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Philippines Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, April 2009, Pages: 103
Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Philippines's pharmaceuticals and healthcare industry.
The Philippines continued to be ranked as the 11th most attractive pharmaceutical market in the Asia Pacific region, according to our Business Environment Rankings for Q209. Nevertheless, we expect the country to somewhat improve this position over the next five-year period as the market matures, with more of the population being able to afford healthcare. Currently valued at PHP111.6bn (US$2.51bn), the size of the country’s pharmaceutical market is average in global terms, despite the country’s 85mn population. The recently approved Universally Accessible Cheaper and Quality Medicines Act of 2008 will result in lower prices but increased consumption, as those on the lowest incomes will be able to afford some pharmaceuticals for the first time.
Nevertheless, the expected year-on-year (y-o-y) growth over the next five years – at a compound annual growth rate (CAGR) of 8.2% in local currency terms – is also encouraging, given the current economic climate. By 2013, the market is expected to be worth PHP165.4bn (US$3.91bn), although the development of the patented drugs sector will continue to be discouraged by counterfeiting activities and certain shortcomings of the country’s regulatory and intellectual property (IP) environment. On the other hand, recent (as well as likely future) price reductions – part of the Universally Accessible Cheaper and Quality Medicines Act of 2008 – have the potential to hamper overall market development.
Nevertheless, the past few months have witnessed a number of activities by foreign drug makers. One of the most notable developments was the February 2009 announcement by new Chief Executive Officer (CEO) of Novartis Healthcare Philippines that the Philippines was among the 'next wave' of pharmaceutical markets in Asia and that the company is increasing its generics presence in the country. Simultaneously, the firm will leverage its higher margin patented drugs, supported by the high number of product approvals. Novartis Healthcare Philippines is also due to open its research centre in the capital city of Manila in June 2009, while also launching a discount card scheme for those with hypertension in March 2009.
In terms of the wider operating environment and in contrast to Thailand, for example, the economy of the Philippines, and by extension its healthcare sector, has the necessary fundamentals to resist the current global crisis. The country is translating this economic buoyancy into enlightened social schemes, such as the PHP100 (US$2.13) treatment pack project. Under the populist venture, patients on low incomes will be able to purchase 24 types of medicines at affordable prices, encompassing a full range of products from chronic disease therapeutics, such as antihypertensives, to acute interventions, such as antibiotics. This will be supported by the expected GDP expansion of 2.8% in 2009, driven by the business process outsourcing and agricultural sectors. Our forecast is worth highlighting given that – for many years – the country was seen as the 'sick man' of Asia due its slow economic growth. The Philippines currently spends 3.4% of GDP on health but we expect this figure to increase to 3.65% by 2013.
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