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Hong Kong Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Sep. 17, 2008 - 65 Pages Table of Contents
AbstractHong Kong’s US$866mn pharmaceutical market is characterised by low generic drug penetration, apreference for branded goods, a sizeable traditional Chinese medicine (TCM) segment, and the presenceof counterfeits. Growth of the market over the next five years will be driven by new product launches andan increase in healthcare funding. Expansion will be moderated by patent expiries and greater uptake ofgeneric drugs. BMI is forecasting CAGR of 6.33% through to 2012, when the value of thepharmaceutical market will have reached US$1.18bn.In BMI’s opinion, the importance of branding, liberal advertising and modern promotional activities inthe Special Administrative Region (SAR) cannot be underestimated. A 47-country poll conducted bymarket research firm ACNielsen in 2007 found that Hong Kong residents were the most likely to buy acertain non-prescription medicine because it was a brand they always purchased. This degree of productloyalty means that barriers to entry are high, and that franchise management is of paramount importanceto established players. Healthcare uptake is projected to rise, in part due to the expansion of the population, but mainly becausethe proportion of older people in the population is rising. This is due to the fact that older individuals havemore chronic diseases such as osteoporosis and Alzheimer’s disease. It is estimated that over the period2004-2033, total health expenditure will increase by 55% at an annual growth rate of 1.5%, solely due todemographic effects (including population growth and a greater proportion of older people within thepopulation). US drugmakers have expressed concerns about the lengthy approval procedures for new pharmaceuticals,which effectively shorten the period of patent protection by 6 months. Moreover, US are worried that theHong Kong Department of Health will continue to issue marketing authorisations for patent-infringingpharmaceuticals. Tuberculosis has a significant impact in Hong Kong, seeing 6,000 cases, which result in 270 deaths eachyear on average. Compared to other countries at a similar stage of development, these figures areextremely poor. Accordingly, the Department of Health is looking at ways to reduce the burden ofdisease. Get Full Details About This Report >> |
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