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Hong Kong Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 68
Hong Kong Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Hong Kong's pharmaceuticals and healthcare industry.
Compared to the Q308 report, the value of Hong Kong’s pharmaceutical market at the end of our forecast period has increased fractionally, from US$1.177bn to US$1.184bn. The reason behind the 0.6% rise is revised macroeconomic figures provided by our Country Risk team, which in turn influences our Drug Expenditure Forecast Model. Because we use a top-down approach, this amendment in turn reflects on the five-year projections for patented products, generic drugs and over-the-counter (OTC) medicines. Hong Kong’s pharmaceutical industry consists of about 190 manufacturing firms, of which 40 are licensed to manufacture mainly generic ‘Western’ drugs.
Domestic capacity appears to be shrinking, or at least consolidating, with figures showing 46 licensed drugmakers in 2007, compared with 48 in 1999, 54 in 1998 and 86 in 1993. Domestic output is small scale, and includes Chinese medicines and consumer health products, as well as prescription drugs. There are only a handful of domestic companies with significant manufacturing capabilities. One such example is United Laboratories International Holdings (TUL), which specialises in finished products, bulk medicine, intermediates and capsules.
Appreciating the burden of influenza, the government announced in July 2008 that it would launch a subsidised vaccination programme. Under the scheme, each eligible child will receive a HKD80 (US$10.30) subsidy to receive a shot from participating private doctors. The programme will cost HKD56mn (US$6.8mn) in total. In July 2008, Dr York Chow, Secretary for Food & Health in Hong Kong, dismissed claims that the government was ignoring ‘bottlenecks’ in the healthcare system as it looks to implement mandatory insurance. Chow called for ‘whole system reform’, stressing that a balance was required while easing the burden on the public health sector to handle bottlenecks.
The Special Administrative Region (SAR)’s R&D-based industry association, the Hong Kong Association of the Pharmaceutical Industry (HKAPI), said in July 2008 that it remained cautious towards the planned reforms of the public healthcare sector. Specifically, it wanted to see the adoption of a more evidence-based approach to healthcare, which is a trend that we are seeing globally.
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