anti-infective drugs. It was observed that the cases of shortages present high market concentrations (IHH> 2,500). Likewise, a low percentage of imports, increases in the Fisher index and injectable and ophthalmic pharmaceutical forms are related to shortage moments. Price control did not show the relationship with drug shortage. Some factors associated with shortages were identified to provide information for decision-making in public policy and that would allow the construction of measures to address shortages.