The report titled “Philippines
Pharmacy Retail Market Outlook 2023 - By Organized and Unorganized Segment, By
Standalone and Hospital Based Pharmacies, By Region, By Generic and Patented
Drug, By Prescribed Medicines, OTC Products, Non Pharmaceutical Products and
Medical Equipments, by Therapeutic Class (Anti-Infective, Cardiovascular,
Gastro Intestinal, Anti Diabetic, Vitamins, Minerals and Nutrients,
Respiratory, Pain Analgesics, Dermatology, Neuro, Gynaecological and Others)”
provides a comprehensive analysis of the Philippines pharmacy retail market
including market introduction, overview and genesis, market size and
segmentations. Extensive focus has been placed in quantifying the industry
revenue over the period, 2013-2023. The report covers aspects such as value
chain, business and investment model, pre-requisites for a pharmacy, regulatory
framework, growth drivers, major trends and developments, issues and
challenges, import scenario in the industry, SWOT analysis, comparative
analysis and competition landscape of the industry. The report also covers
future industry analysis by segments. The report is useful for existing
pharmacy chains, potential entrants, investors and other stakeholders to align
their market centric strategies according to ongoing and expected trends in the
future.
Philippines
Pharmacy Retail Market Overview and Size:
The Philippines pharmacy retail market
is a booming industry backed by the growth in the organized retail chains and
the demand for the generic medicines in the country. Medicines stores have been
present in the Philippines market since the 20th century. There were different
kind of stores such as Chinese drugstores and traditional medicine shops.
Afterwards, organized pharmacy stores expanded their distribution network in
the different regions. The organized chains are on a continuous expansion and
were observed to generate the majority of the revenue for the industry. High
costs of pharmaceutical products have led to growth in the demand for generic
medicines. The government has also taken up initiatives for improving the
medicine distribution system in the country and increase the reach of generic
medicines to the different consumers. Philippines have the third highest market
for the pharmaceutical products amongst the ASEAN countries. Online / mail
order pharmacies also started to gain traction in the country.
Philippines
Pharmacy Retail Market Segmentation
By
Market Structure (Organized and Unorganized Market)
Philippines pharmacy retail market was
dominated by the organized segment as these chains have established a good
relation with the customers on the basis of the store convenience and different
customer loyalty schemes. On the other hand, unorganized segment is mostly
prevalent in the countryside and rural areas where the organized chains are not
present.
Type
of Store Location (Standalone and Hospital Based Stores)
The standalone stores are able to
generate greater revenue than the hospital based stores as most of the patients
prefer to purchase from the standalone stores due to their cost efficiency. In
addition to that, standalone stores maintain a wide range of non pharmaceutical
products which increases the store footfall.
By
Type of Sales (Prescribed Medicines, Over the Counter Products, Non Pharma
Products and Medical Equipment)
Sales towards prescribed medicines
were observed to dominate Philippines pharmacy retail market during the year
2018. The demand is majorly facilitated by the sales in the hospital based
stores and standalone stores near a hospital. This was followed by the OTC
products, Non Pharmaceutical Products and medical equipment.
By
Type of Drug (Generic and Patented)
The generics category consists of a
number of sub-segments existing at different pricing tiers including branded
generics, Uni-branded generics, house-brands and unbranded generics.
Traditionally, the market consisted of branded and unbranded generics but big
local companies have launched Uni-brands such as Pharex and RiteMed at a
discounted price lower than the branded generics, therefore have experienced
high growth. The remaining market was captured by patented segment.
By
Therapeutic Class
The Philippines pharmacy market has
different group of therapeutic drug classes such as anti-infective,
cardiovascular, gastro intestinal, anti diabetic, vitamins, minerals and
nutrients, respiratory, pain analgesics, dermatology, neuro, gynecological and
others. The cardiovascular drugs have highest demand due to high rate of
Coronary Heart Diseases (CHD) in the country.
Comparative
Landscape in the Philippines Pharmacy Retail Market
Competition stage within Philippines
pharmacy retail market was observed as highly concentrated along with the
presence of major pharmacy retail chains and independent stores in the country.
The top five major pharmacy chains present in the market are Mercury Drug
Corporation, Watsons Personal Care Stores, South Star Drug Inc, Rose Pharmacy
and The Generics Pharmacy. The competition is driven on the basis of the number
of stores, product offerings, the range of product categories, services,
customer loyalty scheme, private label goods and marketing & promotion.
Philippines
Pharmacy Retail Market Future Outlook and Projections:
The Philippines pharmacy retail market
is expected to register a positive CAGR in terms of revenue during the forecast
period 2019-2023, driven on the expected growth in the total number of
organized stores in the country. The organized chains are expected to include
the online sales channel in their distribution system and adopt the omni sales
channel strategy. As the medicine market is being dominated by the demand for
generic medicines, total number of drugstores providing generic medicines are
expected to increase in the near future. The government of Philippines has
revived the Botika Ng Bayan initiative which used to provide the medicines in
the Philippines at subsidized rates. The government of Philippines aims to
expand it to each of the barangay (village) in the Philippines and provide
generic medicines in order to reduce the healthcare costs.
Key
Segments Covered
Market
Structure
Organized Market
Unorganized Market
Type
of Store Location
Standalone Pharmacy
Hospital Based Pharmacy
Region
North
Central
South
Type
of Sales
Prescribed Medicines
OTC Products
Non Pharmaceutical Products
Medical Equipment
By
Type of Drug
Generic
Patented
By
Therapeutic Class
Anti-Infectives
Cardiovascular
Gastro Intestinal
Anti Diabetic
Vitamins/Minerals /Nutrients
Respiratory
Pain/Analgesics
Dermatology
Neuro
Gynecological
Others
Key
Target Audience
Existing Pharmaceutical Retailers in
the Philippines
Existing Pharmaceutical Distributors
in the Philippines
Existing Pharmaceutical Wholesalers in
the Philippines
Existing Pharmaceutical Manufacturers
in the Philippines
Existing Pharmaceutical Importer in
the Philippines
New Market Entrants- Domestic Retailer
New Market Entrants- Domestic Distributor
New Market Entrants- Domestic
Wholesaler
New Market Entrants- Domestic
Manufacturer
New Market Entrants- Foreign Retailer
New Market Entrants- Foreign
Distributor
New Market Entrants- Foreign
Wholesaler
New Market Entrants- Foreign
Manufacturer
Market Associations
Investors & Venture Capital Firms
Real Estate Companies
Government Bodies
Time
Period Captured in the Report:
Historical
Period: 2013-2018
Forecast
Period: 2019-2023
Companies
Covered:
Mercury Drug Corporation
Watsons Personal Care Stores
SouthStar Drug Inc.
Rose Pharmacy
The Generics Pharmacy
Key
Topics Covered in the Reports
Executive Summary
Research Methodology
Philippines Pharmacy Retail Market
Introduction, Overview and Genesis
Value Chain of Philippines Pharmacy
Retail Market
Philippines Pharmacy Retail Market
Size, 2013-2018
Philippines Pharmacy Retail Market
Segmentation, 2013-2018
Business Model for a Retail Pharmacy
Store in the Philippines
Pre-Requisites for the Philippines
Pharmacy Retail Market
Regulatory Framework in the
Philippines Pharmacy Retail Market
Growth Drivers in the Philippines
Pharmacy Retail Market
Trends in the Philippines Pharmacy
Retail Market
Issues and Challenges in the
Philippines Pharmacy Retail Market
Import Scenario in the Philippines
Pharmacy Retail Market
SWOT Analysis of the Philippines
Pharmacy Retail Market
Cross Comparison of International
Pharmacy Stores with the Philippines Organized Pharmacy Retail Market
Porter Five Forces Analysis for the
Philippines Pharmacy Retail Market
Comparative Landscape in the
Philippines Pharmacy Retail Market
Snapshot of Major Players Using Omni
Channel Model in the Philippines Pharmacy Retail Market
Snapshot of Emerging Hybrid Model in
the Philippines Pharmacy Retail Market
Philippines Pharmacy Retail Market
Future Outlook and Projections, 2019-2023
Analyst Recommendations for the
Philippines Pharmacy Retail Market
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more information on the research report, refer to below link:
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