Philippines has the third largest pharma market among the countries in the Association of Southeast Asian Nations (ASEAN), just after Indonesia and Thailand. Director of Healthcare Industry Dynamics of the team publisher this report says: “Although an increasing disease burden, coupled with prevailing high pharmaceutical prices, are providing the necessary investment incentives for the healthcare market in the Philippines, limited access to healthcare facilities and governmental cuts could yet impede further growth in the future.”
Furthermore, public health insurance provider Philippine Health Insurance Corporation does not cover the country’s entire population, resulting in the majority of people being unable to afford medicines. Director continues: “The government has taken a number of measures to control the high drug prices to very little effect, thanks to the large amount of imported therapies and the demand for costly branded drugs.”Providing a universal drug scheme may be the only way to ensure all Filipinos get access to the medications they need.
Clearly the Philippines faces a slew of challenges unique to them. While all governments face the burden of providing healthcare, the Philippines has more challenges than most. Additionally, high spending to overcome basic economic concerns, such as poverty, dependence on imports and high external debt, have left the Philippines’ government with insufficient funds to finance the development of healthcare infrastructure, according to this research.