GlobalData report currently values the market at $4.3m
The value of the Philippines pharmaceutical market is set to increase to US$8bn by 2020, at a compounded annual growth rate of 9.4%, according to research from GlobalData, a research and consulting firm.
Currently, the market is valued at $4.3m. According to the company’s latest report, the Philippines has the third largest pharma market among the countries in the Association of Southeast Asian Nations, after Indonesia and Thailand.
'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,' said Joshua Owide, Global Data’s Director of healthcare industry dynamics.
What is even more pertinent is that the public health insurance provider, Philippine Health Insurance Corporation, does not cover the country’s entire population, which means a majority of citizens are unable to afford medicines.
Also, high spending to overcome basic economic concerns, such as poverty, dependence on imports and high external debt, have left the Philippines government with less funds to finance the development of healthcare infrastructure, according to Global Data.