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Philippines Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Nov 2009, Pages: 94
Business Monitor International's Philippines 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 the Philippines' pharmaceuticals and healthcare industry.
Valued at PHP116bn (US$2.6bn) in 2008, the Philippines pharmaceutical market is expected to grow by 7.6% in local currency terms during 2009. This rate of expansion is lower than that seen in recent years – the 2003-08 CAGR was 14.96% – because of a deteriorating macroeconomic environment. However, as the economic climate improves, the pace of growth is expected to quicken again due to the significant unmet need for healthcare among the country’s 90mn population. Over the five years to 2014, BMI forecasts that pharmaceutical expenditure should increase by 8.8% in local currency terms, reaching PHP191bn (US$4.6bn) in 2014. The publisher's 10-year forecast projects that the market should reach a value of PHP281bn (US$7.8bn) in 2019.
Voluntary price cuts were implemented in August 2009. Producers acted in response to Executive Order (EO) No. 821 which was signed by President Gloria Macapagal-Arroyo. The decree mandated that five of the most vital drugs – amlodipine, atorvastatin, azithromycin, cytarabine and doxorubicin – be subject to a halving in price.
The five medicines covered by EO No. 821 were chosen because they were essential to maintaining health; without generic equivalents; priced four to five times higher than counterparts abroad; and targeted diseases with high burdens, such as hypertension, high cholesterol, infections and cancer. Resources devoted to drug regulation are likely to increase following the establishment of the Philippines Food and Drugs Administration (FDA), which will replace the Bureau of Food and Drugs (BFAD). The FDA will be permitted to retain funding from industry in addition to its budget from the government. The new body is in complete control of the manufacture, importation, export, distribution and sale of pharmaceuticals, food, cosmetics and medical devices.
BMI views the establishment of the FDA as a positive step, and the country’s improving regulatory environment is one reason that the Philippines’ Business Environment Rating has increased in the publisher's Q110 assessment of 15 pharmaceutical markets in the Asia Pacific region. The Philippines remains 11th in the table, with an improved score of 48.9, up from 46.6 in Q409.
Access to healthcare remains a concern in the Philippines. A study conducted by the Asian Development Bank (ADB) concluded that fewer Filipinos can afford treatment from private and government hospitals due to the high cost of medicines and healthcare services. The study showed that utilisation of healthcare in the Philippines registered an annual decline of 4.7% from 1998 to 2007.
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