Indonesian pharmaceutical market to grow by 6% annually
CPhI South East Asia, co-located with P-MEC and InnoPack, will take place at the Jakarta International Expo, Indonesia from 20 – 22 May 2014. Now in its third consecutive year, the leading pharmaceutical ingredients event acts as the central hub within South East Asia, according to leading events organiser, UBM Live.
The Indonesian pharmaceutical market is growing faster than the world average and is projected to be the fastest growing economy within the ASEAN, predicted to rise at an annual rate of 6% through to 2018. Further, pharmaceutical firms within the region are set to benefit from the government’s universal healthcare system enforced this year. As a result, healthcare spending in Indonesia alone is expected to reach US$21.7bn by 2015, with the potential pharmaceutical market reaching a value of $80bn by 2017, alongside an increased harmonisation across all South East Asian nations.
CPhI South East Asia and its co-located events provide an unparalleled regional platform for both domestic and international buyers and suppliers to meet, network and drive the South East Asian pharma sector.
Last year, attendance figures hit record levels with more than 5,500 attendees from 51 countries and regions including USA, UK, India, Japan and Russia. A total of 264 companies were present as exhibitors and it is projected that these figures will be exceeded at this year’s event to mirror the expanding domestic marketplace.
Highlights of CPhI South East Asia 2014 include:
'The South East Asian pharmaceutical market is already expanding at a higher rate than the global pharmaceutical industry and there is strong evidence to suggest that this growth will continue,' said Chris Kilbee, Group Director, Pharma, UBM Live. 'Further, we are now seeing an increase in harmonisation across South East Asian nations, which will undoubtedly make the region a far more powerful player within the global marketplace.
This is likely to increase competition, meaning it is an ideal time for international buyers and suppliers to break into this attractive market.'