Jan. 27, 2010 -
PRLog -- Hong Kong's pharmaceutical market is the thirteenth largest in Asia Pacific, behind Malaysia and ahead of Bangladesh. Combined sales of prescription products and over-the-counter (OTC) medicines reached US$939mn in 2008, an 8.4% increase compared to the previous year. Drug spending accounts for 0.42% of GDP, and annual per capita expenditure is US$134. Through to 2013, BMI is forecasting a compound annual growth rate (CAGR) of 4.07% for the overall pharmaceutical market. Public confidence in Hong Kong's pharmaceutical supply chain was shattered in Q209 when a series of scandals exposed deficiencies between numerous links, including manufacturers, wholesalers, procurers and those prescribing. A review is underway and findings are expected before the end of 2009. BMI believes regulations will be tightened and the frequency of inspections increased. The Hospital Authority is leading purchaser of pharmaceuticals in the Special Administrative Region. A total of US$478mn was spent on medicines during 2008, which was almost a third more than that spent in 2004. This is especially significant, given that staff costs and other spending also decreased by 3% and increased by 7% respectively, over the same period. In February 2009 it was revealed that Hong Kong would spend HKD1bn (US$129mn) on an electronic health record system over the next ten years. The framework is still at the planning stage, but it is likely to be based on the public-private interface for e-patient records (PPI-ePR). PPI-ePR allows doctors employed by the Hospital Authority to put patient records on to the system, with patient content. Both Hospital Authority-employed doctors and private medical practitioners are then able to access records. During Q209, the Practising Pharmacists Association of Hong Kong instructed pharmacists to avoid selling huge quantities of cold and flu medicines to individuals. This is due to the fact that some of these medicines contain pseudoephedrine, a chemical that can be used to make the highly addictive and illegal drug methamphetamine, or 'ice.' The warning comes after reports that several individuals bought up to 1,000 tablets in one order.
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