The Philippines’ pharmaceutical market
value will increase from $4.3 billion in 2013 to $8 billion by 2020, at a
Compound Annual Growth Rate (CAGR) of 9.4%, thanks to the country’s high
medicine prices, says research and consulting firm by Publisher.
According to the CountryFocus:
Healthcare, Regulatory and Reimbursement Landscape - Philippine, the
Philippines have the third largest pharma market among the countries in the
Association of Southeast Asian Nations (ASEAN), just after Indonesia and
Thailand.
According to Publisher’s Team, says:
“Although an increasing disease burden, coupled with prevailing high
pharmaceutical prices, are providing the necessary investment incentives for
the healthcare market in the Philippines, limited access to healthcare
facilities and governmental cuts could yet impede further growth in the
future.”
Furthermore, public health insurance
provider Philippine Health Insurance Corporation does not cover the country’s
entire population, resulting in the majority of people being unable to afford
medicines.
According to Publisher’s Team continues:
“The government has taken a number of measures to control the high drug prices
to very little effect, thanks to the large amount of imported therapies and the
demand for costly branded drugs.”
Additionally, high spending to overcome
basic economic concerns, such as poverty, dependence on imports and high
external debt, have left the Philippines’ government with insufficient funds to
finance the development of healthcare infrastructure, according to Publisher.
CountryFocus: Healthcare, Regulatory and
Reimbursement Landscape - Philippines report provides information and analysis
on the healthcare, regulatory and reimbursement landscape in the Philippines.
It identifies key trends in the Philippines’ healthcare market and provides
insights into the demographic, regulatory and reimbursement landscape and
healthcare infrastructure.
This report was built using data and
information sourced from proprietary databases, primary and secondary research,
and in-house analysis conducted by Publisher’s team of industry experts.
Know more about this
report at: http://mrr.cm/ZN5
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