"Philippines Pharmaceuticals & Healthcare Report Q3 2016" Published

From: Fast Market Research, Inc.
Published: Fri Jul 22 2016

The Philippine pharmaceutical market is relatively small considering its large population and disease burden. Low government spending on healthcare, which falls below the WHO's global standards, and low-income levels limit opportunities for innovative drugmakers. The expansion of universal healthcare in the country will strengthen access to medicine s and drive sales over the long term, particularly for the generic drug sector. However, the successful expansion of healthcare is largely dependant of the country's economic and political stability, with the newly elected president Duterte ushering in a period of uncertainty.

Headline Expenditure Projections

Pharmaceuticals: PHP150.44bn (USD3.33bn) in 2015, rising to PHP156.19bn (USD3.33bn) in 2016; +3.8% in local currency terms and -0.05% in US dollar terms. Forecast in line with last quarter .

Full Report Details at
- http://www.fastmr.com/prod/1197541_philippines_pharmaceuticals.aspx?afid=301

Healthcare: PHP656.11bn (USD14.52bn) in 2015, rising to PHP722.32bn (USD15.38bn) in 2016; +10.1% in local currency terms and +6.0% in US dollar terms. Revised upwards from last quarter.

Risk/Reward Index

Out of the 19 pharmaceutical markets assessed in the Asia Pacific, the Philippines is ranked in 14th place (scoring 45.0 out of 100), trailing the regional average in all subsectors. In Q316, Japan remains the most attractive market in the Asia Pacific region (scoring 79.4), followed by South Korea (65.2). Compared with its peers, the Philippines' Risk/Reward Index score is dragged down by industry characteristics such as policy enforcement (policy enforcement score of 2.8 out of 7) and per capita spending (score of 2.4 out of 12). Despite scoring below the regional average in many categories, there are plenty of future opportunities and rewards. In particular, scores in two categories stand out positively because they point to future opportunity; namely, a market expenditure score of 12.0 (above the regional average score of 10.5) and a 3.5 score in population growth (compared with regional average score of 2.7). Overall, there are indications that the market is maturing further, with the progressive implementation of a universal healthcare system.

Latest Updates

In May 2016, the Philippine Health Secretary Janette Garin told reporters that the country had launched an action plan to combat the spread of the Zika virus, which involves surveillance, clinical management, vector control, and health promotion.

In May 2016, Unilab held its Experts' Convergence for Health Outcomes Summit for a second year, attended by over 1,000 Filipino medical experts learning of the latest innovative medicine and new research in the areas of cardiovascular disease, depression, diabetes and woman's health.

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