CountryFocus: Healthcare, Regulatory and Reimbursement Landscape Philippines
Released On 27th June 2014
The industry analysis specialist, has released its latest report, CountryFocus: Healthcare, Regulatory and Reimbursement Landscape Philippines. The report is an essential source of information and analysis regarding the healthcare, regulatory and reimbursement landscape in the Philippines. It identifies key trends in the healthcare market and provides insights into the demographic, regulatory, reimbursement landscape and healthcare infrastructure in the country. Most importantly, the report provides valuable insights into the trends and segmentation of the pharmaceutical and medical device markets. This resource has been produced using data and information from proprietary databases, secondary research, and in-house analysis by GlobalDatas team of industry experts.
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The population of the Philippines amounted to approximately 99.2 million in 2013, making it the 12th most populated country in the world. Population growth has primarily been due to a high birth rate and rising life expectancy. An increased elderly population is however a matter of concern for policy planners. The value of the pharmaceutical market in the country amounted to $4.3 billion in 2013, and it is expected to increase at a CAGR of 9.4% to reach approximately $8 billion in 2020.
The positive trend in the healthcare market of the Philippines can be attributed primarily to the following factors:
Generic substitution in both the public and private sectors, which has been a driver for the manufacture of generic drugs
Increased expenditure on medicines by Local Government Units (LGUs)
Government initiatives for the prevention and management of chronic diseases
An improved and updated regulatory environment.