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Japan Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 101
The Japan 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 Japan's pharmaceuticals and healthcare industry.
Japan is one of BMI’s favourite pharmaceutical markets. Positives include a preference for expensive treatments, an ageing population, an established local industry and transparent regulations. The primary downsides are biennial price cuts and the drug lag.
Japan has supplanted Australia as the leading pharmaceutical market in BMI’s Asia Pacific Business Environment Ratings (BERs) for Q111. While Japan's score increased from 68.8 in Q410 to 71.9, Australia's decreased from 70.2 to 69.7. Japan also tops the 'Rewards' component of the Asia Pacific BERs for Q111. Although growth in sales of medicines is low (+2.8% in 2010), Japan has a very large market in absolute terms (US$102bn). Furthermore, per-capita spending is high (US$800), most people live in urban areas, there is a sizeable pensionable population and regulations are transparent.
BMI expects Indian pharmaceutical companies to increasingly target Japan’s generic drug sector. In November 2010, negotiations between the two countries regarding the Comprehensive Economic Partnership Agreement (CEPA) concluded. Under the terms of the proposed agreement, Japan will treat Indian pharmaceutical companies the same as its domestic firms and will enable the convenient entry of drugs. The agreement between the countries is likely to be signed in December 2010.
In August 2010, it emerged that Indian pharmaceutical drugmaker Sun Pharmaceutical Industries was planning to enter Japan’s generic drug market to treat chronic diseases. Earlier that month, another Indian pharmaceutical company, Dr Reddy's Laboratories, announced plans to develop partnerships with generic drugs companies in Japan. BMI forecasts that generic drug sales in Japan will increase from US$7.8bn to US$11.9bn between 2009 and 2014.
Shares in Japan-based multinational pharmaceutical companies have not been attractive investment propositions. Over the past five years, the leading four firms – Takeda Pharmaceutical, Astellas Pharma, Daiichi Sankyo and Eisai – have seen their share prices decrease by 41%, 29%, 15% and 40%, respectively. However, since early 2009, an index of these companies has remained fairly stable, perhaps presaging an uptick in market valuations.
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