UP Ibalon Bicol: Local drug companies share only 1/3 of the RP’s pharmaceutical business

Local drug companies share only 1/3 of the RP’s pharmaceutical business

8/07/2009 | Posted by mesiamd | Edit Post

Of the P115 drug industry in the Philippines, the majority, about 2/3, is controlled by foreign companies. Only a third of the drug market is cornered by Filipino drug manufacturers.

Of the Filipino drug companies, United Laboratories (Unilab) gets the highest share (22%) being the leading producer of generic medicines in the country. Smaller companies only capture 10% of the market.

Willy Fabroa, director of the Philippine Chamber of Pharmaceutical Industries Inc. had this to say:

“In the case of Mercury Drug, the country’s largest drugstore chain distributes 3,000 essential drugs made by foreign drug firms and only 500 generic brands from local drug firms. “Kaya wala talagang kalaban-laban ang generics sa drugs mula sa innovators.” ----Manila Standard Today (08/06/09, Ramos Araneta, M.)

Therefore, there is room for expansion of local drug manufacturers, particularly in the production of generic medicines. However, it needs capital to compete with the multinational drug companies. The development of a local drug industry has been a long-time need of Filipinos who are saddled by high cost of medicines. (Photo Credit: Lynnticular) =0=

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Labels: business, drug industry, market share, Mercury Drug, multinational companies, pharmaceuticals, Philippines, Totie Mesia, United Laboratories

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Local drug companies share only 1/3 of the RP’s pharmaceutical business

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