Boston, MA -- (SBWIRE) -- 08/24/2012 -- BMI View: The Malaysian pharmaceutical market is relatively underdeveloped by international standards, with low per capita sales (US$63 in 2011) constrained by the limited government role in terms of healthcare financing in general. Through to 2016, the Malaysian drug market, valued at around MYR5.55bn (US$1.81bn) in 2011, is expected to post a compound annual growth rate (CAGR) of 9.4% in local currency terms, driven primarily by the expansion and modernisation of healthcare facilities and the increase in the number of patients suffering from long term non-communicable conditions.
Headline Expenditure Projections
- Pharmaceuticals: MYR5.55bn (US$1.81bn) in 2011 to MYR6.13bn (US$1.93bn) in 2012; +10.4% in local currency and +6.4% in US dollars. Forecast up from Q212 on account of new historical data.
- Healthcare: MYR39.24bn (US$12.83bn) in 2011 to MYR41.73bn (US$13.14bn) in 2012; +6.4% in local currency and +2.5% in US dollars. Forecast up slightly from Q212 on account of new historical data.
- Medical devices: MYR3.97bn (US$1.30bn) in 2011 to MYR4.29bn (US$1.35bn) in 2012; +8.3% in local currency and +4.3% in US dollars. Forecast up from Q212 on account of new historical data.
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Risk/Reward Rating: In our latest proprietary Pharmaceutical Risk/Reward Ratings (RRRs) matrix for Asia Pacific, Malaysia ranks an unchanged eighth out of the 18 countries surveyed regionally. Its composite score is also unchanged at 59.3 out of 100. Malaysia is considered to be a relatively low risk market, though its longer-term rewards are dragged down by factors such as low per capita spending on pharmaceuticals.
Key Trends And Developments
- In order to ensure imported medicines comply with safety and quality standards in Malaysia, pharmaceutical products not manufactured in Pharmaceutical Inspection Convention and Pharmaceutical Inspection Cooperation Scheme (PIC/S) member countries will be required to obtain good manufacturing practice (GMP) certification from July 2012 prior to sale in the country. BMI cautions that the regulations may not be implemented properly in reality, as the new rules imply that the current Drug and Cosmetics Regulations have not been entirely effective in keeping non-certificate of pharmaceutical product (CPP) licensed products away from Malaysia. Nevertheless, we note that while the introduction of a mandatory GMP certification for imported medicines may seem like a threat to smaller foreign pharmaceutical players initially due to higher operation costs, it will be extremely beneficial for companies looking to introduce drugs in multiple countries.
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