Gurugram, India, Sept. 13, 2021 (GLOBE NEWSWIRE) —
- The increase in the demand for generic medicines is expected to give a boost to the growth in revenues of the Philippines Pharmacy Retail Market. The major growth will happen in the branded generics category with overall generic medicines to grow at a CAGR of 4.7% during the forecasted period of 2019-2025.
- The pharmacy chains are anticipated to increase their penetration in the semi-urban and rural regions of the country by acquiring independent pharmacies and regional chains. This will lead to an expedited growth in their store count.
- 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 organized pharmacy retail chains are growing aggressively in the Philippines. In order to achieve speedy growth, the pharmacy chains are acquiring the independent pharmacies and regional chains as it helps them to save the costs and operations to open a pharmacy store and building it up from scratch. Manila, Central Luzon, Bicol Region have been key target regions for opening new pharmacies. 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 especially in the Visayas Islands.
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 64% of the total medicine retail in the Philippines by the year ending 2025.
Change in Attitude towards Health & Wellness Due to Covid 19 Outbreak: Philippines witnessed some of the strictest lockdown regulations all across the globe. As per a survey, ~68% of the population plans to improve personal self-care for future health issues, ~38% population feels OTC medications should be consumed for better health and to be prepared for future health crisis, ~35% population feels medicines should be purchased of trusted brand from a trusted source and overall ~60% population wants to improve planning for their future well being.
Analyst at Ken Research in their latest publication “Philippines Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Location (Standalone and Hospital Based), By Region (North, Central and South), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipments), By Drug Type (Generic And Patented) and By Therapeutic Class” observed that the Philippines is a growing market for pharmaceutical products. The market has presence of high number of unorganized pharmacy stores. The chain pharmacies are acquiring regional pharmacies and independent pharmacies for fast expansion. Many chains are also adopting franchise model for store expansion. Increasing demand for maintenance medicines and increased health awareness due to the Covid Outbreak will continue to push the growth in the market. The market demand will increase for generic medicines due to the low prices. The Philippines Pharmacy Retail Market is expected to grow at a CAGR of 3.0% on the basis of the revenue generated during the forecast period of 2019-2025.
Key Segments Covered:-
By Market Structure (In USD Billion)
- Organized Market
- Unorganized Market
Type of Store Location (In USD Billion)
- Standalone Pharmacy
- Hospital Based Pharmacy
By Region (In USD Billion)
By Type of Sales (In USD Billion)
- Prescribed Medicines
- OTC Products
- Non Pharmaceutical Products
- Medical Equipment
By Type of Drug (In USD Billion)
By Therapeutic Class (In USD Million)
- Anti Diabetic
- Vitamins/Minerals /Nutrients
- Gastro Intestinal
- Mercury Drug Corporation
- Watsons Personal Care Stores
- SouthStar Drug Inc.
- The Generics Pharmacy
- Rose Pharmacy
- Generika Drugstores
- Several Regional Players & Others
Key Target Audience:-
- Pharmaceutical Manufacturer Companies
- Pharmaceutical Importing Companies
- Pharmaceutical Distributing Companies
- Major Retail Companies
- E-Commerce Pharmaceutical Retailers
- Consultancy Companies
- Industry Associations
- Regulation Bodies
Time Period Captured in the Report:-
- Historical Period: 2014-2019
- Forecast Period: 2020-2025
Key Topics Covered in the Report:-
- Healthcare System in the Philippines
- Major Hospitals & Doctors in the Women Healthcare
- Usage of Contraception & Family Planning in the Philippines
- Health Insurance in the Philippines
- Supply Structure of the Philippines Pharmacy Retail Market
- Trends & Development in the Philippines Pharmacy Retail Market
- Issues & Challenges in the Philippines Pharmacy Retail Market
- SWOT Analysis & BCG Matrix in the Philippines Pharmacy Retail Market
- Philippines Pharmacy Retail Market Size & Segmentation, 2014-2019
- Online Pharmacy Regulations in the Philippines
- Telemedicine & Growth of Online Medical Consultation in the Philippines
- Major Telemedicine Providers in the Philippines
- Operating Model of Hybrid Pharmacies
- Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
- Assessing Regional Pharmacies in the Philippines
- Corona Virus Impact on the Consumer Behavior & Pharmacy Sales
- Future Market Size and Segmentations, 2019-2025F
- Covid 19 Impact on the Philippines Pharmacy Retail Market
- Analysts’ Recommendations
- Corona Virus Impact Philippines Pharmacy Retail Market
- Customer Decision Making Parameters in Philippines Pharmacy Retail
- Philippines Pharmacy Retail Business Landscape
- Mercury Drugs Corporation Company Profile
- Watsons Philippines Company Profile
- Southstar Drugs Company Profile
- The Generic Pharmacy Company Profile
- Rose Pharmacy Company Profile
- Luzon Pharmacy Retail Market
- Visayas Pharmacy Retail Market
- Philippines Branded Generics Market
- Philippines Telemedicine Market
- Philippines Pharmacy Chains
- Philippines Major Pharmacies
- Philippines Major Medicine Sellers
- Philippines Hospital Drugstores
- Philippines Standalone Pharmacies
- Philippines Hospital Pharmacies
For more information on the research report, refer to below link:-
Philippines Health Tech Market had a slow growth initially. The slow growth corresponded to poor internet penetration and lack of technology awareness. Unorganized health tech infrastructure and a less tech-savvy population led to the accumulation of unharmonized healthcare data. The government faced a major difficulty when the healthcare challenges kept on increasing with the growing population. Increasing need and high government interest positively drove the Philippines health tech industry.
Vietnam Pharmacy Retail Market Outlook to 2025-By Market Structure (Organized & Unorganized); By Region (North, South & Central); By Hospital-based & Street/Mall-based; By Product Categories (Prescribed, OTC, Non-Pharmaceutical Products & Medical Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic Drugs)
The Vietnam Pharmacy Retail Market is in growing stage with increasing healthcare awareness due to growth of ageing population and rising per capita drug expenditure. The rising cases of non-communicable diseases have also contributed to the growth in the demand for drugs across various therapeutic classes. In recent years, chain pharmacy stores have been increasing their presence by opening new stores in different provinces. Government initiatives such as launching of a national medicine database as well as telemedicine platform are also positively impacted the industry. Vietnam Pharmacy Retail Market witnessed a revenue growth of 6.8% during 2014-2019 and CAGR of 8.7% basis number of pharmacies.
Indonesia Pharmacy Retail Market Outlook to 2025 By Market Structure (Organized & Unorganized); By Region (West Java , East Java , Central Java , Jakarta , North Sumatra & Others); By Product Categories (Prescribed, OTC, Non-Pharmaceutical Products & Medical Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic Drugs)
Indonesia’s pharmacy retail sector is in the growing phase with the presence of over 40,105 drugstores and pharmacies along with a revenue CAGR of 8.1% during 2014-2019. Increasing incidence of life-style related ailments such as Diabetes, Obesity, hypertension, and various heart-related diseases and prevalence of communicable diseases such as TB, influenza among the growing population are the main reasons behind positive growth in pharmacy retail revenue due to increased sales of private-label goods. Another major driver is the aging population. The UN has predicted that the percentage of Indonesians over 60 years old will reach 25% in 2050 or nearly 74 million elderly people.
Thailand Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized & Unorganized Segment); By Region / Cities (Bangkok & its Vicinity, Central, South, Northeast, North, Eastern & West); By Product Categories (Prescribed, OTC, Non-Pharmaceutical Products and Medical Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic Drugs)
Volatile growth was observed within Thailand pharmacy retail market as multiple pharmacy stores closed due to the non-compliance of GPP standards required by the FDA. However, the closure of pharmacy outlets resulted in higher customer footfall in other pharmacies; hence a lower revenue growth rate was recorded in the year 2019. The market was observed in the growth stage owing to the growing intensity of competition among the retail pharmacies in the market in terms of wide product offering and value added services. The franchise model has become quite popular with new chains adapting to this model for faster store expansion. Moreover, the collaboration between state hospitals and small chains has helped patients being treated under “UHC” alongside the growth of pharmacy stores. Change in population structure i.e. the transition to the Thai aging society has led to a surge in drugs (including dietary supplements) demanded towards chronic diseases such as hypertension, diabetes, and others. The market is booming owing to the rising number of cases of NCDs, online pharmacy services, increasing government health expenditure, and other growth drivers.
Taiwan Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Region (Taipei Division, Northern Division, Central Division, Southern Division, KaoPing Division and Eastern Division), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipment’s), By Drug Type (Generic And Patented) and By Therapeutic Class
The Taiwan Pharmacy Retail Market is a growing market. The country has universal coverage of health insurance which covers both western medicines and traditional Chinese medicines. The National Health Insurance provides drug reimbursement in which more than 17,000 prescription drugs are covered. In this model, the customer needs to make small co-payment (in order to avoid the wastage and misuse of drug) and the remaining amount is sponsored by the government. The chain pharmacy stores are increasing their presence by opening new stores and acquiring independent stores or small regional chains. Some pharmacy chains have also adopted the franchise model for store expansion. Pharmacies chains are focusing on selling high margin products such as Maternal and Baby Supplies, Cosmetics, Nutritional Supplements and others in order to increase the profitability of their stores. The Taiwan Pharmacy Retail Market witnessed a revenue growth of 2.8% during 2014-2019.
Malaysia Pharmacy Retail Market Outlook to 2025- By Market Structure (Organized & Unorganized), By Location (Mall Based & High Street), By Product Sales (Prescribed Drugs, Generics, Non Pharmaceutical Products, Medical Equipments), By Drug Type (Patented & Generics) and By Therapeutic Class
Malaysia Pharmacy Retail market in terms of revenue increased at a single digit CAGR over the review period 2013-2019. The market was observed to be at growth stage owing to growing intensity of competition among the retail pharmacies in the market in terms of wide product offering and value added services. The Malaysia pharmacy retail industry has grown at a CAGR of 9.7% on the basis of revenue and a CAGR of 3.9% on the basis of number of pharmacy retail outlets over the period 2013-2019. The market is booming owing to rising number of cases of NCDs, growing online pharmacy services, increasing government health expenditure, consolidation of smaller chains to expand in different regions and services such as Online Consultations & E-Prescriptions coupled with per capita health expenditure of individuals in Malaysia.
Ankur Gupta, Head Marketing & Communications