Boston, MA -- (ReleaseWire) -- 03/12/2014 -- While seasonal flu is making more headlines in Hong Kong, we highlight that the country also has a significant burden of non-communicable diseases due to sedentary lifestyles and the ageing population. The expense of treating non-communicable diseases yields strong commercial opportunities for pharmaceutical and medical devices firms, in both the public and private sectors.
Headline Expenditure Projections
- Pharmaceuticals: HKD11.24bn (US$1.45bn) in 2013 to HKD12.21bn (US$1.57bn) in 2014; +8.6% in local currency terms and US dollar terms.
- Healthcare: HKD121.94bn (US$15.69bn) in 2013 to HKD131.46bn (US$16.92bn) in 2014; +7.8% in local currency terms and US dollar terms.
Hong Kong's Pharmaceutical Risk/Reward Rating (RRR) score for Q214 is 60.2 out of 100 in our newly improved RRR system. The country scores above average for most indicators and sub-indicators, including per capita pharmaceutical expenditure, sector value growth and pensionable population. Consequently with this high score, Hong Kong is ranked seventh, above Malaysia, out of the 19 key Asia Pacific markets.
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Key Trends And Developments
- In January 2013, representatives from Parkway Pantai, NWS Holdings and the University of Hong Kong announced that the construction of Gleneagles Hong Kong Hospital at Wong Chuk Hang started on January 10. The Gleneagles Hong Kong Hospital is scheduled to be operational by early 2017.
- In December 2013, Helsinn and Mundipharma signed a new exclusive licence and distribution agreement, covering China, Hong Kong and Macao, for netupitant+palonosetron fixed-dose combination (FDC; NEPA), a Helsinn product under development for the treatment of chemotherapy-induced nausea and vomiting (CINV).
- In November 2013, Canada-based medical product developer Medifocus signed a joint venture agreement with Hong Kong-based Ideal Concept Group (ICG) to expedite the entry of its products in China and other Asian countries, according to the president and CEO of Medifocus, Augustine Y. Cheung. Under the terms of the agreement, ICG and Medifocus will acquire 60% and 40% stakes in the JV respectively. The JV will help Medifocus secure commercial approval for its Prolieve thermodilatation system from the China Food and Drug Administration. The approval will allow Medifocus to sell and market Prolieve as a treatment for benign prostatic hyperplasia in China.
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