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Hong Kong Phamaceuticals and Healthcare Report Q1 2008Published by: Business Monitor International Published: Feb. 25, 2008 - 62 Pages Table of Contents
AbstractHong Kong’s pharmaceutical market should be seen as moderate opportunity for drugmakers, primarilybecause of its small size. Positives include free pricing for the private sector, an ageing population,preference for branded medicines and an urban demographic profile. Meanwhile, a sizeable counterfeitindustry and erosion of potential market share to traditional Chinese medicines will deter investment andproduct launches. Sales of prescription drugs and over-the-counter (OTC) preparations in Hong Kongreached US$807mn and we expect this figure to exceed US$1bn by 2012.During Q407, BMI upwardly revised its forecast for healthcare spending in Hong Kong after far-reachingreforms were announced that will require extra expenditure. The government revealed that the budgetedoutlay on recurrent medical and health services will rise from 15% to 17% in 2011-2012. We now expectspending to reach US$18.28bn in 2012, up 1.9% on our previous figure of US$17.92bn. Using populationprojections provided by BMI's Country Risk team (2012 = 7.5mn), this equates to annual per capitaspending of US$2,437 - the second highest in Asia Pacific, at just over US$1,000, behind Japan. Merck & Co’s breakthrough cervical cancer vaccine, Gardasil, came to attention in November 2007,when it was revealed that the product had been sold to doctors for HKD750 (US$96), but then sold on topatients for HKD1,500-2000 (US$192-256). While not illegal, this practice highlights the buoyant privatesector. By Q407, the government was studying the details of a proposal to make both medical insurance andmedical savings mandatory for workers. Under the plan, an employee has to foot HKD300-500 (US$38-64) monthly for insurance and a further 3-5% of their salary for a medical savings account. The rationalebehind making insurance mandatory is risk-pooling. When everyone chips in a small amount and thispool of money is brought together, those insured will be able to access a wide range of high-qualitymedical services. The government wants to collaborate with private insurance companies to loweradministrative costs, and allow the market to offer competitive services to the population. Get Full Details About This Report >> |
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