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Japan Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Sep 2008, Pages: 90
BMI's Japan Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Japan's pharmaceuticals and healthcare industry.
Japan has the second largest pharmaceutical market in the world, currently valued at approximately US$76bn. Using BMI’s proprietary forecast model, sales of prescription drugs and over-the-counter (OTC) medicines are expected to be US$85.5bn by 2012. The market is characterised by the ‘drug lag’, a preference for branded medication, dominance by local firms and an emerging generic drug sector.
Japan's US$5.03bn over-the-counter (OTC) market is on the brink of a paradigm shift. The Ministry of Health, Labour and Welfare (MHLW) plans to allow convenience stores, supermarkets and other retail outlets to sell consumer healthcare products - such cough and cold remedies and analgesics - in April 2009. If this legislation is passed, as BMI expects, we will upgrade the sector forecast significantly.
Pricing and reimbursement in Japan is highly complex and opaque, which results in drugs reaching the market long after regulatory submissions are made. Consequentially, the system has received criticism from both pharmaceutical companies and patient groups, which have to wait for medical breakthroughs. In an effort to diversify and increase its presence in emerging markets, Japanese drugmaker Daiichi Sankyo purchased a controlling stake in Indian generics firm Ranbaxy Laboratories during Q308.
Daiichi is not the first Japanese drugmaker to adapt to the increasingly tough operating environment. In April 2008, Takeda Pharmaceuticals agreed to pay US$8.8bn for US drugmaker Millennium Pharmaceuticals. The transaction gave the Japanese company access to the blood cancer drug Velcade (bortezomib), which is forecast to produce US$345mn in sales during 2008 – a 25% increase on the previous year. This deal was followed by Eisai's purchase of cancer specialist MGI Pharma for US$3.9bn in Q407.
Certain industry stakeholders criticised the plan proposed by the Federation of Pharmaceutical Manufacturers Association of Japan (FPMAJ) in July 2008 to update the prescription drug pricing procedures. Not unsurprisingly, the drugmakers are seeking to charge higher prices for longer periods as well as secure more premiums for improving clinical outcomes. In light of the global trend for cost containment in developed states, BMI does not expect the changes to be implemented.
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