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The Pharmaceutical Market: Philippines
Espicom Business Intelligence Ltd, Oct 2011, Pages: 56
THE PHARMACEUTICAL MARKET: PHILIPPINES - REVIEW
The Philippines is projected to be the tenth largest economy in the Asia Pacific region by 2016. High government spending to stimulate the economy has improved conditions temporarily but in turn has created a large budget gap. The Philippines remains on the USTR's Watch List in 2011, primarily due to the fact that “the United States remains concerned about amendments to the patent law that prohibit patents on certain chemical forms unless the applicant demonstrates increased efficacy”. Demographically, the population of the Philippines will be the seventh largest in the Asia Pacific region covered by 2016. The population remains relatively young.
The Philippines has one of the highest drug prices in the world. Changes brought about by the controversial Cheaper Medicine Act have impacted the Philippines pharmaceutical market in a number of areas, including IP laws, competition and drug price control mechanisms. Since the Act's implementation, a considerable number of drugs have seen price reductions by up to half. The immediate term will be the most volatile, as the government battles with the international pharmaceutical industry for ground in the market, which up until recently experienced a free-market policy with no price regulations in place.
The analyst estimates a high single-digit CAGR in US dollar terms for the Philippines pharmaceutical market in the period 2011 to 2016. The Philippines will be the ninth largest pharmaceutical market in the Asia Pacific region by 2016. The Philippines is heavily reliant on imports of finished medicaments, and exports little in way of pharmaceuticals, therefore the deficit in the balance of trade is likely to increase during the forecast period. The Philippines OTC sector is dominated by three Filipino pharmaceutical companies that control over half of this sector. The Philippines generic sector is being actively backed by the government and is led by UniLab.
ENHANCED STRATEGIC INTELLIGENCE
These highly regarded world pharmaceutical market reports have been redesigned to provide enhanced strategic intelligence in a user-friendly format. Each report provides in-depth information, setting the pharmaceutical market in context. The reports provide:
- Five-year projections for economic, demographic, health expenditure, health workforce and pharmaceutical market indicators.
- Specialised intelligence on OTCs, generics, biologics and biosimilars.
- Exclusive economic and demographic data from the Economist Intelligence Unit (EIU) for each market in the series.
- A separate statistical health file, comprising health expenditure, health infrastructure, health services and health personnel.
- The reports are updated quarterly, providing you with the latest information for a full year. In addition, the service will keep you up to date with market and industry news on a regular basis.
HEALTHCARE STATISTICS
A comprehensive tabula review, comprising demographics, epidemiology, health expenditure, hospital and primary care infrastructure & services and healthcare personnel, is additionally included.
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