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Malaysia Pharmaceuticals and Healthcare Report Q3 2009
Business Monitor International, July 2009, Pages: 99
Business Monitor International's Malaysia Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Malaysia's pharmaceuticals and healthcare industry
In BMI’s Business Environment Ranking matrix for Q309, Malaysia remains ranked eighth out of the 15 regional markets surveyed in the Asia Pacific region, sandwiched between the more developed market of Taiwan and the considerably more populous India. The key attractions of the Malaysian pharmaceutical market are the government’s encouragement of the biotechnology sector and the forecast steady annual growth in the country’s pharmaceutical market. Between 2008 and 2013, the Malaysian drug market is expected to grow from MYR4.12bn (US$1.22bn) in 2008 to over MYR6.12bn (US$2bn) at consumer prices in 2013, posting a compound annual growth rate (CAGR) of 10.47% in US dollar terms (or 8.22% in local currency terms, as the ringgit appreciates), Key drivers of growth are medical tourism, the growing reputation of Malaysian pharmaceuticals, the encouragement of the generics and specialist segments and the rising demand for and supply of halal medicines. On the other hand, per capita pharmaceutical consumption is quite low, especially due to high out-of-pocket payment levels, which make the market vulnerable to the current economic crisis.
Other outstanding issues hampering the faster development of more expensive medicines segments in Malaysia include a number of intellectual property (IP) regime deficiencies. In the 2009 versions of its Special 301 submission, the Pharmaceutical Research and Manufacturers of America (PhRMA) once again listed Malaysia as one of the ‘Watch List’ countries. The association is mainly critical of the following facts: the government runs a limited list of therapeutic areas for which bioequivalence data are required; the lack of an adequate patent linkage system; and the deficient protection and enforcement of data exclusivity legislation. Therefore, the report forecasts that the patented drugs market will develop at a slower pace than the generics segment, which will additionally benefit from government encouragement and the cost-containment pressures brought to the fore by the current economic difficulties.
Generally speaking, however, local drugmakers are likely to weather the storm better than their foreign counterparts. In March 2009, Chemical Company of Malaysia (CCM) stated that it expected to outpace its competitors in 2009, aiming to increase its leadership of the generic segment from 21% to 23% over the next twelve months. This programme will be supported by the recently inaugurated US$2.8mn research and development (R&D) centre in Malaysia. The Innovax site, which will be the largest facility of its kind in the country, will serve to facilitate launches of new generics on the market.
In the meantime, the authorities continue to implement measures supporting the country’s nascent medical tourism industry. For example, in April 2009, the Malaysian Health Minister invited registered foreign professionals to Malaysia, allowing them to treat foreigners residing in the country. According to recently published official figures, in 2007 the country received almost three times as many medical tourists as in 2003, although the current economic downturn is resulting in lower demand for such services. In fact, the Association of Private Hospitals of Malaysia (APHM) expects that the number of medical tourists in the country will increase by only 15% year-on-year (y-o-y) in 2009, compared with previous annual increases of between 20 and 25%.
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