Philippines Pharmacy Retail Market is Expected to Reach Around PHP 300.5 Billion by the Year Ending 2023: Ken Research
GURUGRAM, India, Sept. 4, 2019 /PRNewswire/ --
- Expected increase in the demand for generic medicines is further expected to give a boost to the Philippines pharmacy retail market revenues. The segment is expected to grow at CAGR of 6.4% during the forecast period 2019-2023.
- Pharmacy chains within the Philippines are further anticipated to increase their market penetration in the semi-urban and rural areas of the country therefore, leading to higher store openings in the near future.
- The Philippines was evaluated as the 11th most attractive market for the pharmaceutical companies and the 3rd most attractive market among the ASEAN countries as of 2018. This is majorly due to the various factors such as the growing population, high rate of medical tourism and other similar factors.
Growth of Organized Pharmacy: The pharmacy retail chains are growing aggressively in the Philippines. In order for a speedy growth, the pharmacy chains are acquiring the unorganized standalone stores as it helps them to save the costs and operations to open a pharmacy store and building it up from scratch. The stores of the organized chains such as Metro Drugstore, SouthStar Drug and TGP has been concentrated in the Manila, Luzon, Visayas and Mindanao region of the Philippines. As the market is becoming concentrated day by day, the companies are focusing on opening the stores in different provinces and less developed regions of the country such as rural and semi-urban areas.
Growth of Non Communicable Diseases: As per a survey in the Philippines, more than half of the population above the age of 20 drinks regularly and more than one third of the population aged 15 years - smokes. As a result, one in every five person is suffering from high blood pressure therefore, it is expected that there will be growth in the non communicable diseases segment in the Philippines. As, Philippines have some of the highest medicine costs in the ASEAN countries, the consumers are purchasing more of the generic medicines than the branded products. It is estimated that the generic medicines segment will be approximately 65% of the total medicine retail in the Philippines by the year ending 2023.
Government Initiative to Improve the Medicine Distribution System: Botika Ng Bayan an initiative taken up to increasing the government medical dispensaries has been revived by the government of the Philippines. The aim of government is to expand it to each Barangay (village) in the Philippines. This will help in improving the medical distribution system within the Philippines and will provide Filipinos with affordable healthcare and medicines in future. The last count of Botka Ng Bayan pharmacy stores was evaluated 2,266 in the year 2011.
Analysts at Ken Research in their latest publication "Philippines Pharmacy Retail Market Outlook 2023 - By Organized and Unorganized Segment, By Standalone and Hospital Based Pharmacies, By Region, By Generic and Patented Drug, By Prescribed Medicines, OTC Products, Non Pharmaceutical Products and Medical Equipments, by Therapeutic Class (Anti-Infective, Cardiovascular, Gastro Intestinal, Anti Diabetic, Vitamins, Minerals and Nutrients, Respiratory, Pain Analgesics, Dermatology, Neuro, Gynaecological and Others)" suggests that by de-cluttering of stores, rising mergers and acquisitions, adopting centralized monitoring system, development of new retail channels and increasing traction of mail order based pharmacies in the country will give a boost to pharmacy retail market revenues in the Philippines in the near future thereby, registering a CAGR of 4.2% in terms of revenue and 2.0% in terms of total number of pharmacies during the forecast period 2019-2023. The market is further expected to be driven by increase in demand of the prescribed medicines and generic drugs in the country.
Key Segments Covered
- Market Structure
- Organized Market
- Unorganized Market
- Type of Store Location
- Standalone Pharmacy
- Hospital Based Pharmacy
- Type of Sales
- Prescribed Medicines
- OTC Products
- Non Pharmaceutical Products
- Medical Equipment
- By Type of Drug
- By Therapeutic Class
- Gastro Intestinal
- Anti Diabetic
Key Target Audience
- Existing Pharmaceutical Retailers in the Philippines
- Existing Pharmaceutical Distributors in the Philippines
- Existing Pharmaceutical Wholesalers in the Philippines
- Existing Pharmaceutical Manufacturers in the Philippines
- Existing Pharmaceutical Importer in the Philippines
- New Market Entrants- Domestic Retailer
- New Market Entrants- Domestic Distributor
- New Market Entrants- Domestic Wholesaler
- New Market Entrants- Domestic Manufacturer
- New Market Entrants- Foreign Retailer
- New Market Entrants- Foreign Distributor
- New Market Entrants- Foreign Wholesaler
- New Market Entrants- Foreign Manufacturer
- Market Associations
- Investors & Venture Capital Firms
- Real Estate Companies
- Government Bodies
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2019-2023
- Mercury Drug Corporation
- Watsons Personal Care Stores
- SouthStar Drug Inc.
- Rose Pharmacy
- The Generics Pharmacy
Key Topics Covered in the Reports
- Philippines Pharmacy Retail Market Introduction, Overview and Genesis
- Value Chain of Philippines Pharmacy Retail Market
- Philippines Pharmacy Retail Market Size, 2013-2018
- Philippines Pharmacy Retail Market Segmentation, 2013-2018
- Business Model for a Retail Pharmacy Store in the Philippines
- Pre-Requisites for the Philippines Pharmacy Retail Market
- Regulatory Framework in the Philippines Pharmacy Retail Market
- Growth Drivers in the Philippines Pharmacy Retail Market
- Trends in the Philippines Pharmacy Retail Market
- Issues and Challenges in the Philippines Pharmacy Retail Market
- Import Scenario in the Philippines Pharmacy Retail Market
- SWOT Analysis of the Philippines Pharmacy Retail Market
- Cross Comparison of International Pharmacy Stores with the Philippines Organized Pharmacy Retail Market
- Porter Five Forces Analysis for the Philippines Pharmacy Retail Market
- Comparative Landscape in the Philippines Pharmacy Retail Market
- Snapshot of Major Players Using Omni Channel Model in the Philippines Pharmacy Retail Market
- Snapshot of Emerging Hybrid Model in the Philippines Pharmacy Retail Market
- Philippines Pharmacy Retail Market Future Outlook and Projections, 2019-2023
- Analyst Recommendations for the Philippines Pharmacy Retail Market
For more information on the research report, please refer to the below link:
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