Try our corporate solution for free!
(212) 419-8286
hadley.ward@statista.com

Pharmaceutical market in the Philippines - statistics & facts

The Philippines pharmaceutical market has seen growing demand for affordable and effective medicines. Spending on pharmaceutical products makes up the largest share of health care expenditures for Filipino households. It is thus important that the pharmaceutical industry produces and distributes good quality, safe, and effective drugs.

Generic medicines, whose patent protection has expired but with the same efficacy, are manufactured by pharmaceuticals in the Philippines primarily as a cost-saving measure. Generic pharmaceutical drugs can be mass-produced and sold at a lower cost to Filipino consumers. Notably, drugs regulated as such accounted for most of the Philippines’ pharmaceutical market sales.

 What are generic drugs in the Philippines’ pharmaceutical market? 

In other parts of the world, pharmaceutical drugs are licensed by the Federal Drug Authority (FDA) by two approvals, originator and generics. In the Philippines, however, pharmaceutical drugs are regulated into three segments: originator, branded generics, and unbranded generics. Branded and unbranded generics are produced according to the same requirements and with the same bioequivalence as the originator. Pharmaceutical corporations in the Philippines have moved towards producing more branded and unbranded generics, as sales growth had significantly increased in the last few years. While unbranded generics do not have a big share of the market despite their growth, it held a significant presence in the Philippines’ pharmaceutical industry. Local producers have a commanding presence in this segment, such that it allows them to have their name on the medicine, despite not being the innovator, a benefit unique for the Philippines’ pharmaceutical companies. In both the branded and unbranded generic market, local market players have dominated the drug sales. Unilab Inc., a local pharmaceutical corporation is one of the major pharmaceutical companies in the Philippines.

 Impact of generic drugs in the Philippines’ pharmaceutical market

  As generic drugs continue to increase their share of the Philippines’ pharmaceutical, innovating molecules for creating patent or originator drugs have become a distant goal for many pharmaceutical laboratories and companies. In creating more generic drugs, the Philippines’ pharmaceutical companies import more medicaments needed for generic drug formulation. This holds true as the value of imported pharmaceutical products have continued to increase in the past years, showing a fourfold rise since 2008. By comparison, the value of exports has significantly decreased, and in recent findings, imports are greater than exports, resulting in a trade deficit or negative balance of trade.

Key figures

The most important key figures provide you with a compact summary of the topic of "Pharmaceutical market in the Philippines" and take you straight to the corresponding statistics.

International trade of pharmaceuticals in the Philippines

OTC pharmaceuticals revenue in the Philippines

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Pharmaceutical market in the Philippines".

Pharmaceutical market in the Philippines

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

Pharmaceutical market in the Philippines - statistics & facts

The Philippines pharmaceutical market has seen growing demand for affordable and effective medicines. Spending on pharmaceutical products makes up the largest share of health care expenditures for Filipino households. It is thus important that the pharmaceutical industry produces and distributes good quality, safe, and effective drugs.

Generic medicines, whose patent protection has expired but with the same efficacy, are manufactured by pharmaceuticals in the Philippines primarily as a cost-saving measure. Generic pharmaceutical drugs can be mass-produced and sold at a lower cost to Filipino consumers. Notably, drugs regulated as such accounted for most of the Philippines’ pharmaceutical market sales.

 What are generic drugs in the Philippines’ pharmaceutical market? 

In other parts of the world, pharmaceutical drugs are licensed by the Federal Drug Authority (FDA) by two approvals, originator and generics. In the Philippines, however, pharmaceutical drugs are regulated into three segments: originator, branded generics, and unbranded generics. Branded and unbranded generics are produced according to the same requirements and with the same bioequivalence as the originator. Pharmaceutical corporations in the Philippines have moved towards producing more branded and unbranded generics, as sales growth had significantly increased in the last few years. While unbranded generics do not have a big share of the market despite their growth, it held a significant presence in the Philippines’ pharmaceutical industry. Local producers have a commanding presence in this segment, such that it allows them to have their name on the medicine, despite not being the innovator, a benefit unique for the Philippines’ pharmaceutical companies. In both the branded and unbranded generic market, local market players have dominated the drug sales. Unilab Inc., a local pharmaceutical corporation is one of the major pharmaceutical companies in the Philippines.

 Impact of generic drugs in the Philippines’ pharmaceutical market

  As generic drugs continue to increase their share of the Philippines’ pharmaceutical, innovating molecules for creating patent or originator drugs have become a distant goal for many pharmaceutical laboratories and companies. In creating more generic drugs, the Philippines’ pharmaceutical companies import more medicaments needed for generic drug formulation. This holds true as the value of imported pharmaceutical products have continued to increase in the past years, showing a fourfold rise since 2008. By comparison, the value of exports has significantly decreased, and in recent findings, imports are greater than exports, resulting in a trade deficit or negative balance of trade.

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Hadley Ward
Hadley Ward
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Ziyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

Contact Kisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Catalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)