Expansion in Healthcare Segment Fueling Growth in Pharmacy Retail Market in Philippines

NEW YORK - Oct. 21, 2013 - PRLog -- Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Pharmacy Retail Market in Philippines 2013’. The long-term outlook for pharmacy retail in the Philippines is considered to be promising since the demand for medicines and drugs is interdependent with the demographics of the country’s population which is recording a gradual increase.

Netscribes’ latest market research report titled Pharmacy Retail Market in Philippines 2013 identifies the healthcare scenario, more specifically, the pharmacy retail scenario in the Philippines. The sector is dotted with a wide variety of drug distributors, wholesalers, retailers and manufacturers and has also witnessed a spurt in the number of both domestic and foreign concerns in the recent past. The country has been in the wake of a revolution with regard to decentralization of the healthcare system with precise concentration on local health provision and ramified coverage. The sector can be categorized into organized and unorganized markets, with the unorganized segment accounting for the major market share.

Although a developing country, the Philippines is already being hailed as a prospective market for entry of pharmaceutical companies, which is evident in the growing number of pharmaceutical majors establishing manufacturing facilities within the nation. Moreover, this sector is termed as being profitable owing to the fact that there is marginal price elasticity associated with price increases. The market is characterized by the presence of a few large players that account for significant market share and boast of having a considerable footprint across the nation.