Philippines Pharmaceutical Consulting
The pharmaceutical market in the Philippines is valued at more than $700m. It is a promising market, with a large population of 95 million people. As the Filipino pharmaceutical market is constantly evolving, international companies need to be aware of new healthcare developments to succeed. PBM’s Philippines pharmaceutical consultants have helped international companies in maximizing drug sales, sourcing APIs, setting up local manufacturing and conducting market research in the Filipino drug market.
Filipinos healthcare standards have improved with more sophisticated medical treatments and increased government healthcare programs. However, the healthcare system is challenged by an uneven distribution of income. This has led to wide discrepancies among Filipinos in terms of affordability and accessibility to drug treatments. It is believed that more than 50% of the Filipino population have no access to basic drugs.
There are more than 3,500 pharmaceutical brands marketed in the Philippines, with most being generic drugs. Sophisticated pharmaceutical products are mainly imported in the Philippines. These drugs are distributed through about 20,000 local pharmacies, including those in general hospitals, private clinics, and government medical institutions. The main therapeutic drug categories sold in the Philippines are for anti-infective, anti-hypertensive and pain relief treatments. Companies planning to introduce their drugs into this market can approach a PBM pharmaceutical consultant for guidance on how to proceed in the market.
Foreign drug companies account for 70% of the drug market in the Philippines. The UK, Germany, France and Switzerland each hold around 10% of the local drug market. The US, on the other hand, has less than 8% of the market. However, since the Philippines Bureau of Food and Drugs (BFAD) recently adopted US Pharmacopoeia standards, US pharmaceuticals should continue to have good market potential.
The Food, Drug and Cosmetic Act provides the regulations to monitor food, drugs, medical devices, diagnostic reagents and other chemicals in the Philippines. The governing body for the Filipino drug market is The Bureau of Food and Drugs (BFAD).
PBM’s Philippines pharmaceutical consultants are a team of dedicated professionals who can provide expert advice on the Filipino pharmaceutical market and its regulatory requirements. Our team is focused on achieving the best results for our clients through our vast experience in medical consulting.
Contact us for inquiries about PBM’s pharmaceutical consultant services, or view PBM’s publications to find out more about the Filipino health market.
