Hong Kong Pharmaceuticals and Healthcare Report Q2 2012
Business Monitor International, March 2012, Pages: 96
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: Despite an increasingly ageing population (consequently increasing burden of noncommunicable diseases) Hong Kong will only be moderately attractive to investors given its small market size. While the dominance of patented medicines is set to continue in the medium term, cost-containment measures will increasingly prioritise the use of generic drugs in the public sector. BMI also note that the anticipation of a year of the dragon baby boom can bring about short-term opportunities for pharmaceutical companies with infant care products as part of their portfolios.
Headline Expenditure Projections
- Pharmaceuticals: HKD8.66bn (US$1.11bn) in 2011 to HKD9.32bn (US$1.20bn) in 2012; +7.6% in local currency terms and +7.8% in US dollar terms.
- Healthcare: HKD86.24bn (US$11.08bn) in 2011 to HKD89.68bn (US$11.53bn) in 2012; +4.0% in local currency terms and +4.1% in US dollar terms.
- Medical devices: HKD4.22bn (US$542mn) in 2011 to HKD4.37bn (US$562mn) in 2012; +3.5% in local currency terms and +3.6% in US dollar terms.
Risk/Reward Ratings: Hong Kong’s composite score in Q212 remains 60.2 out of 100, which again places it seventh of the 18 markets surveyed in BMI’s proprietary Risk/Reward Ratings (RRRs) matrix. The special administrative region (SAR)’s rewards profile, dragged down by market maturity and small population numbers, remains considerably less attractive than its risk environment. BMI expect Hong Kong’s position in the table to be increasingly challenged by emerging markets in the Asia Pacific region.
Key Trends And Developments
- In December 2011, the Department of Health (DoH) said all proprietary Chinese medicines (pCm) must be labelled in the prescribed manner and that package inserts must comply with the stipulated requirements under the Chinese Medicine Ordinance (Cap 549). According to a DoH spokesperson, sections 143 and 144 of the ordinance prohibit the sale of any pCm unless the package is labelled and complies with the prescribed requirements. A fine of HKD100,000 (US$12,865) and two years’ in prison can be imposed for violation of sections 143 and 144.
- In November 2011, the Hong Kong Medical Association appealed to the Hospital Authority to abandon its overseas recruitment plan to deal with the apparent doctor shortage in public hospitals. Leung Ka-lau, a member of the legislative council, said doctor shortages at public hospitals have been attributed to poor resource management by the Hospital Authority. Leung, the first public hospital doctor to be elected, also refuted claims about the extent of the shortage of doctors, saying the overall number of doctors working in public hospitals has risen by 6.6% in the last four years. He recommended that the government ask the University of Hong Kong and the Chinese University to make adjustments to the licensing examinations for doctors to resolve any shortage of doctors in the region.
BMI Economic View: Hong Kong’s long-term outlook remains reasonably bright. While it is a developed economy, increased cooperation between Hong Kong and China offers a unique opportunity for the SAR to benefit from the mainland to further drive economic growth. BMI therefore expect Hong Kong to resume its strong economic expansion over the coming years and average 3.8% real GDP growth over the next decade. However, Hong Kong needs to maintain its competitive edge or risk being overshadowed by fast-rising Chinese cities.
BMI Political View: While BMI believe Hong Kong will remain at or near the top of our political risk ratings table over the next decade, a number of risks could lead to rising political instability. The sluggish pace of democratic reform will continue to cause anger among pro-democracy supporters and there is the potential for large protests. A lack of affordable housing and rising income inequality could also pose threats to social stability.
Executive Summary
SWOT Analysis
Hong Kong Pharmaceuticals And Healthcare Industry SWOT
Hong Kong Political SWOT
Hong Kong Economic SWOT
Hong Kong Business Environment SWOT
Pharmaceutical Risk/Reward Ratings
Table: Asia Pacific Pharmaceutical And Healthcare Risk/Reward Ratings, Q212
Rewards
Risks
Hong Kong – Market Summary
Regulatory Regime
Table: Processed Applications
Regulatory Developments
Pharmaceutical Trade Regulations
Intellectual Property Issues
Counterfeit Drugs
Pricing And Reimbursement Regime
Public Procurement Of Medicines
Industry Trends And Developments
Epidemiology
Table: Leading Causes Of Death In Hong Kong, 2001-2008
Non-Communicable Diseases
Communicable Diseases
Healthcare Sector
Healthcare Sector Reform
Healthcare Financing
Healthcare Financing Developments
Table: Department Of Health Expenditure Breakdown (HKDmn)
Healthcare Insurance
Biotechnology
Clinical Trials
Clinical Trials
Medical Devices
Table: Examples Of Medical Devices In Hong Kong
Industry Forecast Scenario
Overall Market Forecast
Table: Pharmaceutical Sales, 2008-2016
Key Growth Factors – Industry
Table: Overall Healthcare Expenditure, 2008-2016
Table: Governmental Healthcare Expenditure, 2008-2016
Table: Private Healthcare Expenditure, 2008-2016
Key Growth Factors – Macroeconomic
Table: Hong Kong Economic Activity, 2011-2016
Prescription Drug Market Forecast
Table: Prescription Drug Sales, 2008-2016
Patented Drug Market Forecast
Table: Patented Drug Sales, 2008-2016
Generic Drug Market Forecast
Table: Generic Drug Sales, 2008-2016
OTC Medicine Market Forecast
Table: OTC Medicine Sales, 2008-2016
Medical Device Market Forecast
Table: Medical Devices Sales, 2008-2016
Pharmaceutical Trade Forecast
Table: Pharmaceutical Trade, 2008-2016
Other Healthcare Indicators
Key Risks To BMI’s Forecast Scenario
Competitive Landscape
Pharmaceutical Industry
Traditional Chinese Medicine
Industry Developments
Pharmaceutical Supply Chain
Retail Pharmacy Sector
Company Profiles
Local Companies
Wuyi International Pharmaceutical
CK Life Sciences
South Asia Pharmamedic
C&Y Pharmaceutical Investment
Vida Laboratories
Multinational Companies
GlaxoSmithKline
Pfizer
Sanofi
Merck & Co
Novartis
Country Snapshot: Hong Kong Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown
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, 2000-2012 (US$)
Table: Average Annual Wages, 2005-2012
Glossary
BMI Methodology
How We Generate Our Pharmaceutical Industry Forecasts
Pharmaceutical Risk/Reward Ratings Methodology
Ratings Overview
Table: Pharmaceutical Risk/Reward Indicators
Weighting
Table: Weighting Of Components
Sources
- Wuyi International Pharmaceutical
- CK Life Sciences
- South Asia Pharmamedic
- C&Y Pharmaceutical Investment
- Vida Laboratories
- GlaxoSmithKline
- Pfizer
- Sanofi
- Merck & Co
- Novartis
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