Singapore, Mar 12, 2009: Over the next five years the sales of pharmaceuticals in Philippines is set to increase from $2.51 billion to $4.09 billion, according to the Philippines Pharmaceuticals and Healthcare Report published by Research and Markets.

The report having been extended to forecasts for 75 indicators updates the Philippines Pharmaceuticals & Healthcare including prescription drug and over-the-counter medicines through to 2013.

According to the report, in November 2008, the Philippines' Department of Health stated that the public should not expect a rapid fall in the price of medicines, in spite of a new law introduced that seeks to cut the medicine prices. In December 2008, two non-government organizations (NGOs) threw down a 100-day challenge to the government to strictly implement the Universally Accessible Cheaper and Quality Medicine Act of 2008. The groups also asked the Department of Health to identify patented drugs for cancer and other critical ailments that can be bought through parallel importation.

The Philippines is said to be ranked as the eleventh most attractive pharmaceutical market in the Asia Pacific region, according to the company's Business Environment Rankings. As per the report, the Philippines' pharmaceutical rating, standing at 50, is unchanged from that it received in Q408, meaning that the country is sandwiched between India and Malaysia on above it in the table and Indonesia and Vietnam below.

To reduce the high birth rate in the Philippines, which stands at an annual rate of 2.04 percent, lawmakers are attempting to introduce the Reproductive Health Care Act, according to the report. The bill seeks establish a national family planning program that would include age-appropriate sex education in school and advice on birth control. However, the Catholic Church, which has 72 million followers in the country is said to have considered the move to be 'immoral.'

The Philippines is said to represent a modest but growing proposition for medical device manufacturers. Key drivers of the $97 million market include strong economic growth (GDP +7.3 percent in 2007), a rapidly expanding and ageing population, development of the private hospital sector and upgrade of government healthcare facilities. The report believes that the main sector trends over the medium term will be an influx of manufacturers from low-cost bases, more sales of high-end offerings and the emergence of local players aided by state intervention.

Medical device expenditure is said to be projected to reach $132 million by 2013, representing a CAGR of 5.3 percent.