The Philippines is expected to maintain its position as the largest pharmaceutical market in Southeast Asia, according to a report by BMI, a Fitch Solutions company.
“We forecast the pharmaceutical market to rise to P438 billion ($7.5 billion) by 2029 from P352 billion ($6.1 billion) in 2024, growing at a five-year compound annual growth rate (CAGR) of 4.5 percent in local currency terms and 4.1 percent in U.S. dollar terms,” the BMI report said.
The report noted the recent announcement by AstraZeneca Pharmaceuticals (Philippines) that it would invest in the country’s first Pharma Innovation Hub.
This plan, along with the existing operations of Merck Business Solutions and Royale Life Pharma in Philippines Economic Zone Authority (PEZA)-accredited zones, “underscores the Philippines’ established position as a key pharmaceutical manufacturer in the Southeast Asia region,” BMI said.
The report, however, listed risks to growth, including a “considerable gap in both financial resources and skilled human capital necessary for advanced pharmaceutical research” and the regulatory landscape.
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