Philippines Micronesia 010 by Stefan Krasowski with CC
The Philippines could also be included among the top ten most attractive Pharma markets in the Asia-Pacific region. Within the ASEAN, the Philippines occupies the third position, just after Indonesia and Thailand. Unfortunately, their healthcare system is so obsolete that the market is unable to meet the healthcare product quota that a big population demands.
There is neither growth nor development present in the Filipino companies that produce OTC and Pharma products. In comparison with China, where there is an obvious desire to produce domestic products, the companies in the Philippines are still dependent on foreign manufacturers. The level of development in the Pharma sector is very moderate.
At present, market access in the Philippines—with the help of a systematically selected partner—is still a relatively simple and non-cost-intensive option. The next few years will see a great opportunity to enter a top-ten market with branded products in the Philippines. The OTC and Pharma markets in neighbouring countries, such as Thailand and Malaysia, also show some potential, albeit not on the level of the TRIUMPH markets.