Fast Market Research recommends "Hong Kong Pharmaceuticals & Healthcare Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/25/2013 -- Despite its small market size, Hong Kong's drug procurement is intensely regulated by the Hospital Authority (HA). As a result, companies that are able to supply to the HA stand to benefit. We highlight that Hong Kong is lagging behind other Asian countries such as Singapore, South Korea, China and Japan in terms of support for pharmaceutical research and development, which could limit investment into the sector.
Headline Expenditure Projections
- Pharmaceuticals: HKD10.31bn (US$1.33bn) in 2012 to HKD10.94bn (US$1.41bn) in 2013; +6.1% in local currency terms and +5.9% in US dollar terms. Forecast unchanged from Q413.
- Healthcare: HKD112.43bn (US$14.49bn) in 2012 to HKD120.53bn (US$15.51bn) in 2013; +7.2% in local currency terms and +7.0% in US dollar terms. Forecast unchanged from Q413.
Hong Kong's Pharmaceutical Risk/Reward Rating (RRR) score for Q114 is 60.2 out of 100 in our newly improved RRR system. The country scores above average for most of indicators and sub-indicators, including per capita pharmaceutical expenditure, sector value growth and pensionable population. Consequently with this high score, Hong Kong is ranked seventh, above Malaysia, out of the 19 key Asia Pacific markets.
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Key Trends And Developments
- In October 2013, India-based Fortis Healthcare decided to sell its stake in Quality Healthcare Medical Services in Hong Kong to UK-based Bupa for US$355mn.
- In the same month, Dr. Ko Wing-man, the secretary for Food and Health, stated that the government's voluntary health insurance scheme may cost consumers 10% more than the current private scheme but that it will have wider coverage.
- On September 28 2013, the government of Hong Kong launched an online mechanism to verify the resident status of patients visiting hospitals and clinics falling under the Hospital Authority (HA) and the Department of Health (DH) in Hong Kong. The move will enable the government to confirm patients' valid residential status, and charge them appropriate rates under its highly subsidised public healthcare services. The patients will have to show their Hong Kong identity cards to the hospital or clinic staff, who will charge them the appropriate 'eligible persons' or 'non-eligible persons' rate after verifying their residential status. All prospective patients with valid Hong Kong identity cards will be considered 'eligible persons' to receive healthcare services by paying subsidised fees.
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