Recently published research from Business Monitor International, "Philippines Pharmaceuticals & Healthcare Report Q4 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 09/25/2013 --BMI View: Rising healthcare expenditure will be one of the key drivers of pharmaceutical growth in the Philippines as the country's intention to provide universal healthcare coverage sets the stage for increased access to health and pharmaceutical services. In addition to improving access to healthcare, the country is also looking to boost efforts in research and medical tourism. If successful, this will boost Philippines's pharmaceutical business environment. A downside risk to our view is that the majority of the South East Asian countries are also looking to boost their efforts in these three functions, and the country will therefore have to compete for foreign investment.

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Headline Expenditure Projections

- Pharmaceuticals: PHP129.78bn (US$3.08bn) in total sales in 2012, rising to PHP134.21bn (US$3.25bn) in 2013; +3.4% in local currency terms and +5.7% in US dollar terms.
- Healthcare: PHP455.15bn (US$10.79bn) in sales in 2012 rising to PHP511.55bn (US$12.38bn) in 2013; +12.4% in local currency terms and +14.8% in US dollar terms.

Risk/Reward Rating: The Philippines' Pharmaceutical Risk/Reward Rating (RRR) score for Q413 is 46.9 out of 100, making it the 14th most attractive pharmaceutical market in Asia Pacific. On the whole, there is evidence that the market is maturing, with some calling for the expansion of the socialised healthcare system to serve the entire nation. It is thought that such changes will boost volume consumption in particular.

Key Trends And Developments

- The Philippines National Statistics Coordination Board has released the latest edition of the Philippine National Health Accounts (PNHA) stating that the country's spending on healthcare increased by more than 10% in 2011 reaching PHP431bn (US$10.0bn) that year. We note that this figure is slightly higher than the figure released by the World Health Organization, but this may be due to differences in data collection procedures.
- In July 2013, the Philippines announced that it will formally adopt the Association of South East Asian Nations (ASEAN) common technical dossier (ACTD) and common technical requirements (ACTR) for the registration of pharmaceutical products for human use, under Administrative Order No. 2013-0021. The immediate benefits of a CTD are obvious as it serves to eliminate technical barriers to trade without compromising drug quality, safety and efficacy. This allows pharmaceutical companies, especially multinationals, to get their pharmaceuticals approved faster in each member state.

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