Boston, MA -- (SBWIRE) -- 07/02/2012 -- BMI View: Despite an increasingly ageing population (consequently increasing burden of noncommunicable diseases), Hong Kong will only be moderately attractive to investors given its small market size. While the dominance of patented medicines is set to continue in the medium term, costcontainment measures will increasingly prioritise the use of generic drugs in the public sector. We also note that the anticipation of a year of the dragon baby boom can bring about short-term opportunities for pharmaceutical companies with infant care products as part of their portfolios.

Headline Expenditure Projections

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- Pharmaceuticals: HKD8.66bn (US$1.11bn) in 2011 to HKD9.32bn (US$1.20bn) in 2012; +7.6% in local currency terms and +7.8% in US dollar terms.
- Healthcare: HKD86.24bn (US$11.08bn) in 2011 to HKD89.68bn (US$11.53bn) in 2012; +4.0% in local currency terms and +4.1% in US dollar terms.
- Medical devices: HKD4.22bn (US$542mn) in 2011 to HKD4.37bn (US$562mn) in 2012; +3.5% in local currency terms and +3.6% in US dollar terms.

Risk/Reward Ratings: Hong Kong's composite score in Q312 remains 60.2 out of 100, which again places it seventh of the 18 markets surveyed in BMI's proprietary Risk/Reward Ratings (RRRs) matrix. The special administrative region (SAR)'s rewards profile, dragged down by market maturity and small population numbers, remains considerably less attractive than its risk environment. We expect Hong Kong's position in the table to be increasingly challenged by emerging markets in the Asia Pacific region.

Key Trends And Developments

- In April 2012, health institutions in Hong Kong urged the government to issue guidelines for biosimilars to ensure their safe use. Vivian Lee Wing-yan, associate professor of the School of Pharmacy at the Chinese University of Hong Kong, said industry professionals and the government should collectively issue regulations and guidelines, as well as raising public awareness about biosimilars through education, as they are more complex to manufacture. Lee also asked the government to monitor the efficacy and side-effects of biosimilars after they are registered.
- In April 2012, Swedish healthcare company Meda opened an affiliate in Hong Kong, following the company's decision in 2011 to establish an affiliate presence in Beijing. The openings point towards the increasingly important role China will play in the company's Asian expansion strategy.

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