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Home > Healthcare > Pharmaceutical > General Pharmaceutical
Thailand Pharmaceuticals and Healthcare Report Q3 2009
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In BMI’s Pharmaceutical Environment Ranking table for Q309, Thailand remains placed 10th, out of the15 key markets surveyed in the Asia Pacific region. Thailand’s growing and ageing population and theexpansion of universal healthcare coverage represent a substantial commercial opportunity for drugmakers.
However, its precarious political climate, widespread counterfeiting, deficient intellectualproperty (IP) environment and the controversial compulsory licensing scheme are just a few of the issuesdeterring foreign investment and involvement in its pharmaceutical market. As a result of such factors,some multinationals are no longer launching new products in the country, with the foreign industry alsoprotesting against the proposal that all new drug applications must contain information regarding thedrug’s patent status and its price calculation.
In fact, in the 2009 version of the Special 301 Report prepared by the Pharmaceutical Research andManufacturers of America (PhRMA), Thailand features as a ‘Priority Foreign Country’. PhRMA hascriticised the government for not making any progress in addressing current IP environmentshortcomings, while also suggesting that the government is actually backtracking on previously-madeprogress. However, some positive developments seem to be in the pipeline, following the recentagreement between the Thai Commerce Industry, PhRMA and the Biotechnology Industry Organisation(BIO) to increase the availability of cheaper drugs in the country by encouraging cooperation on researchand innovation rather than imposing compulsory licensing.
Nevertheless, the deteriorating economic situation is already impacting the development ofpharmaceutical market values, with the Thailand’s Pharmaceutical Research and ManufacturersAssociation (PReMA) reporting sluggish Q109 sales. While consumers are increasingly relying on thegovernment (especially hospitals) for their medicine needs, the economic downturn will have a negativeimpact on the availability of public finances for healthcare and medicines. The authorities are likely toincrease their focus on cost-containment, with measures such as rational prescribing likely to form part oftheir programme.
In the light of the above, we have further revised our forecasts downwards, now expecting that the marketwill develop at a compound annual growth rate (CAGR) of 4.63% in local currency terms, to reachTHB150.87bn (US$5.2bn). According to PReMA, the market at consumer prices grew by 14% year-onyear(y-o-y) in the course of 2008, which translated into an estimated value of THB120.33bn(US$3.52bn). This double-digit growth will not be replicated in 2009, with local companies - such asAlcon Laboratories - already reporting that they only expects an 8% y-o-y revenue growth for thecurrent year, mainly due to the slowdown in consumers’ healthcare expenditure.
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