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Hong Kong Pharmaceuticals and Healthcare Report Q1 2012
Business Monitor International, Dec 2011, Pages: 91
Business Monitor International's 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.
BMI View: Hong Kong continues to be viewed as a moderately attractive longer-term pharmaceutical market, largely on account of its small overall market size. While the dominance of patented medicines is set to continue in the medium term, cost-containment pressures will increasingly prioritise the use of generic drugs in the public sector. Still, the demographic and epidemiological profile will continue to offer significant opportunities for the manufacturers and suppliers of medicines for the treatment of chronic diseases.
Headline Expenditure Projections
- Pharmaceuticals: HKD7.98bn (US$1.03bn) in 2010 to HKD8.65bn (US$1.11bn) in 2011; +8.5% in local currency terms and +8.4% in US dollar terms. Forecast unchanged from Q411.
- Healthcare: HKD83.01bn (US$10.69bn) in 2010 to HKD86.24bn (US$11.09bn) in 2011; +3.9% in local currency terms and +3.8% in US dollar terms. Forecast up slightly from Q411 due to macroeconomic factors.
- Medical devices: HKD4.10bn (US$527mn) in 2010 to HKD4.21bn (US$542mn) in 2011; +2.8% in local currency terms and +2.8% in US dollar terms. Forecast unchanged from Q411.
Business Environment Rating: Hong Kong’s composite score for Q112 remains at 60.2 out of the maximum 100, which again places it seventh of the 17 markets surveyed in BMI’s proprietary Business Environment Ratings (BERs) matrix. The Special Administrative Region (SAR)’s reward profile, dragged down by market maturity and small population numbers, remains considerably less attractive than its risk environment. BMI expects Hong Kong’s matrix position to be increasingly challenged by emerging markets in the Asia Pacific region.
Key Trends & Developments
- A survey carried out by the Hong Kong Association for the Study of Obesity and 200 doctors, which was published in November 2011, has found 80% of overweight people aged 30-70 years suffer from at least one chronic disease and have a body mass index of 25 or above. The risk of suffering from a disease is 300% higher in those who are overweight, according to the president of the association, Francis Chow Chun-chung. The survey also found 24% of participants were unwilling to lose weight despite it being suggested by doctors.
- In September 2011, UK-based Sinclair IS Pharma and its Singapore-based partner Invida introduced two of Sinclair's dermatology products in Asia. The partners have launched Atopiclair in Hong Kong, Malaysia, Singapore and India, while Papulex has been rolled out in Taiwan, India and Hong Kong. Atopiclair is designed to treat atopic dermatitis and Papulex is used to manage and maintain mild to moderate acne. The partners planned to launch the products in four more Asian countries by end-2011. The companies entered a partnership in December 2010 to commercialise Sinclair's dermatology products in 11 Asia Pacific countries.
BMI Economic View: Hong Kong's unemployment rate in September 2011 remained unchanged from 3.2% in August. This was in no small part due to demand from China, as well as an influx of Chinese tourists, rising wages and strong domestic consumption, which has also had a positive effect on the use of healthcare services. That said, we believe that the unemployment within the city is likely to bottom out, and BMI expects the jobless rate tick upwards over the coming months as weakening external demand conditions eventually force job cuts. BMI expected unemployment levels at end-2011 to be 3.4% and average 4.3% in 2012. It also expected inflation to come in at a low 2.6% in 2011, and this will decelerate to 2.2% in 2012.
BMI Political View: It believes that Hong Kong's 2012 elections will have no bearing on its business environment, nor on the broader economy. Given that the 1,200-member Election Committee that selects the Chief Executive is likely to be populated by Beijing-backed loyalists, Hong Kong's elections are seen to be more of a formality than the product of a democratic right to vote. BMI does not foresee any adverse implications for Hong Kong's business environment. The city's free market mechanics are likely to run as smoothly, while the dominance of pro-government and pro-Beijing groups within the legislature means that government-supported policies will be passed with relative ease.
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