New Report Available: Philippines Pharmaceuticals & Healthcare Report Q3 2013

From: Fast Market Research, Inc.
Published: Wed Aug 21 2013

The country spent around US$3.07bn on pharmaceuticals in 2012, an increase of more than 100% since 2003, illustrating the growing strength of the market. Branded drugs currently make up a large proportion of the market due to strong traditional preferences, the dubious quality of copy products, intensive advertising and the availability of parallel imports. However, we forecast that the generics sector will gain ground in the medium term as the government pushes the procurement of cheaper pharmaceuticals to drive greater healthcare coverage.

Full Report Details at

Headline Expenditure Projections

* Pharmaceuticals: PHP129.78bn (US$3.07bn) in total sales in 2012, rising to PHP135.07bn (US$3.27bn) in 2013; +4.1% in local currency terms and +6.7% in US dollar terms.
* Healthcare: PHP446.38bn (US$10.55bn) in sales in 2012 rising to PHP497.88bn (US$12.07bn) in 2013; +11.5% in local currency terms and +14.4% in US dollar terms.

Risk/Reward Rating: The Philippines' Pharmaceutical Risk/Reward Rating (RRR) score for Q313 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

* Nine firms from various sectors, including the infrastructure and healthcare industries, have expressed an interest in the privatisation of the Philippine Orthopedic Center (POC). The Philippine health department held a pre-bid conference for the POC privatisation in late-January 2013. The centre's existing site will be turned into a factory for manufacturing artificial limbs and prosthesis. The privatisation project, estimated to require a PHP5.6bn (US$137.05mn) investment, comprises the construction of a 700-bed, superspecialty, tertiary orthopaedic hospital, featuring state-of-the-art infrastructure, medical and diagnostics equipment.
* In February 2013, PhilHealth rolled out the expanded Case Type Z Benefit Package for its Philippine members. The new package was announced by Health Secretary for the Philippines Enrique Ona on February 14 2013. The package, which previously covered few diseases, now covers catastrophic diseases, such as severe coronary heart disease, congenital heart defects and ventricular septal defects (holes in the ventricles of the heart).

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