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Philippines Phamaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 76
The Philippines Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on the Philippines pharmaceuticals and healthcare industry.
Until the ‘Cheaper Medicine Bill’ is fully approved by the legislature, we will be maintaining our forecasts for the Philippines’ US$2.61bn pharmaceutical market. The new law is expected to reduce the cost of many medicines, but lowering our projections is not planned. In fact, given that more people on low incomes will be able to afford quality healthcare products, we are more likely to upwardly revise our expectations for future sales. We are forecasting 5% year-on-year (y-o-y) growth through to 2012, when the market will have a valuation of US$4.02bn.
The Philippines has a nascent biotech sector, but there signs that expansion will occur soon. During Q407, local firm Servac Philippines has contracted Swedish company Pharmadule to build a state-of-the-art production facility. The US$120mn plant will make a vaccine for the prevention of rabies, which is a significant problem in the country. A prime indicator of the buoyant generic sector is The Generics Pharmacy, an enterprise that aims expand and extend the reach of generics to those on low incomes. Despite having only a minimal involvement with patented drugs, it is expanding rapidly. There are currently 27 outlets and the target is to have a 100 by mid-2008.
As part of its strategy to penetrate high growth markets, French firm Sanofi-Aventis generics subsidiary - Winthrop Pharmaceuticals - opened a branch in Cebu Province, the Philippines. The firm aims to provide high-quality and affordable medicines for a variety of conditions. To maximise sales, Winthrop Pharmaceuticals Philippines will liaise the government, presumably to get its products on state-assisted programmes.
According to a November 2007 poll, Filipinos are the second-happiest and most optimistic people in Asia, just behind the Indians, but ahead of the China, Thailand, Indonesia, Hong Kong, Malaysia and Singapore. This result is particularly surprising when one considers that the country has one of the lowest levels of self-purchased and company-provided medical insurance.
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