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Philippines Pharmaceuticals & Healthcare Q4 2006Published by: Business Monitor International Published: Oct. 1, 2006 - 75 Pages Table of Contents
AbstractThe Philippines pharmaceuticals market has posted solid growth in recent years, although BMI's new Philippines Pharmaceuticals & Healthcare report cautions that a sluggish economic performance in 2006 could damage the positive outlook. Drug prices remain a key area of contention, with pharmaceuticals prohibitively expensive for much of the population, and the government is set to establish a Drug Prices Regulatory Board. Previously, the market was largely unregulated. Other legislative proposals include the introduction of lax compulsory licensing procedures, while the parallel import of low-cost generic equivalents to branded medicines is also being encouraged. Multinational drugmakers - which dominate the market - have fiercely opposed this last measure, claiming that parallel imports both violate patent rates and put patient lives at risk, as the safety and efficacy of the drugs cannot be guaranteed. US drugmaker Pfizer has recently launched a lawsuit against the government concerning a regulatory approval for a generic version of its hypertension treatment Norvasc. If the authorities are successful, they will be able to import low cost versions of the drug when its patent in the Philippines expires in 2007. Pfizer is seeking to halt this amid fears that its other leading treatments, such as cholesterol treatment Lipitor, will also come under threat. BMI's adjusted Business Environment Rankings for Asia reveal that the Philippines is in 12th place, ahead only of Vietnam and Pakistan. The country has received this score primarily due to its poor regulatory system and sub-standard Intellectual Property regime, which does not provide effective patent linkage, enforces strict price controls and fails to take action against counterfeit drugs. Fake drugs remain a severe problem, with much of the large low-income population attracted to illegal products due to relatively high medicine prices. The authorities have recently pledged to strengthen the regulatory structures, with a view to stamping out this damaging trade. Measures include giving regulators greater powers to recall product batches and increasing prison sentences for counterfeiters. Key Benefits of ReportRely On Our Independent 5-Year Forecasts As A Benchmark to test other views - a key input for successful budgetary and strategic business planning. Target Business Opportunities & Risks through our reviews of latest industry trends, regulatory changes, and major deals, projects and investments Exploit Latest Competitive Intelligence & Company SWOTS on your competitors and peers through company rankings by sales, market share and ownership structure - includes multinational and national companies. Get Full Details About This Report >> |
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