Philippines' pharmaceutical market to reach $8 billion by 2020

8 May 2014

The Philippines’ pharmaceutical market value will increase from a value of $4.3 billion in 2013 to $8 billion by 2020, expanding at a compound annual growth rate (CAGR) of 9.4%, largely as a result of the country’s high medicine prices.

According to research and consulting firm GlobalData’s latest report, the Philippines has the third largest pharma market among the countries in the Association of Southeast Asian Nations (ASEAN), just after Indonesia and Thailand.

Joshua Owide, GlobalData’s director of health care industry dynamics, says: “Although an increasing disease burden, coupled with prevailing high pharmaceutical prices, are providing the necessary investment incentives for the health care market in the Philippines, limited access to health care facilities and governmental cuts could yet impede further growth in the future.”

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