The report titled “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” provides a comprehensive analysis of the retail pharmacy operations in the Philippines. The report covers various aspects including the current healthcare scenario, current market size, segmentation, usage of contraceptives and family planning, health insurance scenario, industry cycle, supply structure for pharmacy retail, trends & development, issues & challenges, SWOT Analysis, BCG Matrix, Hybrid Pharmacy Scenario, Online Pharmacy Regulations, Major Telemedicine Providers and Operating Model for Online Pharmacies. The report concludes with Competition Scenario, Future Projections for the industry including market revenue by 2025, market segmentation, COVID 19 impact, and analysts’ recommendations.
Philippines Pharmacy Retail Market Overview and Size:
The Philippines Pharmacy Retail Market is a booming industry backed by the growing demand for generic medicines and an increase in the number of chain pharmacies. The market had the presence of a different type of pharmacy store such as Chinese drugstores, traditional medicine shops which are now replaced with modern American style pharmacies. The independent pharmacies and regional chains are being acquired by big national chains for expedited expansion. Further, some chains have also adopted the franchise model for store expansion. The high price for pharmaceutical products has shifted the consumer towards the consumption of generic medicines which are now in high demand. The government is revamping the public medicine distribution system in order to make them accessible to the people in rural areas. Online pharmacies are a relatively new concept and are gaining traction in the region. The market witnessed a growth of 3.4% during 2014-2019.
Philippines Pharmacy Retail Market Segmentation
By Market Structure: The Philippines Pharmacy Retail is dominated by the Unorganized Pharmacies in terms of the number of stores. However, unorganized pharmacies dominate in terms of revenue. The organized pharmacies are able to attract more customers due to in-store convenience facilities such as medical checkups and consultations, customer loyalty schemes, and wide product assortments. Most of the organized chains are concentrated in the developed parts of the country especially in the Luzon Islands.
By Type of Store Location: The market is segmented into two types of stores Hospital Based Pharmacies and Standalone Pharmacies. Standalone Pharmacies dominated the market in 2019, both in terms of revenue and number of pharmacies. These pharmacies attract greater footfall due to convenient locations and wider product assortments.
By Type of Sales: Prescribed Medicines were the most selling product categories in the market in 2019. The demand was mostly for maintenance medicines. Demand for prescribed medicines is higher in hospital-based pharmacies than standalone pharmacies. In standalone pharmacies, OTC products and Non-Pharma Products contributed a significant share.
By Type of Drug: The generic medicines can be grouped into different sub-segments priced at different tiers which include Branded Generics, Uni-Branded Generics, House-Brands, and Unbranded Generics. The low prices for generic medicines have made them popular among Filipino consumers. The market for patented medicines is less than the market for generic medicines.
By Therapeutic Class: The medicines sold in the Philippines Pharmacy Retail can be classified in different groups such as cardiovascular, anti-infective, gastrointestinal, anti-diabetic, vitamins, minerals and nutrients, respiratory, and others. Cardiovascular drugs have the highest demand due to the high rate of Coronary Heart Diseases (CHD) in the country.
Competitive Landscape in the Philippines Pharmacy Retail Market
The Philippines Pharmacy Retail Market has a presence of ~29,000 pharmacies, a mix of independent pharmacies and chain pharmacies as of 2019. However, the competition is highly concentrated. The top five pharmacy chains in the country are Mercury Drug Corporation, Watsons Personal Care Stores, South Star Drug Inc, The Generics Pharmacy, and Rose Pharmacy accounting for the majority share in the market on the basis of revenue. The competition is driven on the basis of the number of stores, product offerings, the range of product categories, services, customer loyalty schemes, private-label goods, and marketing & promotion. The main parameters of competition among chains are Number of Stores, Pricing, In-Store Services, Customer Loyalty Schemes, Product Variety, Non-Pharmaceutical Products Availability.
Philippines Pharmacy Retail Market Future Outlook & Projections:
The Philippines Pharmacy Retail Market will not decline in terms of revenue due to the COVID 19 pandemic and will have positive growth. However, certain small pharmacies are expected to go out of operations due to the lockdown. The major chains are moving towards an Omni Channel model by expanding their operations in E-Commerce. These chains will continue to acquire independent pharmacies and regional chains as part of their expansion strategy. Due to the high demand for generic medicines, most of the new stores opening will be focusing on selling generic medicines. In order to reduce healthcare costs and make medicines more affordable, the government has revamped Botika Ng Bayan Initiative to provide medicines at a subsidized rate especially focusing on rural areas. 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 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
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
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