, Philippines
100 views
Photo from Envato

Philippine generic pharmaceutical market to expand amidst policy shifts

Expenditure is expected to reach a market value of $3.8b by 2028.

Philippines’ generic drug expenditure is projected to grow at a compound annual growth rate of 5% in US dollar terms between 2023 and 2028 to reach a market value of $3.8b, said BMI.

The general pharmaceutical market’s growth is attributed to improvements in the drug review and approval process, which are expected to incentivise the sector’s manufacturers to introduce their products in the country.

“It is now required that all medicine packaging includes generic names to enhance transparency and affordability for patients. Doctors will be requested to list both the generic name and the brand name in parentheses,” the report said.

Meanwhile, the Philippines Food and Drug Administration (FDA) announced last February that it would reduce the time for approving generic drug applications from 120 to 45 days. 

The FDA clarified that whilst the number of requirements remains unchanged, it will leverage evaluations from regulatory bodies like the US FDA to expedite the approval process. 

“As such, the emphasis on generics could challenge innovative drugmakers, who will have to navigate a market with strong governmental support for more affordable healthcare solutions,” the report added.

 

Follow the link for more news on

Join Healthcare Asia Magazine community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Saudi’s KFSHRC banks on innovation to transform healthcare
The hospital is accelerating adoption of emerging technologies to position itself as a global leader in medicine
Angkor Hospital eyes trauma centre for children
The facility will have an ICU, emergency room, operating theatre and a surgical ward.