Boston, MA -- (SBWIRE) -- 06/23/2014 -- Medicine pricing controls will continue to limit the growth potential of the Philippine pharmaceutical market. However, over the longer term progressive implementation of universal healthcare coverage, coupled with the country's relatively strong economic growth and political stability, will boost pharmaceutical consumption.
Headline Expenditure Projections
- Pharmaceuticals: PHP138.45bn (USD3.20bn) in 2013, rising to PHP143.55bn (USD3.26bn) in 2014; +3.7% in local currency terms and +1.8% in US dollar terms.
- Healthcare: PHP545.09bn (USD12.62bn) in 2013, rising to PHP611.29bn (USD13.89bn) in 2014; +12.1% in local currency terms and +10.1% in US dollar terms.
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Risk/Reward Rating: Out of the 19 pharmaceutical markets assessed in Asia Pacific, the Philippines remains in 14th place (scoring 45.3 out of 100), trailing the regional average in most metrics. In Q314, Japan is ranked as the most attractive market in the Asia Pacific region (scoring 78.1 out of 100), followed by South Korea (68.6) and Australia (65.8).
Key Trends And Developments
- The Philippine Pharmacists' Association is getting ready for the first phase of the single market integration targeted by the Association of Southeast Asian Nations (ASEAN) by 2015, reports Minda News. Pharmacists in the Philippines should aim to become more professional, as they sometimes act and are treated only as retailers of over-the-counter drugs, according to the business manager of the Davao Chapter pharmacists' group, Sheldon Silva. He added that the upcoming ASEAN integration in 2015 demands a better policy environment for pharmacists, who should also act as consultants for patients seeking treatment.
- In February 2014, the Philippines' Department of Science and Technology (DOST) backed eHealth technologies for smarter healthcare during the First Philippine eHealth Summit held in Pasay City, Philippines. DOST's Secretary Mario G Montejo said that the use of ICT for health, dubbed eHealth, 'is envisioned to...
The Philippines Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Philippines Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Philippine pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Philippines to test other views - a key input for successful budgeting and strategic business planning in the Philippine pharmaceutical and healthcare market.
- Target business opportunities and risks in the Philippine pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Philippines.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View & Industry SWOT
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
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