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Philippines Pharmaceuticals & Healthcare Report Q3 2007
Business Monitor International, Feb 2008, Pages: 73
The Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on the Philippines pharmaceuticals and healthcare industry.
At the time of going to press, the Philippines was debating the highly controversial Cheaper Medicines Bill, which would make drugs more affordable by allowing parallel imports and reducing exclusivity periods. According to the Pharmaceutical & Healthcare Report Q3 2007, we believe that this legislation will be approved, to the great benefit of many people on low incomes. However, as can be expected, this will result in lower revenues for international drugmakers. The market is characterised by an emerging over-the-counter (OTC) sector as Filipinos increasingly self-medicate. Going forward, the author is forecasting pharmaceutical sector growth of approximately 7% through to 2011, when the market will have a valuation of US$3.4bn.
As part of measures to prevent unreasonable increases in the prices of medicines, the Senate is considering a price ceiling in September. However, the Department of Trade and Industry was against the idea as high prices were the result of an absence of healthy competition between suppliers. Moreover, the department said that creation of such control was redundant since the Price Act had already formed the National Price Coordinating Council, which monitors price movements of various commodities, including medicines.
Despite an improving economic climate, the Philippines is refusing to spend more on healthcare to bring the sector up to international standards, according to the advocacy group Health Alliance for Democracy (HEAD). This is a concern because many people with low incomes will continue to struggle for basic care, particularly basic drugs which are expensive on regional terms. The author recommends that less is spent on the military and the law on cheap pharmaceuticals is passed.
President Arroyo called upon Indian drugmakers in September 2007 to submit proposals to supply the Philippines with cheap generic medicines. Collaborations with Filipino companies was the preferred arrangement, but we believe that government purchase - through the Philippine International Trading Corporation (PITC) - may also happen. Later that month, major Indian firm Dr Reddy’s Laboratories revealed that it was penetrating the Filipino market in partnership with local firm Britton Marketing Corporation.
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