2014-04-23 13:12:02 - Philippines Pharmaceuticals and Healthcare Report Q3 2013 - a new market research report on companiesandmarkets.com
The country spent around US$3.07bn on pharmaceuticals in 2012, an increase of more than 100% since 2003, illustrating the growing strength of the market. Branded drugs currently make up a large proportion of the market due to strong traditional preferences, the dubious quality of copy products, intensive advertising and the availability of parallel imports. However, we forecast that the generics sector will gain ground in the medium term as the government pushes the procurement of cheaper pharmaceuticals to drive greater healthcare coverage.
Headline Expenditure Projections
- Pharmaceuticals: PHP129.78bn (US$3.07bn) in total sales in 2012, rising to PHP135.07bn (US$3.27bn) in 2013; +4.1% in local currency terms and +6.7% in US dollar terms.
- Healthcare: PHP446.38bn (US$10.55bn) in sales in 2012 rising to PHP497.88bn (US$12.07bn)
in 2013; +11.5% in local currency terms and +14.4% in US dollar terms.
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