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Hong Kong Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Dec 2009, Pages: 77
Hong Kong 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 Hong Kong's pharmaceuticals and healthcare industry.
According to the Q110 Business Environment Rating table for the 15 major markets of Asia Pacific, Hong Kong’s pharmaceutical market is judged to have slightly improved its position, and is now ranked fifth, up from joint sixth previously. From being valued at HKD7.32bn (US$939mn) in 2008 at consumer prices, we expect Hong Kong’s pharmaceutical expenditure to rise by a compound annual growth rate (CAGR) of 5.12% in local currency terms, reaching HKD9.84bn (US$1.26bn) by 2014. The growth rate is relatively modest (and will fall to 4.32% over our longer, 10-year forecast to 2019), but the territory’s urbanised nature and modern healthcare services – including a comprehensive vaccination programmes for children, which now includes Wyeth’s Prevenar vaccine – will continue to offer substantial commercial opportunities for pharmaceutical companies.
Indeed, Hong Kong’s epidemiological profile also represents an area of interest to pharmaceutical and biotechnology companies. To this end, in September 2009, US-based BioCryst Pharmaceuticals signed deals with three companies to promote its investigational influenza drug peramivir, which is approaching commercialisation, in emerging markets. The most encouraging deal was signed with moksha8 Pharmaceuticals, which explicitly focuses on emerging markets, namely Mexico and Brazil. Simultaneously, BioCryst has signed peramivir deals with Hong Kong-based NT Pharma and Neopharm – Israel’s second-largest drugmaker – for China and Israel, respectively.
Additionally, the authorities are working on improving regulation in the territory. To this end, in November 2009, the Review Committee on Regulation of Pharmaceutical Products recommended that the medicine supply chain be better protected, pharmacovigilance enhanced and risk communication increased. To ensure that the tightened regulations – including the mandatory Good Manufacturing Practice (GMP) accreditation, tighter pharmacy staffing and the introduction of microbiological monitoring – are understood by all stakeholders, the Department of Health will liaise with pharmacy associations and universities, as well as general public and healthcare professionals.
Moreover, it was recently announced that the government will invite Expressions of Interest (EOI) by end-2009, targeting the development of private hospitals on four sites. Although the move aims to reduce state expenditure on health, it should also help the country provide quality private medical services to the public, and expand the range of opportunities for pharmaceutical and medical devices manufacturers. At the same time, the government is also planning to develop Hong Kong as a platform for the promotion of traditional Chinese medicine (TCM) to the world. However, while the Hong Kong economy is set to return to positive growth rates in Q309 and Q409 – which should see the 2009 full-year growth rate come in at -3.0% from a -5.8% H109 outturn – we expect this growth momentum to fade going into 2010, increasing the pressure on state-funded healthcare.
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