Philippines pharma: All set for continuous growth
The Philippines is the 11th most attractive pharmaceutical market in the Asia-Pacific region and the third-largest pharmaceutical market in ASEAN, after Indonesia and Thailand. The country’s pharmaceutical industry is projected to grow by 4.5 per cent annually over the next five years reaching P164 billion in 2018 from P146 billion in 2014 representing the value output or production of industry, including research based pharmaceutical and generic companies, according to IMS Consulting for the Pharmaceutical Healthcare Association of the Philippines (PHAP). The Filipino pharmaceuticals is one of the fastest growing industries in the country and has grown year to year. Of the world’s Top 20 pharmaceutical companies, over 14 have manufacturing facilities in the Philippines. Business registration in the pharmaceutical industry in the Philippines is a growing and expanding financial opportunity too. The pharmaceutical manufacturing sector ranks is listed in the top 22 per cent of the 240 sectors in the Philippines.
(source : https://home.kpmg/ph)
Medical Device Market In Philippines
Philippine medical device market scale in 2011 was approximately US$400 million. The market scale is modest and similar to Indonesian medical devices and market scale. The overall medical device market in 2016 is expected to reach US$600 million; also, the compound annual growth rate will be 8.14% in 2011-2016. According to the further analysis of the medical device market structure in Philippine in 2011, diagnostic imaging product is the main item, accounted for 35.8%; followed by medical devices that accounted for 21.9%, other medical devices accounted for 21.5%, and auxiliary devices, dental products, and orthopedic implants accounted for 9.1%, 8.6%, and 3.2%, respectively. The Philippine medical device market relies heavily on foreign imports due to the underdevelopment of domestic medical device industry. According to the import analysis, in terms of medical consumable products, approximately 94% of the wound dressing products rely on imports from Belgium and China; also, 82% of the catheters, surgical gloves, and protective equipment are imported from Malaysian mainly. In addition, over 98% of the auxiliary devices, such as, hearing aids and pacemaker; are imported from Hong Kong and Switzerland. The artificial joints have great opportunities to grow and mostly imported from Taiwan.
Medical Tourism in the Philippines
The Philippines is one of the top travel destinations in Southeast Asia, but it’s also fast becoming one of the top destinations in the world for medical tourists.
Ranked 8th in the world for being a top medical tourism destination, Philippines caters to about 250,000 foreign patients or clients each year. According to a 2015 list compiled by global non-profit association for medical tourism and international patient industry, the International Healthcare Research Center and Medical Tourism Association, the Philippines garnered the 8th spot based on providing the most suitable healthcare cost, culture, security, and quality in terms of medical healthcare.
(Source : www.beholdphilippines.com)