Generics market takes centre stage in South East Asia
Macroeconomic factors, including regional government policies, stable economies and booming population, are driving generics in the region and the pharmaceutical industry is looking to leverage the demand
The Southeast Asian pharmaceuticals industry is fast taking up centre stage in the region, and continues to gain attention and demand from both patients and governments. By 2016, the market is forecast to grow to US$3.9bn.
'As the developing economies continue to grow there appears to be a greater concern of governments to establish greater access to healthcare. This is evidenced in markets such as Indonesia where the government is soon to implement its “universal health coverage” initiative,' said Marcus Pitt, President Director/CEO, SOHO Group, who will be speaking at the upcoming CPhI Generics Southeast Asia Summit 2013.
'This is a huge undertaking by the government who within the next four years has targeted touching on over 90% of the population of 240 million people. The pharmaceutical market dominated by local players has been gearing up its production and distribution infrastructure to cope with the expected multiple increases in generics. The market still enjoys the categories of branded and unbranded, with price points segmented based on the characteristics of socio economic factors,' he added.
Macroeconomic factors, including regional government policies, stable economies and booming population, are driving generics in the region and the pharmaceutical industry is looking to leverage the demand.
'Generics will grow in the next 5-10 years. But without a balanced environment for cultivating innovation, such development will not be sustainable,' said Dr Jennifer Jian Kang, Senior Patent Attorney of Bayer Healthcare (China), who will also be speaking at the regional Generics Summit.
Another speaker, Rhett Hemedes, Head - OTC Marketing of Great Eastern Drug Co., also added: 'Access and distribution are closely interlinked and are a fundamental part of our operations. With a more mobile, digitised and engaged lifestyle, certain channels will emerge with the Asian Economic Community expected to impact in three years' time.
Partnering with leading organisations in this area needs to be strengthened and understood on a country-centric basis. Various ways of working and co-operation also need to be considered to ensure that the products are made available where consumers will need the products most.'
The CPhI Southeast Asia Summit 2013 will take place in Bangkok from 23 - 25 September. The Summit is a platform for business knowledge sharing and networking among top tier government, buyers, distributors and Big Pharma as well as regional and local manufacturers. It will address macroeconomic factors, policies, issues and drivers affecting the pharmaceutical industry in Southeast Asia with speakers from the Ministry of Health, Malaysia, Food and Drug Administration, Philippines, SOHO Group, MEGA WeCare, Great Eastern Drug and many more.
