Philippines Online Pharmacy Retail Market Overview
The Philippines Pharmacy Retail Market is a thriving sector, supported by rising generic drug demand and an increase in chain pharmacies. The market was home to a variety of drugstores, including Chinese drugstores and traditional medicine stores that have since been replaced by contemporary American-style drugstores. Big national chains are acquiring independent pharmacies and local stores in order to expand more quickly. Additionally, some chains have expanded their storefronts using the franchising concept. Due to the exorbitant cost of pharmaceutical items, more people are turning to generic medications. In order to make public medications available to residents in rural areas, the government is redesigning the public medicine delivery system. Online pharmacies are a very recent invention and growing in popularity.
According to the research report, “Philippines Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Location (Standalone and Hospital Based), By Region (North, Central, and South), By Product Sales (Prescribed Medicines, OTC Products, Non-Pharma Products, and Medical Equipments), By Drug Type (Generic And Patented) and By Therapeutic Class” states that the rise in the need for generic medicines will have a positive impact on the Philippines pharmacy retail sector during the expected period. As it saves them the expenses and operations of opening a pharmacy store and starting it from scratch, pharmacy chains are buying up independent pharmacies and regional chains. Other reasons that will contribute to the market’s expansion include the rise in non-communicable diseases and changes in attitudes toward wellness and health.
The Philippines Pharmacy Retail Market in terms of Therapeutic class is segmented into different groups such as cardiovascular, anti-infective, gastrointestinal, anti-diabetic, vitamins, minerals and nutrients, respiratory, and others. Among these, cardiovascular drugs have the highest demand due to the high rate of Coronary Heart Diseases (CHD) in the country.
Based on the type of drug, the market includes Generic and Patented types. Branded Generics, Uni-Branded Generics, House-Brands, and Unbranded Generics are some of the numerous sub-segments of generic medications that can be categorized and priced at different pricing tiers. The popularity of generic medications among Filipino customers can be attributed to their inexpensive cost. Compared to the market for generic medications, the market for patented medications is smaller.
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=MzUzMDkz
Philippines Medicine Retail Market Key Players
As of 2019, there were 29,000 pharmacies in the Philippines’ pharmacy retail market, including both independent and chain pharmacies. However, there is a lot of overlap in the competition. The number of Stores, Pricing, In-Store Services, Customer Loyalty Programs, Product Variety, and Availability of Non-Pharmaceutical Products is the primary factors that determine chain competitiveness. The top five pharmacy chains in the US are:
- Mercury Drug Corporation
- Watsons Personal Care Stores
- South Star Drug Inc.
- The Generics Pharmacy
- Rose Pharmacy.
Impact of COVID-19
Due to the Covid 19 epidemic, the Philippines pharmacy retail market has experienced positive growth rather than revenue loss. However, because of the shutdown, some small pharmacies are anticipated to cease operations. The main chains are increasing their e-commerce operations as they transition to an Omni Channel model. As part of their expansion plan, these chains will keep buying local chains and individual pharmacies.
Philippines Patented Drug Market Future Outlook
Due to the high demand for generic medications, the majority of the new stores opening will concentrate on selling generic medications over the upcoming years, with the Philippines Pharmacy Retail Market expected to rise at a CAGR of 3.0% on the grounds of the revenue earned during the forecast period of 2019–2025. The government has updated the Botika Ng Bayan Initiative to deliver medicines at a discounted rate with a particular focus on rural areas in order to lower healthcare costs while also making medications cheaper.
India Online and Offline Pharmacy Retail Market Outlook to 2025 – By Organized and Unorganized; By Standalone and Hospital-based Pharmacy; By Product Category (Prescribed Drugs, OTC Drugs and Non-Pharmaceutical Goods) and Therapeutic Class
Germany Retail Pharmacy Market Outlook to 2023 – By Type of Pharmaceuticals (Prescription Only, Pharmacy-Only, Supplementary Products and Unrestricted OTC pharmaceuticals); By Number of Main and Franchise Pharmacies; and By Federal States; By Online Sales
LinkedIn | Instagram | Facebook | Twitter | YouTube
Ankur Gupta, Head Marketing & Communications