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The Pharmaceutical Market: Philippines
Espicom Business Intelligence Ltd, May 2010, Pages: 64
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.
Executive Summary
The Philippine’s economy has started to recover from the global economic recession of 2008-09. High government spending to stimulate the economy has improved conditions temporarily but in turn has created a large budget gap. This fiscal deficit combined with the uncertainty surrounding the May 2010 presidential election will exert downward pressure on the peso currency in 2010. The USTR downgraded the Philippines from the “Priority Watch List” to the “Ordinary Watch List” in February 2009. The Philippines is one of the fastest growing countries in the world and 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, whereby 200 drugs have seen price reductions by up to 50% since August 2009. This represents 12-15% of the total market for essential drugs of the pharmaceutical market.
The Philippines is a member of the ACCSQ-PPWG, which aims to create a harmonised pharmaceutical market among ASEAN member countries. In August 2009, President Arroyo signed a new law strengthening the regulatory capacity of the BFAD. In February 2010, Health Secretary Esperanza Cabral signed a piece of legislation on the requirement of bioavailability/bioequivalence studies for drugs prior to registration.
Espicom estimates a healthy CAGR for the period 2010 to 2015. The balance of pharmaceutical trade in the Philippines remains significantly negative. The Philippines is heavily reliant on imports of finished medicaments, and has little in the way of exports, therefore the deficit will only widen in the forecast period. The OTC market is dominated by three Filipino pharmaceutical companies which control over half of this market. The generic drug market is being actively backed by the government, and the leading generics manufacturer is the Filipino owned UniLab.
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