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The Pharmaceutical Market: Japan
Espicom Business Intelligence Ltd, Sep 2009, Pages: 90
Japan is the second largest economy in the world behind the USA, and the same is also true in relation to the medical market. Per capita GDP is also high, among the top ten in the world. The USA and Germany are the only countries to import more medical equipment, and Japan is the eighth highest exporter of medical devices in the world.
Japan has some of the best vital statistics in the world, including the lowest infant mortality rates and highest adult life expectancies.
A rapidly ageing population has burdened the healthcare system both in terms of funding and facilities and is of great concern for the Japanese government. As a result, payments made by the government to medical institutions have been slashed (by record levels in 2006) in an attempt to
ease national medical spending.
Japan has the most expensive medical equipment in the world. It should however be borne in mind that some of the reasons for this lie with a distribution system that hikes up retail prices with hidden costs.
In 2008, more reimbursement price revisions were made to medical devices, bringing the total price cuts to 126 functional categories since the foreign reference price system was introduced in 2002.
The latest revisions however made several positive allowances in favour of innovative medical devices, by raising reimbursement prices in order to provide an incentive for the development of more such devices and use in the country’s healthcare system.
Rather increasingly, domestic companies are tending to focus on developing their markets abroad, particularly in other parts of Asia, Eastern Europe and the Middle East. The leading local industry players have begun to place even more emphasis on expanding their marketing and sales presence in these aforementioned emerging markets.
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