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Philippines Pharmaceuticals and Healthcare Report Q2 2008
Business Monitor International, May 2008, Pages: 79
The Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Philippiness pharmaceuticals and healthcare industry.
In BMI’s Q208 Business Environment Rankings of 14 key markets in the Asia Pacific region, the Philippines is regarded as only the tenth most attractive pharmaceutical market. While BMI expects the country to improve this position over the next five-year period as the market matures, with more people being able to afford healthcare, at present, the environment is relatively difficult. Even though the country posts an above average score for its legal framework and economic structure, it is let down by widespread corruption and bureaucracy.
In the meantime, the anticipated ‘Cheaper Medicines Bill’ will result in lower prices, but also increased consumption as those on the lowest incomes will be able to afford some pharmaceuticals for the first time. Consequently, we will be maintaining our forecasts for the Philippines’ pharmaceutical market, which is expected to top US$4bn in 2012, up from an estimated US$2.61bn in 2007. Double-digit yearon- year (y-o-y) growth over the next five years is also a major encouragement for foreign pharmaceutical players, as illustrated by the recent opening of a local branch by French firm Sanofi-Aventis’ generics subsidiary - Winthrop Pharmaceuticals.
Access to medicines will also be improved by various developments in the retail sector. In December 2007, adding to the global trend, a mobile pharmacy firm Med Express expanded its operations in the Philippines. While BMI sees potential for this type of service in areas lacking drugstores or in emergency situations, there will always be demand for walk-in pharmacies, particularly when one considers the multitude of medications a modern outlet must stock.
Similarly, the demand for medical devices will be boosted by an increase in healthcare budget, economic development and rising healthcare awareness. The local industry mainly provides basic hospital supplies, with key growth areas for importers being ophthalmic instruments and orthopaedic, prosthetic and X-ray equipment, among others. However, the demand for medical devices is relatively steady only in urban areas, given that geographical inaccessibility and the lack of healthcare funding has resulted in poor provision of medical equipment elsewhere in the country.
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