Philippines tax reforms will open new opportunities for Indian pharma, say analysts

4 December 2019

The introduction of the Universal Health Care (UHC) Act coupled with business and corporate tax regulatory reforms in the Philippines is likely to open up new avenues for the Indian pharma industry, according to a new analysis.

GlobalData’s report, ‘ CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Philippines,’ reveals that the pharmaceutical market in the Philippines is expected to grow at a compound annual growth rate (CAGR) of 4.65% to reach 241.9 billion Philippines pesos ($3.7 billion*) in 2025.

The UHC Act was introduced in February 2019 in the Philippines to ensure ‘100% population coverage’ under the National Health Insurance Program (NHIP). According to the Department of Health (DoH), Philippines, the total healthcare budget for the implementation of the UHC Law in 2019 is 257 billion pesos versus 171 billion pesos in 2018.

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