Philippines Pharmaceuticals and Healthcare Report Q3 2010
Business Monitor International, May 2010, Pages: 100
The 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.
In our updated Asia Pacific Business Environment Ratings (BER) table for Q310, the Philippines ranks 11th of the 16 countries surveyed, now including Cambodia. While the country’s population numbers, low manufacturing costs and its improving economic situation are a draw, the government’s stance on intellectual property (IP) regulations and pricing are considered deficient. In fact, in its 2010 version of the Special 301 submission, the Pharmaceutical Research and Manufacturers of America (PhRMA) lists the Philippines on its ‘Priority Watch List’, as in 2009. In addition to concerns over patent linkages, parallel importation and counterfeiting, the association has now also identified issues with the Maximum Drug Retail Price (MDRP) mechanism of the Universally Accessible Cheaper and Quality Medicines Act of 2008, which mandates a 50% retail price cut on select medicines.
Nevertheless, from the start of April 2010, a number of medicines have been added to the MDRP scheme. This second round of price cuts, which range from 11% to 73% (as some companies offered alternative prices to avoid the mandatory cuts), averages 50%. UK major GlaxoSmithKline (GSK) was the most forthcoming drugmaker, proposing four of its products – Seroxat (paroxetine), Tykerb (lapatinib), Ventolin Rotacaps (salbutamol) and Avodart (dutasteride) – for a Government Mediated Access Price (GMAP). It even suggested a price cut for the asthma therapeutic Seretide (fluticasone propionate + salmeterol), which is not yet commercially available in the Philippines. However, in early April 2010 some drugstores were reported not to be compliant with the new list of prices, thus risking hefty fines.
In the meantime, multinational drugmaker Sanofi-Aventis cut the prices of some of its drugs by as much as 50% in the Philippines and Indonesia in a bid to boost drug sales in certain emerging markets. Under a tiered pricing programme, patients on lower incomes in the two countries will be able to purchase drugs such as blockbuster diabetes medicine Lantus (insulin glargine) and cancer drug Taxotere (docetaxel) at the discounted rate. The company hopes to extend the price reductions to other countries in South East Asia, including Thailand, in the near future, with its strategy likely to be mirrored by others.
Despite the price cuts, we maintain our forecast for the Philippines pharmaceutical market, as the products affected represent a minor percentage of the total. We therefore expect the total market value to post a compound annual growth rate (CAGR) of 7.39% and 8.03% in local currency terms, over our respective five- and ten-year forecast periods. Having been valued at PHP118.90bn (US$2.58bn) in 2009, the market value is projected to increase to PHP169.83bn (US$4.14bn) and PHP257.31bn (US$7.18bn) in 2014 and 2019, respectively, with generics to record the fastest rate of growth. Improving access to medicines for the poor remains one of the key issues in the political arena – ahead of the May 2010 presidential, legislative and local elections – paving the way for an increase in fiscal spending.
Executive Summary
SWOT Analysis
Philippines Pharmaceutical And Healthcare Industry SWOT
Philippines Political SWOT
Philippines Economic SWOT
Philippines Business Environment SWOT
Pharmaceutical Business Environment Ratings
Table: Asia Pacific – Regional Pharmaceutical Business Environment Rankings For Q310
Limits of Potential Returns
Risks to Realisation of Returns
The Philippines – Market Summary
Regulatory Regime
Table: History Of Food and Drugs Administration (FDA)
Recent Regulatory Developments
Intellectual Property Regime
IP Shortcomings
IP Disputes
Counterfeit Drugs
Pricing Regime
Reimbursement Regime
Recent Pricing Developments
Medicines Subjected To The March 31 2010 Government Mediated Access Price (GMAP) In The Philippines
Parallel Trade
International Cooperation
Industry Trends and Developments
Epidemiology
Table: Top 10 Causes Of Mortality In The Philippines
Communicable Diseases
Healthcare Sector
Healthcare Sector Financing
Corruption
Medical Tourism
Biotechnology
Recent Biotechnology Developments
Traditional Medicines
Medical Devices
Industry Forecast Scenario
Overall Market Forecast
Key Growth Factors – Industry
Key Growth Factors – Macroeconomic
Table: Philippines - Economic Activity
Prescription Drug Market Forecast
Table: Top 10 Prescription Brands In The Philippines (MAT September 2007, PHPbn)
Table: Top 20 Therapeutic Categories In The Philippines (MAT September 2007, PHPbn)
Patented Product Market Forecast
Generics Drug Market Forecast
OTC Medicine Market Forecast
Table: Top 10 OTC Brands In The Philippines (MAT September 2007, PHPbn)
Medical Device Market Forecast
Pharmaceutical Trade Forecast
Other Healthcare Data Forecasts
Key Risks to BMI’s Forecast Scenario
Competitive Landscape
Pharmaceutical Industry
Recent Pharmaceutical Industry Developments
Pharmaceutical Retail
Table: Top 20 Leading Pharmaceutical Companies In The Philippines (PHPbn)
Table: Comparative Growth Trend Of Foreign & Local Companies In The Philippines 2003-2007 (PHPbn)
Table: Number Of Foreign & Local Companies Established From 2003 To 2007
Company Monitor
Indigenous Manufacturers
Unilab
Pascual Laboratories
Pacific Pharma Generics
MediChem Pharmaceuticals
Leading Multinational Manufacturers
GlaxoSmithKline Philippines
Pfizer
Novartis
Merck & Co
Sanofi-Aventis
Abbott Laboratories
Bristol-Myers Squibb
Wyeth
Eli Lilly
AstraZeneca
Country Snapshot: Philippines Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2007-2012 (US$)
Table: Average Annual Manufacturing Wages, 2004-2006
BMI Methodology
How We Generate Our Pharmaceutical Industry Forecasts
Pharmaceutical Business Environment Ratings Methodology
Ratings Overview
Table: Pharmaceutical Business Environment Indicators
Philippines Pharmaceuticals & Healthcare Report Q3 2
Weighting
Table: Weighting Of Components
Sources
Forecast Tables
- Unilab
- Pascual Laboratories
- Pacific Pharma Generics
- MediChem Pharmaceuticals
- GlaxoSmithKline Philippines
- Pfizer
- Novartis
- Merck & Co
- Sanofi-Aventis
- Abbott Laboratories
- Bristol-Myers Squibb
- Wyeth
- Eli Lilly
- AstraZeneca
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