Boston, MA -- (ReleaseWire) -- 03/31/2014 -- According to the Philippine Institute for Development Studies (PIDS) the pharmaceutical industry is one of the fastest growing industries in the country. Its output, drugs and medicines, account for 46% of the total medical out-of-pocket expenses of Philippine households. For poorer people, this percentage goes up to 55%. However, out-of-pocket financing for healthcare indicates inequality. As the Haiyan tragedy in November 2013 revealed, many rural areas in the country are yet to benefit from marginal improvements in basic infrastructure and state services, including healthcare. BMI believes that the country - given its strong economic growth - needs to speed up upgrading health facilities, recruit and deploy health human resources, ensure competency, and ensure the availability of drugs, medicines, and vaccines throughout the country.
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Headline Expenditure Projections
- Pharmaceuticals: PHP138.45bn (US$3.20bn) in total sales in 2013, rising to PHP143.52bn (US$3.22bn) in 2014; +3.7% in local currency terms and +0.5% in US dollar terms.
- Healthcare: PHP520.33bn (US$12.04bn) in sales in 2013 rising to PHP587.84bn (US$13.20bn) in 2014; +13.0% in local currency terms and +9.6% in US dollar terms.
Risk/Reward Rating: Out of 19 pharmaceutical markets assessed in Asia Pacific, the Philippines remain in 14th place (scoring 45.3 out of 100) trailing the regional average in most metrics. In Q214, Japan is ranked as the most attractive market in the Asia Pacific region (scoring 74.5 out of 100), followed by Australia (67.0) and Taiwan (65.7).
Key Trends And Developments
- In January 2014, the Philippine government and rebels - the Moro Islamic Liberation Front (MILF) - reached a peace deal on January 25 in order to end the four-decade old insurgency in the country's southern region. Negotiators of both sides met on January 22 to decide how the rebels will hand over their weapons. The revolt claimed the lives of around 150,000 people and led to acute poverty and volatility.
- In January 2014, the government of Hong Kong announced the implementation of sanctions against the Philippine government for its failure to apologise for the 2010 hostage crisis, which led to the death of eight Hong Kong citizens. Chief Executive Leung Chun-ying described the move to suspend the deal for visa-free stay of Philippine diplomats into Hong Kong from February 5 as the first phase of sanctions on the Philippines (AFP).
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