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Philippines Phamaceuticals and Healthcare Report Q1 2008Published by: Business Monitor International Published: Feb. 25, 2008 - 76 Pages Table of Contents
AbstractUntil the ‘Cheaper Medicine Bill’ is fully approved by the legislature, we will be maintaining ourforecasts for the Philippines’ US$2.61bn pharmaceutical market. The new law is expected to reduce thecost of many medicines, but lowering our projections is not planned. In fact, given that more people onlow incomes will be able to afford quality healthcare products, we are more likely to upwardly revise ourexpectations for future sales. We are forecasting 5% year-on-year (y-o-y) growth through to 2012, whenthe market will have a valuation of US$4.02bn.The Philippines has a nascent biotech sector, but there signs that expansion will occur soon. During Q407,local firm Servac Philippines has contracted Swedish company Pharmadule to build a state-of-the-artproduction facility. The US$120mn plant will make a vaccine for the prevention of rabies, which is asignificant problem in the country. A prime indicator of the buoyant generic sector is The Generics Pharmacy, an enterprise that aimsexpand and extend the reach of generics to those on low incomes. Despite having only a minimalinvolvement with patented drugs, it is expanding rapidly. There are currently 27 outlets and the target isto have a 100 by mid-2008. As part of its strategy to penetrate high growth markets, French firm Sanofi-Aventis' generics subsidiary- Winthrop Pharmaceuticals - opened a branch in Cebu Province, the Philippines. The firm aims toprovide high-quality and affordable medicines for a variety of conditions. To maximise sales, WinthropPharmaceuticals Philippines will liaise the government, presumably to get its products on state-assistedprogrammes. According to a November 2007 poll, Filipinos are the second-happiest and most optimistic people inAsia, just behind the Indians, but ahead of the China, Thailand, Indonesia, Hong Kong, Malaysia andSingapore. This result is particularly surprising when one considers that the country has one of the lowestlevels of self-purchased and company-provided medical insurance. Get Full Details About This Report >> |
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