Malls will remain Closed in the Enhanced Community Quarantine: Philippines government has enforced some of the hardest lockdown regulation which was extended for the duration of more than four months in major parts of the country. This lockdown was in three stages: Enhanced Community Quarantine (ECQ), Modified Community Quarantine (MCQ) and General Community Quarantine (GCQ). During the ECQ period, malls were closed due to which pharmacies operating in the mall were shut down.
Pharmacies are Hoarding Vitamins due to High Spike in Demand: Philippines Pharmacies and Consumers started hoarding popular vitamins including Multivitamins, Vitamin D, Vitamin C, and others after the implementation of lockdown in the Luzon islands. The sales went up approximately 10 times higher than the March month, which created a situation of “Artificial Shortage”. The consumers who usually used to purchase medicines for a week’s requirement started stocking medicines for 2 months of usage.
Impact of COVID 19 on the Philippines Pharmacy Retail Market: The Pharmacy Retail Industry was highly impacted due to the COVID 19. Pharmacies present in the malls had to stop their operations due to the lockdown regulations. Many pharmacies reduced their operational timings. Pharmacies witnessed high demand for OTC products, especially for Vitamin Supplements. The delivery lead time for Online Pharmacies had increased drastically due to the lockdown regulations.
Government implementing Regulation for accepting E-Prescription: In order to encourage people to stay at home, the government of the Philippines implemented regulations for Telemedicine and E-Prescriptions. Further, it made compulsory for all pharmacies to accept E-Prescription as a valid legal document for dispensing medicines. The DOH also started providing telemedicine services in partnership with several private organizations and started providing E-Prescription.
Analyst at Ken Research in their latest publication “Philippines Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Location (Standalone and Hospital Based), By Region (North, Central, and South), By Product Sales (Prescribed Medicines, OTC Products, Non-Pharma Products, and Medical Equipments), By Drug Type (Generic And Patented) and By Therapeutic Class” observed that the Philippines is a growing market for pharmaceutical products. The market has the presence of a high number of unorganized pharmacy stores. The chain pharmacies are acquiring regional pharmacies and independent pharmacies for fast expansion. Many chains are also adopting now franchise model for store expansion. Increasing demand for maintenance medicines and increased health awareness due to the COVID Outbreak will continue the growth in the market. The market demand will increase for generic medicines due to the low prices. The Philippines Pharmacy Retail Market is expected to grow at a CAGR of 3.0% on the basis of the revenue generated during the forecast period of 2019-2025.
Key Segments Covered: –
By Market Structure (In USD Billion)
Organized Market
Unorganized Market
Type of Store Location (In USD Billion)
Standalone Pharmacy
Hospital Based Pharmacy
By Region (In USD Billion)
North
Central
South
By Type of Sales (In USD Billion)
Prescribed Medicines
OTC Products
Non-Pharmaceutical Products
Medical Equipment
By Type of Drug (In USD Billion)
Generic
Patented
By Therapeutic Class (In USD Million)
Cardiovascular
Anti-Infectives
Pain/Analgesics
Anti-Diabetic
Vitamins/Minerals /Nutrients
Dermatology
Respiratory
Gastro Intestinal
Neuro
Oncology
Contraceptive
Gynecological
Ophthalmological
Others
Companies Covered
Mercury Drug Corporation
Watsons Personal Care Stores
SouthStar Drug Inc.
The Generics Pharmacy
Rose Pharmacy
Generika Drugstores
Several Regional Players & Others
Key Target Audience
Pharmaceutical Manufacturer Companies
Pharmaceutical Importing Companies
Pharmaceutical Distributing Companies
Major Retail Companies
E-Commerce Pharmaceutical Retailers
Consultancy Companies
Industry Associations
Regulation Bodies
Time Period Captured in the Report:
Historical Period: 2014-2019
Forecast Period: 2020-2025
Key Topics Covered in the Report
Healthcare System in the Philippines
Major Hospitals & Doctors in the Women Healthcare
Usage of Contraception & Family Planning in the Philippines
Health Insurance in the Philippines
Supply Structure of the Philippines Pharmacy Retail Market
Trends & Development in the Philippines Pharmacy Retail Market
Issues & Challenges in the Philippines Pharmacy Retail Market
SWOT Analysis & BCG Matrix in the Philippines Pharmacy Retail Market
Philippines Pharmacy Retail Market Size & Segmentation, 2014-2019
Online Pharmacy Regulations in the Philippines
Telemedicine & Growth of Online Medical Consultation in the Philippines
Major Telemedicine Providers in the Philippines
Operating Model of Hybrid Pharmacies
Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
Assessing Regional Pharmacies in the Philippines
Corona Virus Impact on the Consumer Behavior & Pharmacy Sales
Future Market Size and Segmentations, 2019-2025F
Covid 19 Impact on the Philippines Pharmacy Retail Market
Analysts’ Recommendations
For More Information on The Research Report, Refer To Below Link: –
Philippines Pharmacy Retail Market
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
