Philippines Online Pharmacy Retail Market Overview
The
Philippines Pharmacy Retail Market is a thriving sector, supported by rising
generic drug demand and an increase in chain pharmacies. The market was home to
a variety of drugstores, including Chinese drugstores and traditional medicine
stores that have since been replaced by contemporary American-style drugstores.
Big national chains are acquiring independent pharmacies and local stores in
order to expand more quickly. Additionally, some chains have expanded their
storefronts using the franchising concept. Due to the exorbitant cost of
pharmaceutical items, more people are turning to generic medications. In order
to make public medications available to residents in rural areas, the
government is redesigning the public medicine delivery system. Online pharmacies are
a very recent invention and growing in popularity.
Report Analysis
According
to the research report, “Philippines
Pharmacy Retail Market Outlook to 2025 - By Market Structure (Organized and
Unorganized), By Location (Standalone and Hospital Based), By Region (North,
Central, and South), By Product Sales (Prescribed Medicines, OTC Products,
Non-Pharma Products, and Medical Equipments), By Drug Type (Generic And
Patented) and By Therapeutic Class” states that the rise in the need
for generic medicines will have a positive impact on the Philippines pharmacy
retail sector during the expected period. As it saves them the expenses and
operations of opening a pharmacy store and starting it from scratch, pharmacy
chains are buying up independent pharmacies and regional chains. Other reasons
that will contribute to the market's expansion include the rise in non-communicable
diseases and changes in attitudes toward wellness and health.
The
Philippines Pharmacy Retail Market in terms of Therapeutic class is segmented
into different groups such as cardiovascular, anti-infective, gastrointestinal,
anti-diabetic, vitamins, minerals and nutrients, respiratory, and others. Among
these, cardiovascular drugs have the highest demand due to the high rate of
Coronary Heart Diseases (CHD) in the country.
Based
on the type of drug, the market includes Generic and Patented types. Branded Generics,
Uni-Branded Generics, House-Brands, and Unbranded Generics are some of the
numerous sub-segments of generic medications that can be categorized and priced
at different pricing tiers. The popularity of generic medications among
Filipino customers can be attributed to their inexpensive cost. Compared to the
market for generic medications, the market for patented medications is smaller.
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Philippines Medicine Retail Market Key Players
As
of 2019, there were 29,000 pharmacies in the Philippines' pharmacy retail
market, including both independent and chain pharmacies. However, there is a
lot of overlap in the competition. The number of Stores, Pricing, In-Store
Services, Customer Loyalty Programs, Product Variety, and Availability of
Non-Pharmaceutical Products is the primary factors that determine chain
competitiveness. The top five pharmacy chains in the US are:
- Mercury Drug Corporation
- Watsons Personal Care Stores
- South Star Drug Inc.
- The Generics Pharmacy
- Rose Pharmacy.
Impact of COVID-19
Due
to the Covid 19 epidemic, the Philippines pharmacy retail market has
experienced positive growth rather than revenue loss. However, because of the
shutdown, some small pharmacies are anticipated to cease operations. The main
chains are increasing their e-commerce operations as they transition to an Omni
Channel model. As part of their expansion plan, these chains will keep buying
local chains and individual pharmacies.
Philippines Patented Drug Market Future
Outlook
Due
to the high demand for generic medications, the majority of the new stores
opening will concentrate on selling generic medications over the upcoming
years, with the Philippines Pharmacy Retail Market expected to rise at a CAGR
of 3.0% on the grounds of the revenue earned during the forecast period of
2019–2025. The government has updated the Botika Ng Bayan Initiative to deliver
medicines at a discounted rate with a particular focus on rural areas in order
to lower healthcare costs while also making medications cheaper.
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