Vietnam & Philippines Pharmaceutical Market: $8 Bil Each by 2020 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Vietnam & Philippines Pharmaceutical Market: $8 Bil Each by 2020

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SOURCE MarketOptimizer.org

DALLAS, June 21, 2014 /PRNewswire/ --

MarketOptimizer.org offers "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Vietnam" and "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Philippines" market research reports in its store.

The pharmaceutical market in Vietnam is set to increase at an impressive 15.4% CAGR to 2020 whereas the Philippines' pharmaceutical industry will grow at 9.4% CAGR to 2020. In Vietnam, the scarcity of low-priced generic drugs, combined with a belief among Vietnamese doctors that patent-protected branded drugs are more effective, means that foreign pharmaceutical companies dominate the market and are able to maintain premium revenue. The CountryFocus: Healthcare, Regulatory and Reimbursement Landscape -Vietnam research report is available at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-vietnam.html .

In 2005, innovator drug prices in Vietnam were 8.3 times higher than international reference prices. Although 2009 saw the Vietnamese government introduce the New Health Insurance Law for universal coverage by 2020, as well as make it a legal requirement for all of its pharmaceutical production facilities to operate with Good Manufacturing Practice certificates, prospects for generic and locally-manufactured drugs remain limited.

Director of Healthcare Industry Dynamics of the publisher team of this report says: "A preoccupation with generic drugs and low investment in research and development means that domestic pharmaceutical companies are at a distinct disadvantage when competing against imports from multinationals."

This is despite the fact that Vietnam is one of the fastest growing economies in the Southeast Asia region, with its Gross Domestic Product (GDP) having increased significantly in value from $101.6 billion in 2008 to an estimated $170.6 billion in 2013. The Drug Administration of Vietnam issues a new drug registration within 180 days of an application being submitted. This makes the process much quicker than in the US and UK, although it is in line with other countries in Southeast Asia.

However, there are some obstacles that pharmaceutical manufacturers must face when launching new products into Vietnam's pharmaceutical marketplace. Director continues: "While the time taken to evaluate new and generic drug approvals is shorter than in developed countries, the application submission procedure is rigorous. Extra documentation is required, as is the mandatory submission of certain data in Vietnamese. This makes it more difficult for new products to enter this arena and will subsequently hinder any further market growth over the forecast period." Order a copy of "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Vietnam" industry research report at http://www.marketoptimizer.org/contacts/purchase?rname=7798 .

Philippines has the third largest pharma market among the countries in the Association of Southeast Asian Nations (ASEAN), just after Indonesia and Thailand. Director of Healthcare Industry Dynamics of the team publisher this report says: "Although an increasing disease burden, coupled with prevailing high pharmaceutical prices, are providing the necessary investment incentives for the healthcare market in the Philippines, limited access to healthcare facilities and governmental cuts could yet impede further growth in the future."

Furthermore, public health insurance provider Philippine Health Insurance Corporation does not cover the country's entire population, resulting in the majority of people being unable to afford medicines. Director continues: "The government has taken a number of measures to control the high drug prices to very little effect, thanks to the large amount of imported therapies and the demand for costly branded drugs." Complete report "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape -Philippines" is available at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-philippines.html .

Additionally, high spending to overcome basic economic concerns, such as poverty, dependence on imports and high external debt, have left the Philippines' government with insufficient funds to finance the development of healthcare infrastructure, according to this research available for purchase at http://www.marketoptimizer.org/contacts/purchase?rname=7266 .

CountryFocus: Healthcare, Regulatory and ReimbursementLandscapeRepublic of China (Taiwan) industry research report says population of Taiwan increased slightly between 2008 and 2013 from 23.0 to 23.4 million, mainly due to rising life expectancy. However, the birth rate decreased at a negative Compound Annual Growth Rate (CAGR) of 0.04% between 2008 and 2013. Government incentives such as those for new pharmaceutical companies establishing themselves in Taiwan, which include a reduction in income tax, will encourage foreign companies to invest. The country's pharmaceutical market was estimated at $5.7 billion in 2013 and is projected to reach $8.2 billion by 2020 at a CAGR of 5.2%. The medical device market was worth $2.2 billion in 2013 and is projected to reach $3.1 billion by 2020 at a CAGR of 5.0%.

These positive growth trends can primarily be attributed to - 

  • An increasing elderly population
  • Universal health coverage
  • Government initiatives

Scope 

The report provides information on the healthcare, regulatory, and reimbursement landscape in Taiwan, and includes -

  • An overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers
  • Profiles and SWOT analyses of the major players in the pharmaceutical market: Pfizer, Sanofi-aventis, GlaxoSmithKline, Yung Shin Pharmaceutical and China Chemical & Pharmaceutical
  • Insightful review of the reimbursement and regulatory landscape, with analysis covering details of the country's healthcare reimbursement process, regulatory agencies and the approval processes for new drugs and medical devices
  • Detailed analysis of the political and economic environment, covering economic indicators, demographics, healthcare infrastructure and healthcare expenditure
  • An overview of the opportunities for and challenges to growth in the Taiwanese healthcare market

Complete report on CountryFocus: Healthcare, Regulatory and Reimbursement Landscape Republic of China (Taiwan) is available at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-republic-of-china-taiwan.html .

Explore more reports on healthcare market at http://www.marketoptimizer.org/category/life-sciences/healthcare .

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