Philippines Dermatology Drugs Market Size, Share, Trends: By Disease: Psoriasis, Acne Vulgaris, Atopic Dermatitis, Eczema, Rosacea, Ichthyosis, Vitiligo, Others; By Route of Administration: Oral, Parenteral, Topical; By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others; Supplier Landscape 2024-2032

Philippines Dermatology Drugs Market Outlook

The global Philippines dermatology drugs market size was valued at USD 31 million in 2023, driven by the rising incidence of skin conditions and emphasis on improving aesthetics across the region. The market is expected to grow at a CAGR of 7.2% during the forecast period of 2024-2032, with the values likely to rise from USD 33.4 million in 2024 to USD 58.3 million by 2032.

Philippines Dermatology Drugs Market Overview

Skin conditions such as eczema, psoriasis, acne, and rosacea have become highly prevalent in Philippines, fueling the market demand for dermatological drugs. Rosacea affects approximately 5%  of the global population, with people aged between 30-50 years witnessing high susceptibility to the condition. Filipinos living with moderate-to-severe psoriasis are on the verge of witnessing a profound negative impact on their emotional and psychological well-being, productivity, and quality of life. The prevalence of depression in patients with psoriasis is approximately between 0.2% to 74.6%.  As a result, there have been continuous efforts to provide effective solutions for disease treatment.

Philippines dermatology drugs market growth is further driven by increasing investments from prominent healthcare organizations to boost the production and distribution of drugs in the region. Surge in investments to enhance the healthcare infrastructure, along with rising awareness on skincare, evolving lifestyle, elevating pollution levels and disposable income amongst the Filipino population also fuels the market value. There is significant emphasis on training the workforce to meet the transforming needs of the technology driven healthcare sector, which is expected to drive growth during the forecast period.

Rising Collaborations to Improve Access to Drugs

The surge in collaborations and investments from foreign companies is expected to enhance the Philippines dermatology drugs market share in upcoming years. In December 2023, KonsultaMD, a leading telehealth platform partnered with Southstar Drug  to expand the reach of digital pharmacy and laboratory services in Philippines. The alliance involves the integration of drugs and wellness items on the KonsultaMD SuperApp and embarks a significant step of democratizing medical services in the country. Bridging the gap between healthcare services, the partnership is indicative of the rising prevalence for online and digital pharmacies, aimed at offering convenient and affordable medications to the patients.

Surge in Investments to Boost Drug Development

To meet the evolving Philippines dermatology drugs market demand, there has been significant emphasis on improving and establishing a robust healthcare infrastructure that integrates all latest technologies. In October 2023, Unilever invested USD 85 million  to set up a new factory in Philippines. The establishment is poised to advance the production levels of beauty, wellbeing, and personal care products by 15%. Philippines, being an emerging market is expected to bring substantial revenue for the company. In return, the manufacturing unit will generate meaningful job opportunities and boost production of wellness products and drugs that address a wide range of patient demands.

Growth in Research Activities to Develop Effective and Innovative Drugs

Owing to the rising burden of skin conditions, there has been significant research to deploy advanced technologies and develop highly effective drugs. The surge in clinical trials to test drug potency is expected to increase the Philippines dermatology drugs market size. In December 2023, Ascletis Pharma  started the Phase III clinical trials of ASC40 (Denifanstat), their novel drug candidate designed treat moderate to severe acne vulgaris in patients. The clinical trial enrols 480 participants, who will be administered with either 50 mg of the drug or placebo for a total span of 12 weeks. The approval of the drug will be dependent on critical parameters such as safety and efficacy in disease treatment. With steady technical advancements and an increased influx of foreign capital from key pharmaceutical companies, Philippines is witnessing substantial growth in terms of increased research initiatives.

Philippines Dermatology Drugs Market Segmentation

Market Breakup by Disease

• Psoriasis

• Acne Vulgaris

• Atopic Dermatitis

• Eczema

• Rosacea

• Ichthyosis

• Vitiligo

• Others

Market Breakup by Route of Administration

• Oral

• Parenteral

• Topical

Market Breakup by Distribution Channel

• Hospital Pharmacies

• Retail Pharmacies

• Online Pharmacies

• Others

Philippines Dermatology Drugs Market Regional Analysis

In March 2023, the United States government, in collaboration with Unilab Foundation, launched a five-year plan to train Filipino  workers. Worth PHP 622 million ($10.6 million), the plan is expected to help the medical sector workers adapt with the latest technologies such as automation, robotics, and artificial intelligence in drug manufacturing. Such initiatives are expected to drive the Philippines dermatology drugs market growth, as the region witnesses an upswing in investments to develop improved solutions for patients.

Manila, as the national capital region is expected to lead the dermatology drugs market share in the region. The market size can be attributed to increased availability of drugs due to the presence of increased number of pharmacy stores. The well-developed infrastructure is also equipped to integrate the evolving market trends such as the rising prevalence for digital pharmacies. Having an economically strong population category, that is highly aware and willing to spend on skincare products and dermatological treatments, also contributes to the regional market share.

Other regions of the country such as Boracay, Palawan, and Cebu are poised to witness significant growth in the forecast period, which can be attributed to rising healthcare infrastructure improvements.

Philippines Dermatology Drugs Market: Competitor Landscape

In December 2023, Ayala Corp. (Ayala Healthcare Holdings, Inc.),  acquired significant minority stakes in St. Joseph Drug, a budding Filipino pharmaceutical company based out of North Luzon. With the acquisition, Ayala Healthcare Holdings, can expand its pharmaceutical footprint in the country, boosting the production of dermatological drugs. The alliance also aims to boost affordability and distribution network while reducing operational expenditure. The market has been experiencing similar merger and acquisition activities, that are expected to boost the market value in upcoming years.

The key features of the Philippines dermatology drugs market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Unilab, Inc.

• Mercury Drug Corporation

• Southstar Drug

• Generika

• Watsons

• The Generics Pharmacy

• GSK Plc.

• Pfizer Inc.

• Sanofi

• Johnson& Johnson Services, Inc.

• Novartis AG

• Amgen Inc.

• Lilly

• AstraZeneca

• AbbVie Inc.

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.