Philippine Pharmaceutical Industry - Medicines Cost Second Highest In Asia at FinGad.com

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Philippine Pharmaceutical Industry - Medicines Cost Second Highest In Asia

Categorie: Emerging Markets
Submitted 3 months ago by

Lovephileo , WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER

In BMI's Q2 08 Business Environment Ranking of 14 key markets in the Asia Pacific region, the Philippines is regarded as only the tenth most attractive pharmaceutical market. While BMI expects the country to improve this position over the next five-year period as the market matures, with more people being able to afford healthcare and with 68 percent of medicines and pharmaceutical products coming from multinational companies.Forecasts for the Philippines' pharmaceutical market, is expected to top us$4bn in 2012, up from an estimated us$2.61bn in 2007. Double-digit year-on-year (y-o-y) growth over the next five years is also a major encouragement for foreign pharmaceutical players,It was because The cost of medicines in the Philippines is second highest in Asia next to Japan. The world Health organization has documented that medicines are sold in the Philippines at 4 to 18 times higher than international comparator prices.For example, over-the-counter pills sold in the Thailand and in India at p2 to p4 are sold in Manila at p20 to p40 each. Based on statistics, as many as eight or nine out of 10 filipinos to date have not been able to buy medicines and more and more Filipinos have died access to essential medicines.Now, the incre... More...

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11 comments ↓

#1 | Liz @ 3 months ago User Rank : 662 Portfoilo Balance: $216,918.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: Why the medications are sold at such high price in Philippines?
#2 | Lovephileo @ 3 months ago WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER User Rank : 413 Portfoilo Balance: $1,110,169.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: most probably there is a problem with this country's patent system. maybe favoring the multi national companies. maybe corruption. plus the heavy dependence on imported raw materials incurred much price. Philippine pharma industry is sucked by cartel. multinational companies like pfizer hold 70% of an estimated $1.9 Billion pharma market. Last year, they were boycotted by the House of Representative. 1/3 of Filipino population were not afford to buy their medicines and left with no choice but to die. what a harassment! and greed.
#3 | Liz @ 3 months ago User Rank : 662 Portfoilo Balance: $216,918.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: Any action taken so far? That seems to be a very serious issue!
#4 | Lovephileo @ 3 months ago WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER User Rank : 413 Portfoilo Balance: $1,110,169.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: That's why the Malacanang has signed the Cheaper Medicine Bill into law. After the Department of Health finish the IRR, then the cartel or monopolies which cause the high price of medicine in the country will come to an end. The DoH has 120 days to finish the implementing rules and regulations. However, i have some conflicting thoughts in my mind. Should the public get rid of such cheaper medicines due to a myth that it may not have quality content, then this bill will just be turned to waste. So, the public must support this bill, otherwise the cartel would use this issue to debunk the bill.
#5 | Tan_christianjhon @ 2 months ago Account Executive User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: Actually, local company produce low cost medicine. The only problem here in our country, is the Drug Outlets. These distribution channel actually charge as much as 30 to 50 percent discount on the selling price. Let us say for example the manufacturing cost of the product is 5Php. The trader will multiply it in 5 to 8 times fold depending on what kind of medicine it is. Whether an innovator, a me too branded or new molecule in the market. Of course Trader will have to spend on marketing and their people. So before it will reach the market, huge drug outlet will ask first the discount and sell it on its SRP which the price is 8 times fold than the manufacturing cost. With regards to some Indian medicine, yes it is cheaper because most of the raw materials used for producing medicine came from them. And in order to compete with the local market they must have a good entry price. That is the real mackoy in the pharma industry.
#6 | Tan_christianjhon @ 2 months ago Account Executive User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: You know, the cheap medicine or sometimes referred as Generic product are actually the same as the high cost branded product in term of its therapuetic effect. It was just of marketing strategy of Huge Multinantional Company before maligning generic product as ineffecient. And in addition to that, the Governement should put all the weight of the law on the Fake medicines that were not registered at BFAD. It is one way to safeguard and ensure the public health that Cheap and quality medicine will have an easy access on the public.
#7 | Tan_christianjhon @ 2 months ago Account Executive User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: You know, the cheap medicine or sometimes referred as Generic product are actually the same as the high cost branded product in term of its therapuetic effect. It was just of marketing strategy of Huge Multinantional Company before maligning generic product as ineffecient. And in addition to that, the Governement should put all the weight of the law on the Fake medicines that were not registered at BFAD. It is one way to safeguard and ensure the public health that Cheap and quality medicine will have an easy access on the public.
#8 | Lovephileo @ 2 months ago WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER User Rank : 413 Portfoilo Balance: $1,110,169.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: Thats true Tan, I just wonder why the government is not doing an all out war to fight death and disease thru pharma industry instead of a hellfire war in Mindanao. Generic Pharmacy is one great attraction among poor filpinos. I just stumbled on its one branch and was rushed to buy a bottle of antibiotic for my baby at a price of less than P25 when Mercury Drug stores sell it by less than P200 for the same label. What a difference! The government must do something radical 180 deg. Anyway, thanks for your comments.
#9 | Kriskumar @ about 1 month ago User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: IN INDIA ONLY PROCESS HAS BEEN PATENTED. THIS WAS DONE BY INDIRA GANDHI SO THAT LOCAL COMPANIES CAN CREATE CHEPER VERSIONS. THIS SAVED MILLIONS OF LIVES IN INDIA AS MEDICINES ARE CHEAP. PLEASE ASK THE GOVT. TO STUDY THE ACTION INDIA TOOK TO ADDRESS THE PROBLEM . PLEASE IMPLEMENT THAT....
#10 | Kriskumar @ about 1 month ago User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: IN INDIA ONLY PROCESS HAS BEEN PATENTED. THIS WAS DONE BY INDIRA GANDHI SO THAT LOCAL COMPANIES CAN CREATE CHEPER VERSIONS. THIS SAVED MILLIONS OF LIVES IN INDIA AS MEDICINES ARE CHEAP. PLEASE ASK THE GOVT. TO STUDY THE ACTION INDIA TOOK TO ADDRESS THE PROBLEM . PLEASE IMPLEMENT THAT....
#11 | Kriskumar @ about 1 month ago User Rank : 3 Portfoilo Balance: $50,000.00 Comment Rating: 0 Flag Comment Spam | Miscategorized | Prohibited: IN INDIA ONLY PROCESS HAS BEEN PATENTED. THIS WAS DONE BY INDIRA GANDHI SO THAT LOCAL COMPANIES CAN CREATE CHEPER VERSIONS. THIS SAVED MILLIONS OF LIVES IN INDIA AS MEDICINES ARE CHEAP. PLEASE ASK THE GOVT. TO STUDY THE ACTION INDIA TOOK TO ADDRESS THE PROBLEM . PLEASE IMPLEMENT THAT....

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