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Biopharmaceuticals in South East Asia
Espicom Business Intelligence Ltd, July 2008, Pages: 204
Often overshadowed by commercial interest in China and India, the countries of SE Asia offer both a growing market for biopharmaceuticals and a research-driven environment for their development.
The worldwide market for biotechnology pharmaceuticals was valued by Espicom at an estimated US$80 billion in 2007, representing 9.6% of the total global pharmaceutical sales (prescription and OTC), which stood at approximately US$830 billion. In 2007, reported sales of 40 of the leading biopharmaceuticals sold by the major western manufacturers totalled US$71.6 billion, having risen by 13.7% over the previous year.
Rapid double-digit growth and influence
The SE Asian market is forecast to climb to US$3.1 billion by 2013, a CAGR of 10.9%. Although at a slower pace than the global average, demand for biopharmaceuticals is still expected to outstrip pharmaceutical demand in general, which is expected to grow in South East Asia at a CAGR of 5.4% over the 2008-2013 period. From representing around 7.7% of the South East Asian pharmaceutical market in 2008, biopharmaceuticals are expected to increase as a proportion to 10% by 2013.
Unique market requirements
South East Asia has a markedly different profile to, for example, the US or western Europe, in terms of the type of biopharmaceuticals consumed. Whereas erythropoietins, oncologics, anti-diabetics and auto-immune agents constitute the bulk of biopharmaceutical sales globally, the leading therapy classes in South East Asia are anti-diabetics and recombinant vaccines.
The simple truth is that many biopharmaceuticals, such as oncologics, are simply too expensive for widespread distribution in countries with low healthcare expenditure. The market will be focused on local market demand (insulins, hepatitis B vaccines, tropical disease vaccines) and access to the more expensive treatments will continue to be restricted until they come off-patent and cheaper biosimilars become widely available.
Biopharmaceuticals in South East Asia is a new, critical strategic management report which addresses key issues of concern. The 200+ page report is packed with authoritative statistics and comment, much of which is not readily available elsewhere. If you need to understand, manage or develop these markets then this report is essential reading.
This detailed report analyses the market and research environments, assessing risk and identifying opportunity.
INDONESIA
The analyst estimates the Indonesian biopharmaceutical market at US$101 million in 2008 and forecasts that it will rise to US$148 million by 2013. Growth over the 2008-2013 period is expected to average at a CAGR of 7.9%, in which time Indonesia’s share of the biopharmaceutical market in South East Asia is expected to slip from 5.4% to 4.7%.
MALAYSIA
The Malaysian government sees biotechnology as integral to future wealth creation and the attainment of its aim to become a “developed knowledge economy” by 2020. The analyst estimates the Malaysian biopharmaceutical market at US$75 million in 2008 and forecasts that it will rise to US$132 million by 2013. Growth over the 2008-2013 period is expected to average at a CAGR of 12%, in which time Malaysia’s share of the regional biopharmaceutical market is expected to show a marginal increase from 4% to 4.2%.
SINGAPORE
Singapore’s intention is to become a hub for the biomedical sciences sector, not just for Asia, but globally. The country has traditionally been a trading hub for the Asian region and more recently has established itself as a prime location for biomedical operations. Singapore is an attractive location for multinational companies as it meets key criteria: political and economic stability, government-led commitment to the sector, a skilled workforce, a strong life sciences and logistical infrastructure, vigorous intellectual property protection and a favourable regulatory framework. Singapore’s biomedical sciences industry (which it classifies as pharmaceuticals, healthcare-related biotechnology, diagnostics and medical devices) had a manufacturing output of S$23 billion in 2006, an increase of 30.2% over 2005. Notable multinational investments have been made by GSK, Lonza, Genentech and Schering-Plough.
SOUTH KOREA
South Korea’s close proximity to China and Japan make it well-placed as a gateway to two of the world’s most powerful economies. But partnering with Korean companies can be more than just a geographically strategic move, as the country has a strong research base in biotechnology and pharmaceuticals. Since 1986, more than 30 new drug candidates and related technologies developed by Korean companies have been licensed to the major players in the pharmaceutical industry. Furthermore, South Korean inventors rank 12th for biotechnology patents filed with the USPTO and account for 1% of total stem cell-related patents filed with the USPTO, close to the number filed by British and French researchers. These statistics are testimony to the Korean government’s promotion of biotechnology and stem cell research. Despite the blow dealt by the Hwang Woo-Suk scandal the biotechnology sector continues to flourish.
THAILAND
The Thai government is keen to restore investor confidence and to promote investment in targeted industries. While biotechnology is one of the designated industries set to benefit from the funding on offer, the current furore over Thailand’s compulsory licensing of pharmaceuticals still makes the current environment an awkward one for those involved in the life sciences sector. While Thailand lags behind many other countries in the region in promoting biotechnology there is optimism this can be overcome due to the country’s wealth of skilled personnel with 1,000 trained professionals graduating from local universities annually. Strategies, policies and infrastructure created over the past two years are starting to pay off, with a number of multinational and local companies emerging in the biotechnology sector.
TAIWAN
Taiwan's concerted policy efforts to develop research, development and production capabilities in the biotech sector have paid off in creating a wealth of investment opportunities. Biotech research at Taiwan's top academic institutions is gaining international attention, while development capabilities, fostered through joint industry and government support, are turning these research achievements into commercially viable products. The analyst estimates the Taiwanese biopharmaceutical market at US$425 million in 2008 and forecasts that it will rise to US$745 million by 2013. Growth over the 2008-2013 period is expected to average at a CAGR of 11.9%.
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