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Southeast Asian Pharmaceuticals Industry: Generic Drug Market
Frost & Sullivan, Sep 2010, Pages: 152
This Market Engineering research service has been developed to address the generics drug market in Southeast Asia that includes Malaysia, Philippines, Singapore and Thailand. This research service presents the key findings of generic market in each mentioned Southeast Asia country. It provides insight of Demographic Data Analysis – Population Size and Growth, leading causes of morbidity, market dynamics and trends, and drug registration process. his research service also discusses market trends, market drivers, market restraints, and forecast of both pharmaceutical industry and generic market size.
This research service titled Southeast Asian Pharmaceuticals Industry: Generic Drug Market provides the challenges, drivers, restraints, competitive landscape, and growth opportunities within the generics drug market in Southeast Asia that includes Malaysia, Philippines, Singapore and Thailand. With extensive primary and secondary research, this analysis provides vendors with a detailed look at the dynamics of the fast-evolving market.
Market Overview
Generic Drug Market Picks up Traction in the Southeast Asian Pharmaceuticals Industry
The Southeast Asian pharmaceuticals industry is in a state of flux, and the generic drug market is slowly gaining more attention from both patients and governments. To grow, companies are reorganizing and reinventing themselves. New business strategies and product development paradigms are being unleashed to cash in on the growth opportunities. Outsourcing of manufacturing and internal functions is the current trend. In most emerging markets in Southeast Asia, there are changes in consumption patterns; however, the focus on primary care persists. In the developed countries such as Australia, the central nervous system and oncology segments are expected to thrive. “The Malaysian drug market is the largest, comprising 47.8 percent of the total pharmaceutical market,” notes the analyst of this research service. “Strong governmental support, stable economy, and booming population are other factors fuelling market momentum.”
Though the pharmaceuticals industry in The Philippines is large, the generic drug market is small, accounting for only 19.6 percent. Moreover, the lackluster macroeconomic environment in the country reduces the attraction quotient for the market. “In Singapore, the efficient regulatory setup and the stable macroeconomic environment have enabled a high level of interest in the generic drug market in the country,” says the analyst. “On the flip side, the small size of the market and the low population limit the possibilities of market growth.” Although the generic drug market in Thailand is large, the weak macroeconomic environment detracts from its potential. Competition in the Thai generic drug market is not intense, as it is dominated by local participants.
Although the market holds opportunities, there are some challenges restraining the pace of growth. Growing acceptance of generic drugs has led to pricing pressure. The Thai Government is initiating policies to restrain rising healthcare cost. An increase in the availability of herbal products and high level of awareness regarding the holistic approach to healthcare are also clouding market prospects. Companies must roll out strong marketing strategies and offer products with superior quality to ensure productive business outcomes.
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