Singapore, Aug 24, 2010: The pharma market in Japan was valued at $69.4 billion in 2009. Key growth drivers for branded pharma include: the growing use of chronic high-value innovative treatments driven by an increasingly elderly population, the high proportion of the healthcare budget spent on pharma compared to other developed pharma markets, and the low level of generic penetration.
The highlights of the report are:
Korosho determines the reimbursable drug price in Japan which is added to the National Health Insurance (NHI) list which must be followed by all insurers. The few non-reimbursed prescription drug groups include oral contraceptives, lifestyle drugs, and some vaccines.
Korosho implemented guidance for biosimilars approval in March 2009, and since then two biosimilars have been launched in Japan. Although this is a positive step for the biosimilars industry, the conservative and brand-loyal nature in Japan means that uptake will be slow, with only the larger, more well known players likely to succeed.
In contrast to the bleak prospects pervading the other major markets, Japan seems to have a brighter outlook with pharma companies having been less affected by job cuts and site closures.
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