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Philippines Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 98
Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Philippines's pharmaceuticals and healthcare industry.
The value of the Philippines’ pharmaceutical market is forecast to reach US$4.09bn in 2012, up from around US$2.6bn in 2007. In local currency terms, the market is expected to grow at a CAGR of 8.3%, in comparison to 9.4% in US dollar terms, as the Filipino peso gradually gains strength against the US currency. Despite the considerable forecast annual growth, the Philippines continues to represent one of the less attractive pharmaceutical markets in the Asia Pacific Region. In fact, out of the 14 markets surveyed in our Business Environment Rankings, the Philippines remains firmly rooted in tenth position. While we expect the country to improve this position over the next five-year period as the market matures, with more people being able to afford healthcare, the key drawbacks include the modest overall market size, difficulties within the country’s intellectual property (IP) environment and the expected increase in the uptake of generics.
The recently introduced legislation has led to more patients and doctors recognising the quality and efficacy of generic drugs. In September 2008, a presentation using IMS Health data showed that sales of generic drugs in the Philippines (both branded and unbranded) are almost the same as patented products in some therapeutic categories. The changes are evident in the strong sales increase of Israeli firm Unipharm’s antihypertensive, Neobloc (metoprolol), at the expense of the declining sales of the originator product – UK-based AstraZeneca’s Betaloc (metoprolol). The key driver behind this prescribing pattern change is the price of products.
In the meantime, the high price of medicines in the country have been attacked by a senior lawmaker, who alleged that invitations to tender are not being delivered to all interested parties and that the chosen supplier is paid excessively. The Commission on Audit (CoA) has been urged to investigate the situation and to name the former senator implicated in a scam involving the purchase of pharmaceuticals for public hospitals. Another senator also called for an investigation into alleged corrupt practices in the government’s drug procurement system, which resulted in erratic and unnecessary stocks of medicines. A previous report from the CoA stated that the Department of Health (DoH) has a ‘weak’ purchasing and monitoring system, with BMI expecting the issue to be addressed in the coming months.
In terms of the wider business operating environment, the Philippines is contending with the deterioration of the country’s external accounts dragging the trade deficit significantly wider. Despite the enduring strength of remittance inflows from Filipinos working abroad, by the end of the year, the country’s current account surplus will shrink from the 4.4% of GDP recorded in 2007 to just to 1.6% of GDP. This deterioration will continue to weigh on the peso – which has already shed more than 10% vis-à-vis the greenback so far in 2008 – and therefore negatively impact the already beleaguered export sector as a whole.
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