Additional InformationTHE PHARMACEUTICAL MARKET: HONG KONG - REVIEW
Politically, the LegCo is still under the watchful eye of Beijing, and it has been subject to a number of protests over the past few years from the pro-democratic parties. Economically, the Economist Intelligence Unit (EIU) projects that Hong Kong will be the fifth smallest economy in the Asia Pacific region covered by Espicom in 2016. However, in per capita terms, Hong Kong will rank the fourth highest in the Asia Pacific region. Legally, although laws exist for IP protection, piracy is common in the country and the authorities find it hard to prosecute. Demographically, Hong Kong is essentially a city state, and has the third smallest population in the Asia Pacific region. The elderly population is rising rapidly; it is expected to be the second highest proportion in the Asia Pacific region in 2016.
The Hong Kong pharmaceutical market is expected grow at a mid-single digit CAGR between 2011 and 2016. Hong Kong will have the third smallest pharmaceutical market in the Asia Pacific region covered by Espicom in 2016. In per capita terms, Hong Kong is projected to rank as the seventh highest in the Asia Pacific region by 2016. The majority of drugs imported each year are intended for re-export, principally to China, and are not destined for the Hong Kong market. Just under two-thirds of Hong Kong’s annual drug imports are re-exported. As a result, the balance of pharmaceutical trade remains negative. In 2010, the deficit more than doubled, with retail medicaments accountable for over 90% of the total.
Although the Hong Kong biologic sector does not form a large part of the pharmaceutical market, there has been an increase in joint-venture activity. In October 2011, Versitech entered into a licensing agreement with US-based Alios BioPharma for novel flu vaccines. Hong Kong’s largest domestic company, CK Life Sciences, is growing fast as a result of aggressive acquisitions and operates R&D facilities in Hong Kong. However, branded generics remain the largest sector in Hong Kong, dominated by local manufacturers, which have been operating in the market for many years. The tightening of regulations on generic drugs may adversely affect the generic sector, as the government seeks to enforce mandatory bioequivalence tests as a registration requirement by 2016.
ENHANCED STRATEGIC INTELLIGENCE
Espicom's highly regarded world pharmaceutical market reports have been redesigned to provide enhanced strategic intelligence in a user-friendly format. Each report provides in-depth information, setting the pharmaceutical market in context. The reports provide:
Five-year projections for economic, demographic, health expenditure, health workforce and pharmaceutical market indicators.
Specialised intelligence on OTCs, generics, biologics and biosimilars.
Exclusive economic and demographic data from the Economist Intelligence Unit (EIU) for each market in the series.
A separate statistical health file, comprising health expenditure, health infrastructure, health services and health personnel.
The reports are updated quarterly, providing you with the latest information for a full year. In addition, the service will keep you up to date with market and industry news on a regular basis.
A comprehensive tabula review, comprising demographics, epidemiology, health expenditure, hospital and primary care infrastructure & services and healthcare personnel, is additionally included.
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