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Malaysia Pharmaceuticals and Healthcare Report Q3 2011
Business Monitor International, June 2011, Pages: 110
Malaysia 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 Malaysia's pharmaceuticals and healthcare industry.
The key attractions of the Malaysian pharmaceutical market over the longer term are the government’s encouragement of the biotechnology sector and the country’s economic development, which will improve consumer purchasing power regarding pharmaceuticals. On the other hand, per-capita pharmaceutical consumption is quite low, especially due to the high out-of-pocket payment levels, which make the market vulnerable to economic downturns.
Headline Expenditure Projections
- Pharmaceuticals: MYR4.51bn (US$1.40bn) in 2010 to MYR4.83bn (US$1.61bn) in 2011; +7.1% in local currency terms and +14.7% in US dollar terms. Forecast down marginally from Q211 due to macroeconomic factors.
- Healthcare: MYR36.39bn (US$11.32bn) in 2010 to MYR38.93bn (US$12.98bn) in 2011; +7.0% in local currency terms and +14.6% in US dollar terms. Forecast down marginally from Q211 due to macroeconomic factors.
- Medical devices: MYR3.51bn (US$1.09bn) in 2010 to MYR3.74bn (US$1.25bn) in 2011; +6.7% in local currency terms and +14.3% in US dollar terms. Forecast down marginally from Q211 due to macroeconomic factors.
Business Environment Rating: Malaysia is ranked eighth in the Asia Pacific region. Its rating of 59.6 suggests an operating environment that poses some risks to multinationals, yet offers a respectable long-term prospect in the Asian region.
Key Trends & Developments
- In April 2011, Malaysia introduced a new service of sending prescribed medicines by post. This service caters for patients who need to consume pharmaceuticals on a continuous basis. This means that registered patients do not have to wait at hospitals, clinics or pharmacies.
- In line with Malaysia’s growing importance as an R&D and clinical trials centre, in April 2011, global clinical research organisation (CRO), SIRO Clinpharma launched operations in Malaysia as part of its strategy to expand its presence in Asia.
Economic View: Malaysia's real GDP growth came in at a weaker-than-expected 4.6% year-on-year (y-o-y) in Q111, suggesting that there could be downside risks to our full-year economic growth forecast of 4.9%. However, we are sticking to our view that robust private consumption and investment growth will provide a boost to domestic demand. This should help cushion the negative impact of deteriorating net exports on economic growth over the coming quarters.
Political View: Although the US-Malaysia Free Trade Agreement (FTA) appears to have stalled since 2010, talks on an agreement with the EU seem to be progressing. Under the agreement, prices of medicines are expected to increase, as pharmaceutical companies' patent rights would be extended from the present 15 years to 20 years.
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