Research and Markets (http://www.researchandmarkets.com/research/b3345d/philippines_pharma)
has announced the addition of the "Philippines
Pharmaceuticals and Healthcare Report Q2 2010" report to their
offering.
“Philippines
Pharmaceuticals and Healthcare Report Q2 2010”
Business Monitor International's Philippines Pharmaceuticals and
Healthcare Report provides industry professionals and strategists,
corporate analysts, pharmaceutical associations, government departments
and regulatory bodies with independent forecasts and competitive
intelligence on the Philippines' pharmaceuticals and healthcare industry.
Having been ranked as the 11th most attractive pharmaceutical market in
the Asia Pacific region in Q110, the Philippines improved its position
by one place in Asia Pacific's Q2 Business Environment Ratings (BER)
table, now ranking joint tenth with Thailand. The Philippines
pharmaceutical rating was raised as a result of the expected improvement
of its domestic consumption fundamentals and the steady annual growth
rate of its pharmaceutical market values. The market is maturing, and
there are calls to expand the socialised healthcare system to serve the
entire nation, which would boost volume consumption in particular.
Over the five years to 2014, BMI forecasts that pharmaceutical
expenditure in the Philippines worth PHP124.9bn (US$2.63bn) in 2009
should increase by 9.67% in local currency terms and at an even more
impressive 12.94% in US dollars as the peso appreciates. In 2014, BMI
therefore expect the market to reach a value of PHP198.1bn (US$4.83bn),
growing further to PHP297.4bn (US$8.29bn) by 2019. Key drivers of this
trend include the expansion of healthcare services and modernisation and
a combination of demographic and epidemiological factors (despite the
continued downward pressure on prices of most essential medicines).
Generic drugs will be the main beneficiaries, as their value to 2014 is
expected to increase by an impressive CAGR of 21.64% in local currency
terms. Having gained widespread popularity among consumers, generics
will continue to be stimulated by the governments legislation as well as
deficiencies in the country's intellectual property (IP) environment. In
fact, those shortcomings have allowed the premature launch of generic
copies of innovative products, such as Pfizer's Lipitor (atovarsatin) by
domestic player Unilab.