Updated on 21 August 2013
The pharmaceutical market dominated by local players has been gearing up its production and distribution infrastructure to cope with the expected multiple increases in generics
Singapore: The South East Asian pharmaceuticals industry is forecast to witness a boost to $3.9 billion by 2016. The industry is fast taking center stage in the region and continues to gain attention and demand from both patients and governments.
Mr Marcus Pitt, president director and CEO, SOHO Group, who was one of the speakers during the CPhI Southeast Asia Summit 2013 that was held in Bangkok, said that, "As the developing economies continue to grow, there appears to be a greater concern of governments to establish greater access to healthcare. This is evidenced in markets such as Indonesia where the government is soon to implement its 'universal health coverage' initiative."
"This is a huge undertaking by the government who within the next four years has targeted touching on over 90 percent of the population, a huge undertaking given Indonesia's population of 240 million people. The pharmaceutical market dominated by local players has been gearing up its production and distribution infrastructure to cope with the expected multiple increases in generics. The market still enjoys the categories of branded and unbranded, with price points segmented based on the characteristics of socio economic factors," Mr Pitt added.
Dr Jennifer Jian Kang, senior patent attorney, Bayer HealthCare China, commented that, "Generics will grow in the next 5-10 years. But without a balanced environment for cultivating innovation, such development will not be sustainable."
Mr Rhett Hemedes, head, OTC Marketing, Great Eastern Drug Company, added that, "Access and distribution are closely interlinked and is a fundamental part of our operations. With a more mobile, digitised and engaged lifestyle, certain channels will emerge with the Asian Economic Community expected to impact in three years' time. Partnering with leading organizations in this area needs to be strengthened and understood on a country-centric basis. Various ways of working and cooperation also needs to be considered to ensure that the products are made available where consumers will need the products most."