The Outlook for Pharmaceuticals in South East Asia

Espicom Healthcare Intelligence
February 17, 2012
SKU: ESPI3805791
Countries covered: Asia

The eight pharmaceutical markets of South East Asia are developing at markedly different speeds and are characterised by both contrasting and similar macroenvironments. These markets are projected to have a total pharmaceutical market value of US$69.1 billion at retail prices in 2016.


Additional Information

The eight pharmaceutical markets of South East Asia are developing at markedly different speeds and are characterised by both contrasting and similar macroenvironments. These markets are projected to have a total pharmaceutical market value of US$69.1 billion at retail prices in 2016.

Established…
South Korea is the largest market in this region and the fourth largest in the Asia Pacific region. Other advanced markets such as Taiwan and Singapore are both relatively small, with growth limited by the size of these island nations. These three countries have a high percentage of population over 65, a growing incidence of lifestyle diseases and large health expenditures, which present many opportunities for pharmaceutical companies. However, their governments are increasingly employing protectionist measures that deter foreign companies. The biologic sectors in these markets are witnessing rapid growth due to advanced technology capabilities, extensive R&D operations and strong government support.

Emergent…
Indonesia, Thailand and the Philippines are fairly large emergent pharmaceutical markets, with large populations and steadily growing economies. Despite concerns over counterfeiting and low efficacy of generic products, IPR protection and manufacturing standards are improving thanks to effective national regulations, foreign investment and joint-ventures with multinational companies. Malaysia and Vietnam are small pharmaceutical markets, typified by rapid economic growth, increasing foreign investment and support from national government. These five markets have significant OTC sectors and rapidly expanding generic sectors, and present previously untapped populations for potential foreign pharmaceutical companies.

Complete quarterly-updated analysis to keep you informed
Now you can easily evaluate these markets with The Outlook for Pharmaceuticals in South East Asia. Each report provides individual and highly-detailed analysis of the market, looking at the key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually, or as a discounted collection, and prices include eight completely updated reports sent quarterly, together with a comprehensive statistical appendix. There are over 60 markets covered in the worldwide series.

Focus on Biotechnolog - A research-friendly environment...
These markets are keen to attract high value investment and have identified biotechnology and biopharmaceutical research as key areas. Their governments strongly advocate the growth of biotechnology.

Malaysia
The government has indentified biotechnology as one the core technologies to accelerate the transformation of the country into a knowledge-based economy by the year 2020. As a result of this initiative, a number of new biopharmaceutical research companies have emerged.

Singapore
The biologic sector is growing, with several large multinational companies investing a total of US$2.0 billion to set up biologic facilities. The government is increasing its investment in biomedical sciences research over the period 2011 to 2015.

South Korea
The biologic sector is witnessing rapid growth and many domestic companies have expanded their operations in 2011. Several significant competitive strategies have been completed in 2011.

Taiwan
The government has been investing heavily in biotechnology research capability and this has helped facilitate the growth of the biologic sector. The plan is to double the annual output of the sector over the period 2009 to 2013.

Highlights from the region

INDONESIA
Due to the sheer size of the population, Indonesia cannot simply be dismissed. The Indonesian pharmaceutical market is projected to grow at a high single-digit CAGR in US dollar terms during the forecast period, and it will be the sixth largest pharmaceutical market in the Asia Pacific region by 2016. However, despite the country possessing huge manufacturing capabilities, the complete lack of R&D in domestic companies could affect the market, especially if IPR regulations were tightened. Although multinationals will be unhappy at the legislation requiring all drugs in the Indonesian market to have been manufactured in Indonesia, it could potentially reduce costs in the long term for both the manufacturer and the consumer.

MALAYSIA
The Philippines has some of the highest drug prices in the world. Changes brought about by the controversial Cheaper Medicine Act have impacted the Philippines pharmaceutical market in a number of areas, including IP laws, competition and drug price control mechanisms. Since the Act’s implementation, a considerable number of drugs have seen price reductions by up to a half. The immediate term will be the most volatile, as the government battles with the international pharmaceutical industry for ground in the market, which up until recently experienced a free-market policy with no price regulations in place.

SOUTH KOREA
The implementation of the EU-Korea Free Trade Agreement (FTA) will provide EU companies with better access to the South Korean pharmaceutical market by paving the way for elimination of tariffs on EU pharmaceutical exports to the country. The volume and value of EU pharmaceutical exports are expected to increase with the implementation of EU-Korea FTA, posing a potential threat to US pharmaceutical exporters. The EU-Korea FTA also stipulates that South Korean authorities will be required to align their practices with international standards through an improved regulatory environment. In particular, the EU-Korea FTA will aim to ensure the strengthening of transparency in drug pricing decisions.

VIETNAM
The Drug Administration of Vietnam (DAV) has warned that drug prices could rise slightly in 2011 due to volatile raw material prices and the VND-US$ exchange rate. The Vietnam Pharmaceutical Companies Association (VNPCA) has forecasted higher sales prices for both imported and Vietnamese drugs in 2011, due to higher input costs and rising world prices. To review the local pharmaceutical market and prevent large drug price increases, the DAV has announced several measures that include; stepping-up the inspection of drug price quotations by pharmaceutical companies, supervising the enforcement of state regulations on drug price management and exercising sanctions on violators.

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