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Philippines Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, Feb 2009, Pages: 99
Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Philippines's pharmaceuticals and healthcare industry.
We have extended our forecasts for 75 indicators for the Q109 update of our Philippines Pharmaceuticals & Healthcare report through to 2013. Over the next five years, sales of pharmaceuticals, which include prescription drug and over-the-counter medicines, will increase from US$2.51bn to US$4.09bn, representing a compound annual growth rate (CAGR) of 10.3%.
In November 2008, the Philippines' Department of Health stated that the public should not expect a rapid fall in the price of medicines, in spite of a new law introduced that month that seeks to cut the medicine prices. In December 2008, two non-government organisations (NGOs) threw down a 100-day challengeto the government to strictly implement the Universally Accessible Cheaper and Quality Medicine Act of 2008. The groups also asked the Department of Health to identify patented drugs for cancer and other critical ailments that can be bought through parallel importation.
The Philippines is ranked as the eleventh most attractive pharmaceutical market in the Asia Pacific region, according to our Business Environment Rankings. The Philippines’ pharmaceutical rating, standing at 50, is unchanged from that it received in Q408, meaning that the country is sandwiched between India and Malaysia on above it in the table and Indonesia and Vietnam below.
To reduce the high birth rate in the Philippines, which stands at an annual rate of 2.04%, lawmakers areattempting to introduce the Reproductive Health Care Act. The bill seeks establish a national family planning program that would include age-appropriate sex education in school and advice on birth control. However, the Catholic Church, which has 72mn followers in the country, considers the move to be ‘immoral.’
The Philippines represents a modest but growing proposition for medical device manufacturers. Key drivers of the US$97mn market include strong economic growth (GDP +7.3% in 2007), a rapidly expanding and ageing population, development of the private hospital sector and upgrade of government healthcare facilities. We believe that the main sector trends over the medium term will be an influx of manufacturers from low-cost bases, more sales of high-end offerings and the emergence of local players aided by state intervention. Medical device expenditure is projected to reach US$132mn by 2013, representing a CAGR of 5.3%.
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