"Japan Pharmaceuticals & Healthcare Report Q4 2013" Published

An ageing population, coupled with the country's high expenditure on healthcare, makes Japan a very attractive market for drugmakers. We highlight that given Prime Minister Shinzo Abe's aim to revitalise the economy there will potentially be stronger support for research and development, maintaining the country's leadership in the Asia Pacific region. While the ageing population demands more pharmaceutical and medical services, the growth potential of the pharmaceutical market will eventually be limited by its shrinking population.

Headline Expenditure Projections

* Pharmaceuticals: JPY10,338.7bn (US$129.5bn) in 2012 to JPY10,795.2bn (US$118.6bn) in 2013; +4.4% in local currency terms and -8.4% in US dollar terms. Forecast broadly in line with Q313, US growth down due to currency fluctuations.
* Healthcare: JPY43,863.2bn (US$544.4bn) in 2012 to JPY44,424.0bn (US$488.2bn) in 2013; +1.3% in local currency terms and -11.1% in US dollar terms. Forecast is broadly in line with Q313, US growth is down due to currency fluctuations.

Full Report Details at
- http://www.fastmr.com/prod/673240_japan_pharmaceuticals_healthcare_report_q4_2013.aspx?afid=301

Risk/Reward Rating:

Japan's Pharmaceutical Risk/Reward Rating (RRR) score for Q413 is 72.0 out of the maximum 100 in our newly improved RRR system. With the high score, Japan is the most attractive country in comparison with the other 18 key markets in Asia Pacific. While we highlight low growth potential over the long term, its ageing and affluent population will continue to boost pharmaceutical spending. Meanwhile, the country offers low risk to investors, given its low corruption rate and lack of bureaucracy.

Key Trends And Developments

* In July 2013, local newspaper The Japan News reported that the Japanese government is considering expanding its compensation programme to cover more children suffering from cerebral palsy as a result of medical accidents at birth, This comes after a council managing the programme discovered an annual surplus of JPY10bn (US$100.09mn) in the programme's budget. The Japan Council for Quality Health Care, which is responsible for reviewing the programme, has found that the programme covered 481 children annually, which is less than the 800 projected when the programme was formulated in January 2009.
* In June 2013, Japan commenced the introduction of a series of policies that aim to revitalise the pharmaceutical, healthcare and biotechnology sectors. In addition to previously implemented plans, Japan's cabinet approved a series of measures on June 14 to boost economic growth. Some of the key initiatives include:
* The creation of a body similar to the US National Institute of Health by 2020, to support health research. This new agency is expected to 'formulate a comprehensive strategy and prioritise goals and research targets for medical research and development'.
* The revision of the pharmaceutical law to shorten drug review timeframes.

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