OBJECTIVES::  This study aimed at estimating the cost-utility of the daily fixed-dose combination indacaterol/glycopyrronium against salmeterol/fluticasone and tiotropium in the management of patients with COPD in Colombia. METHODS::  A microsimulation model was performed, based on a third party payer´s perspective. The effectiveness was calculated using clinical trial data (FLAME & SPARK) based on improvement in FEV1. Utility data was obtained from Rutten-van Molken (2006) and measured using QALYs. Costs were calculed from the review of clinic histories at San Ignacio University Hospital and officially published national sources. A previously published microsimulation model was adapted to reflect local setting (Karpf et al. 2015). Costs and outcomes were discounted at 5.0% and reported over time horizons of one, three and five years. Costs are presented in Colombian Pesos for 2016. Sensitivity analysis were conducted. RESULTS::  The gain in QALYs estimated for indacaterol/glycopyrronium versus salmeterol/fluticasone at the time horizon of 1, 3 and 5 years was 0.003, 0.012 and 0.022 respectively, with an incremental cost of $86,028, $170,601 and $269,478 and an incremental cost-utility ratio (ICUR) of $31,809,267 $14,667,382 and $12,357,509, with indacaterol/glycopyrronium being a cost-effective alternative (ICUR is lower than the willingness to pay threshold given by 3 times the Colombian GDP per capita) during the first, third and fifth year. Regarding the comparison between indacaterol/glycopyrronium versus tiotropium, the gain in QALYs at the time horizon of 1, 3 and 5 years was 0.002, 0.007 and 0.011 respectively, with an incremental cost of -$980,561 -$3,008,501 and -$4,739,690 being a dominant alternative (more effective and less expensive) during the first, third and fifth year. Sensitivity analysis showed that base-case results are robust to variations of key model parameters. CONCLUSIONS::  indacaterol/glycopyrronium is a cost-effective alternative versus salmeterol/fluticasone and dominant versus tiotropium for the management of patients with COPD, which is a prioritized illness for the Colombian health system.