Pharmaceuticals - Philippines

Philippines

In 2024, the projected revenue in the Pharmaceuticals market in the Philippines is expected to reach US$2,068.00m.
The largest market within this market is Oncology Drugs, with a projected market volume of US$274.60m in the same year.
Looking ahead, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.39%, resulting in a market volume of US$2,327.00m by 2029.
In comparison to other countries, United States is anticipated to generate the highest revenue, amounting to US$630.30bn in 2024.
The pharmaceutical market in the Philippines is experiencing a surge in demand for generic drugs due to their affordability and accessibility.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Philippines is a rapidly developing country with a growing population and a rising middle class. The pharmaceuticals market in the Philippines has been growing steadily in recent years due to a number of factors.

Customer preferences: Customers in the Philippines are becoming more health-conscious and are increasingly willing to spend money on healthcare products. This is partly due to the growing middle class, who have more disposable income and are able to afford higher-quality healthcare. Customers in the Philippines also place a high value on brand loyalty and trust, and are more likely to purchase products from well-known and trusted brands.

Trends in the market: One trend in the pharmaceuticals market in the Philippines is the increasing demand for generic drugs. This is due to the government's efforts to make healthcare more affordable and accessible to all Filipinos. Another trend is the growing demand for over-the-counter (OTC) drugs, as customers are becoming more knowledgeable about their health and are able to self-diagnose and treat minor ailments without the need for a prescription.

Local special circumstances: The Philippines has a unique healthcare system, with a mix of public and private healthcare providers. The public healthcare system is run by the government and provides free or low-cost healthcare to Filipinos, while the private healthcare system is more expensive but offers higher-quality care. This has led to a divide in the pharmaceuticals market, with different products and brands catering to different segments of the population.

Underlying macroeconomic factors: The Philippines has been experiencing strong economic growth in recent years, with a growing middle class and a rising GDP. This has led to an increase in healthcare spending, as customers are able to afford higher-quality healthcare products. The government has also been investing in healthcare infrastructure and programs, which has further boosted the pharmaceuticals market in the Philippines.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.