Despite having one of the largest
populations in the world, let alone ASEAN, the country remains largely poor,
and most of the opportunities are centred around Manila and surrounding areas
on the island of Luzon, with areas such as Mindanao lagging behind overall.
The Philippines medical device
market is expected to grow at a solid 8.8% in the medium term. This growth will
be spearheaded by the growth of imports, health expenditure, the private sector
and medical tourism.
The Philippines has a history of
political instability. The current ruling administration has had its fair share
of controversy. The highly devolved health sector makes it difficult to stamp
out corruption and other bureaucratic problems.
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Medical device spending is around
US$3 per capita in 2012, similar to that in Vietnam and China. The Philippines
has some domestic capacity to produce basic hospital items, but the majority of
the market is supplied by imports. Private hospitals in Manila represent the
best prospects for suppliers.
The government plans to achieve
universal healthcare by 2016. One of the steps taken to achieve this goal has
been the widening of health insurance membership coverage. Since 2011 the
government has paid for the health insurance membership (PhilHealth scheme) of
5.3 million of the poorest families, equal to around 25 million people, as
identified by the National Household Targeting System for Poverty Reduction
Poverty Reduction of the Department of Social Welfare and Development. Families
identified under this scheme are except from balance-billing (exempt from
paying the difference between the insurance payout and the hospital bill) when
they are admitted in any government hospital.
For 2013, the government has
allocated P13.5 billion (US$306.8 million) for the development of national
& local hospitals, health centres and barangay health stations. The DoH has
also introduced the new National Hospital Reform Programme, where between 25
and 30 hospitals have been identified for development through private-public
partnership initiatives. Seven of these hospitals will be upgraded to provide
specialist care in heart surgery, oncology and organ transplantation.
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Latest collated data show that in
the latest 12 months, imports grew by 7.1% to reach US$226.4 million in June
2012, over the previous corresponding total of US$211.3 million. Consumables
was by far the strongest sector, rising by 44.8% during the period but overall
growth was tempered by falls in diagnostic imaging (-12.7%) and dental products
(-5.3%). On a quarterly basis however, imports fell by 3.1% to US$54.1 million
in June 2012.
Latest
Report:
The Outlook for
Medical Devices in Brazil, Russia, India & China: http://www.marketresearchreports.biz/analysis/92539
These leading emerging economies represent a total medical market of US$26.8 billion. But how might the impact of the economic downturn affect them? Where do commercial opportunities exist for medical device companies now, and what are the future prospects?
Putting things in perspective
With a combined population of 3.0 billion people and with significant unmet medical need, the challenges and opportunities of the BRIC markets are considerable. The economic downturn has affected these markets varyingly; for example, the Brazilian import market may be affected by disadvantageous US$ exchange rates, but China is affected more by a weak economy in the USA, its major market. Significant growth rates are impressive, but the low starting point – along with a range of other operational issues – means companies must be targeted in the opportunities they pursue.
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