Pharma sector rebounds in '11

MANILA, Philippines - The local pharmaceutical industry rebounded last year, posting a 2.29 percent growth to P126.04 billion, in contrast with the 0.21 percent decline in industry sales in 2010.

The Philippine pharmaceutical industry’s sales amounted to P126.04 billion in 2011, slowly recovering from sales amounting to P123.22 billion in 2010.

This year, the Pharmaceutical and Healthcare Association of the Philippines (PHAP) said the pharmaceutical sector is giving attention to the need for more effective healthcare for the world’s graying population.

There is concern though over a study that suggests that the future of the industry is less certain as a consequence of expiring patents and subsequent decline in revenues, and constant pressures related with cost.

Newly elected PHAP president Carlito M. Realuyo said analysts suggest that national companies and providers of generic medicines would continue to drive the growth in the pharmaceutical industry this year.

This means familiar products will lose their patents and generic medicines will take the place of originator brands among physicians, pharmacists, and patients.

PHAP executive director Reiner Gloor assured that the PHAP would continue to lead in the campaign for ethical marketing and promotion of pharmaceutical products in the light of legislations seeking to improve transparency and accountability within the industry.

Apart from the enforcement of the internationally-aligned PHAP Code of Pharmaceutical Marketing Practices, the organization is also supporting the adoption of the “Mexico City Principles for Voluntary Codes of Business Ethics in the Biopharmaceutical Sector” recently endorsed during the Asia Pacific Economic Cooperation (APEC) CEO Summit.