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Philippines Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, Feb 2010, Pages: 97
Business Monitor International's Philippines Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Philippines' pharmaceuticals and healthcare industry.
Having been ranked as the 11th most attractive pharmaceutical market in the Asia Pacific region in Q110, the Philippines improved its position by one place in Asia Pacific’s Q2 Business Environment Ratings (BER) table, now ranking joint tenth with Thailand. The Philippines’ pharmaceutical rating was raised as a result of the expected improvement of its domestic consumption fundamentals and the steady annual growth rate of its pharmaceutical market values. The market is maturing, and there are calls to expand the socialised healthcare system to serve the entire nation, which would boost volume consumption in particular.
Over the five years to 2014, BMI forecasts that pharmaceutical expenditure in the Philippines – worth PHP124.9bn (US$2.63bn) in 2009 – should increase by 9.67% in local currency terms and at an even more impressive 12.94% in US dollars as the peso appreciates. In 2014, BMI therefore expect the market to reach a value of PHP198.1bn (US$4.83bn), growing further to PHP297.4bn (US$8.29bn) by 2019. Key drivers of this trend include the expansion of healthcare services and modernisation and a combination of demographic and epidemiological factors (despite the continued downward pressure on prices of most essential medicines). Generic drugs will be the main beneficiaries, as their value to 2014 is expected to increase by an impressive CAGR of 21.64% in local currency terms. Having gained widespread popularity among consumers, generics will continue to be stimulated by the government’s legislation as well as deficiencies in the country’s intellectual property (IP) environment. In fact, those shortcomings have allowed the premature launch of generic copies of innovative products, such as Pfizer’s Lipitor (atovarsatin) by domestic player Unilab.
In the meantime, the pricing environment in the Philippines will remain challenging, for both domestic and foreign players. In October 2009, the Philippines’ President Gloria Macapagal Arroyo ordered the expansion of the list of basic commodities placed under price control, in order to safeguard its floodaffected citizens from profiteers. The expanded list of basic commodities will also cover medicine (despite previous assurances to the contrary), although the pharmaceutical and healthcare association of the Philippines (PHAP) assured the government that the country’s drug companies will not take advantage of the ongoing situation. The PHAP has also frozen the prices of essential medicine. The wider healthcare and pharmaceutical landscape is currently being shaped by events such as the upcoming presidential election in May 2010, with candidates increasingly recognising the importance of affordable medicines as a means to winning votes. Other emotive issues in the strongly Catholic country include the reproductive health bill, which is being opposed by the majority of presidential candidates. On the economic front, BMI expect better domestic fundamentals to boost the Philippines’ real gross domestic product (GDP) in 2010. Private consumption growth remained impressively strong over the past few quarters, despite the economic downturn, and is expected to expand significantly in the course of 2010, which bodes well for pharmaceutical consumption.
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