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Hong Kong Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, March 2010, Pages: 73
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.
For the Q210 update of this report, BMI’s forecast for Hong Kong’s HKD7.67bn (US$988mn) pharmaceutical market has been revised upwards, mainly due to an improved macroeconomic environment. We now expect combined sales of prescription drugs and over-the-counter (OTC) medicines to reach HKD11.91bn (US$1.53bn) in 2019, which represents compound annual growth rates (CAGRs) of 4.45% and 4.50% in US dollar and local currency terms, respectively.
Hong Kong’s healthcare system is evolving rapidly. This trend was demonstrated in October 2009 when the first phase of an electronic health record project was launched. It is intended to revolutionise the delivery of medical services in the Special Administrative Region and full enrolment is expected by 2013- 14. Electronic health records allow patient information to be easily shared between doctors, nurses and prescribers. They also increase efficiencies, reduce errors and lower costs. The first phase of the project will involve feedback and preliminary proposals from private and non-government organisations. Hong Kong has maintained fifth place in the Asia Pacific Pharmaceuticals & Healthcare Business Environment Ratings (BERs). The Special Administrative Region’s ‘Pharmaceutical Rating’ increased from 55.5 in Q110 to 57.0 in Q210, due to an improvement in the ‘Pharmaceutical Market’ category. Hong Kong scores highly for ‘Country Structure’, ‘Market Risks’ and ‘Country Risk’. However, its score for ‘Pharmaceutical Market’ is below the regional average. Over the medium term, BMI expects Hong Kong to be supplanted by high growth emerging markets of China and India.
As seen in many other developed states, Hong Kong’s public sector is struggling to meet its healthcare obligations and is seeking assistance from the private sector. For example, during October 2009, Hong Kong’s Chief Executive Donald Tsang revealed plans to encourage the development of four new private hospitals on four sites – Wong Chuk Hang, Tseung Kwan O, Tai Po and Lantau – that have been recently developed.
A series of product scandals in early 2009 have shown Hong Kong’s pharmaceutical regulations to be below international standards. The country’s Pharmaceutical Service of the Department of Health monitors medicines and the supply chain. It educates stakeholders with necessary professional knowledge and operates a penalty system to deter non-compliance with regulations.
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