The Philippines pharmaceutical industry is growing at a faster rate and is only after China, India and Taiwan in Asia- growing at a rate of 13% per annum. It is also one of the more significant pharmaceutical investment destinations in world. With the worth as much as 4 billion dollar it is a potentially huge market. With the growth in economy and increase in income of the middle class the healthcare expenditure have considerably increased. The Philippines market consists of both domestic companies and large international companies. The market is also dominated by generic drugs which is keep on increasing.
Government has taken steps to control the prices of drugs so as to make the health care affordable to the large segment of market. Many of the OTC drugs, antibiotics are now available at a much lesser cost than they used to cost. The drug prices used to be highest in the world but lowered significantly due to government laws , presence of foreign companies and import of drugs from India , Pakistan where drug prices are comparatively less. Many of the OTC drugs are produced by domestic companies which are government backed and cost very less.
List of Top Pharmaceutical Companies in Philippines
|Pfizer||Bristol Myers Squibb|
|Eli Lilly and Company||Pascual Laboratories|
|Merck, Sharp and Dohme||InnoGen Pharma Group Inc.|
|Sanofi-Aventis Philippines||Euro-Med Lab|
|Wyeth||TC Pharma Ind.|
|Johnson & Johnson||Getz Pharma|
|Boehringher Ingelheim||Interphil Laboratories|
The manufacturing of drugs is less in Philippines as the required raw material is not easily available so they need to be imported and there is a significant lack of research and testing of drugs in the market. Some domestic companies have manufacturing facilities for the drugs. Metro Drug and Zuellig Pharma are the two main distributors of drugs in Philippines market.