New Market Research Report: Philippines Pharmaceuticals & Healthcare Report Q2 2013

From: Fast Market Research, Inc.
Published: Fri Jun 07 2013

Opportunities in the Philippines pharmaceutical and healthcare markets are currently supported by a lack of governance over drug pricing, providing short-term revenue growth opportunities for pharmaceutical firms. Expansion of expenditure is also underpinned by overall economic stability, as well as the eventual implementation of universal healthcare coverage. However, potential threats to political stability may threaten overall growth in the sector in terms of policy continuity.

Headline Expenditure Projections

* Pharmaceuticals: PHP129.78bn (US$3.07bn) in total sales in 2012, rising to PHP133.78bn (US$3.24bn) in 2013; +3.1% in local currency terms and +5.7% in US dollar terms.
* Healthcare: PHP399.54bn (US$9.45bn) in sales in 2012 rising to PHP440.99bn (US$10.69bn) in 2013; +10.4% in local currency terms and +13.2% in US dollar terms.

Full Report Details at

Risk/Reward Rating: The Philippines' Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor re-weighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q313 updates of the Pharmaceuticals & Healthcare reports. The Philippines has a RRR score of 45.7 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 sectors 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

* A 'sin tax bill' has received support from 12 medical associations in the Philippines, as well as by a survey. The survey results, revealed in December 2012, showed that teenage smokers would quit smoking if cigarette prices were increased by PHP10.00 (US$0.24). The medical fraternity described the bill as a 'good compromise'; generating more tax revenues for the Filipino healthcare system and avoiding further deaths from smoking.
* In January 2013, the Philippine Charity Sweepstakes Office (PCSO) introduced new reforms to accelerate financial transactions and assure faster repayments to drug suppliers. The institutionwide reforms intend to reduce pharmaceutical prices by 20% and decrease repayment time to suppliers from six months to 45 days. The new arrangement also allows medicine suppliers to identify key points near PCSO assistance centres (such as clinics and provincial branches) for easy access to and availability of medical supplies.

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