Genedrift

Philippines

A market expanding at an annual growth rate of more than 3.5%,  and market size reaching over 4.1b USD for Pharmaceuticals and 227m for Medical Devices - Philippines is experiencing a high spending from both the public and private sector.

With one of the youngest populations in Asia, rapidly increasing income and the middle class, foreign investment and business investment in outsourcing and technology operations, and a large amount of overseas Filipino workers paying contributing large amounts to GDP from across the globe. The shift has been made from infectious disease to non-communicable disease; with diet, alcohol and low exercise causing heart disease and other conditions to grow rapidly.  

Why is the market growing?

Young populations with rapidly increasing incomes, foreign investment and forex flow from overseas Filipino 

Increase in private and government spending, private spending around 47.9% of their total household spends on healthcare.

The BnB Project by the Government - a drug outlet managed by a legitimate community organization - increasing accessibility to the rural area

Republic Act A 9502: Cheaper Medicine Act - the intention to achieve better health outcomes, accessible and affordable quality medicines

Disease trends in Philippines

Ischaemic heart diseases, neoplasms, and cerebrovascular diseases are still the three leading causes of death in 2020, with the same being the major cause of deaths in 2019 - exceeding their averages in the last five years (2015-2019)

Spending on diseases - Infectious and parasitic registered a growth rate of over 46.5% in spending, whereas TB saw a growth rate of 16.1%. The other major category seeing a growth was Mental & behavioral disorders, and neurological conditions seeing over 41.8%.
Infectious and parasitic diseases account for over 30% of the total healthcare spending - at the end of 2019

Preferential Treatment

The country's majority healthcare spending is through personal sourcse. Insurance and government spending on healthcare still lags and does not cover majority of the population. 

The regulatory system treats all manufacturers, irrespective of country of origin - as same and offers no partiality based on the source or site of manufacturer. 


The local population has a very high acceptance for products manufacturers within SEA along with those manufactured across Australia and EU

Road ahead !!

Local manufacturing meets less than 5% of the total demand, with very limited to negligible investment on R&D. 
Heavy protection for patents and trademarks under the Intellectual Property Code, a continuous increase in importation, averaging at more than 11% per year from 2005 to 2020, Growth in the annual family expenditure for drugs and medicine with increase in population all point towards an ever increasing market size.
With regulations stringent and ACTD being mandatory for Drugs and Guidelines based on ASEAN Medical Device Directive (AMDD) for Medical Devices make it all the more lucrative for regulated companies to step in.

Looking for more regulatory information, please visit the Resources Section.


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