Strong anti-counterfeiting measures, coupled with the promotion of generic drugs as part of the “Healthcare for All” government scheme, has spurred the growth of companies like Switzerland’s Sandoz, Taiwan’s Orient Europharma and Pakistan’s Getz Pharma.
Significant annual increases in the government health budget are set to continue as our population grows and the economy develops. In recent years, government spending on healthcare rose by 12%.
While demand from an increasingly urban middle class rises, pharmacy retail chains are also racing to open new outlets throughout our island nation, providing affordable, quality medicines to all.
Proportion of domestic healthcare spending on pharmaceutical products
Largest pharmaceutical market in ASEAN
Manufacturers based in the Philippines
Estimated value of the pharmaceuticals market (OTC and prescription medicines combined)
A growing population and developing economy make the Philippines an attractive destination for investment in pharmaceuticals. Healthcare spending as a proportion of GDP is consistently on the up.
Many of the major multinational pharmaceutical companies already store, distribute, and manufacture medicines here. Over the last five years, imports of pharmaceutical products and raw materials have increased by an average of 12% each year. It’s in manufacturing that the real opportunity lies.
GlaxoSmithKline (GSK) Philippines, Inc. was established in 1967. GSK has a manufacturing and research facility in the country. Their success reinforces our message: investors looking to build a base for cost-effective pharmaceuticals manufacturing at the heart of Asia-Pacific can make it happen in the Philippines.