The Philippines OTC pharmaceutical market size market is expected to grow at a CAGR of 5.2% during the forecast period of 2024-2032, driven by the rising demand for convenient and affordable medications for common health concerns across the region.
With a large population base, rising health awareness, and access to healthcare services, the demand for OTC pharmaceuticals is experiencing significant surge across Philippines. The Filipino government has made medical sector a priority area of development with an allocation of PHP 296.3 billion in its annual budget. A substantial portion of this budget (around PHP 29.1 billion ), is earmarked for the purchase and distribution of a wide range of pharmaceuticals, including drugs, medicines, vaccines, as well as medical and dental supplies, to government health facilities across the country. As a result, Philippines OTC pharmaceutical market share is poised to witness a notable rise in the forecast period.
The OTC drug application across multiple domains including pain relief, allergy treatment, as well as wellness also fuels the market growth. The expansion of drugstores and pharmacies along with rising prevalence for e-commerce is one of the major market trends. In addition, increasing incidence of drugs approvals by regulatory authorities and efforts to improve the healthcare infrastructure and services to aid better outcomes for the population are expected to impact the market value positively in coming years.
Surge in Partnerships to Drive Philippines OTC Pharmaceutical Market Growth
In January 2024, STADA Philippines Inc., appointed Zuellig Pharma, a pioneering healthcare solution provider to distribute their products across Philippines. The alliance is expected to promote over the counter (OTC) drugs and consumer brands such as FERN-C vitamin C range and the Oilatum skincare line in the region. It will also allow easy access to ophthalmology, antibiotics, and cardiovascular medications, which can be helpful to decrease the rising prevalence of cardiac arrest associated deaths.
Increasing Integration of Artificial Intelligence to Expedite Drug Development Process
Philippines OTC pharmaceutical market demand is driven by increased efforts to improve the efficacy and quality of drugs. Researchers have been deploying the latest technologies such as machine learning and artificial intelligence to improve efficiency and bring precise solutions to the consumers. In June 2023, BioMed X and Sanofi launched a joint research venture to leverage artificial intelligence aided drug development. Titled as the “Next Generation Virtual Patient Engine for Clinical Translation of Drug Candidates” (VPE) project, it plans to develop a computational platform that predicts the efficacy of first or best-in-class drug candidates. Following the global trend, Philippines has also been witnessing infrastructure specific improvements to integrate all modern facilities in their research laboratories, which is anticipated to fuel the market value the forecast period.
Rising Prevalence for Digital Solutions
Philippines OTC pharmaceutical market size has increased with the continuous economic growth and rising disposable income levels as more people can afford and procure OTC drugs easily. With the sudden COVID-19 outbreak, the demand and application of digital services gained a massive momentum. Consequently, the preference for e-commerce platforms witnessed a surge, owing to variety of facilities such as contactless deliveries along with an array of options to choose from.
Market Breakup by Product Type
Market Breakup by Distribution Channel
Market Breakup by Formulation Type
Manila, holding a massive portion of educated and urban population, leads the regional market share. With greater access to healthcare services and typically higher disposable incomes, the OTC pharmaceutical consumption is higher in the region. In addition, the presence of supermarkets, convenience stores and other modern retail channels aids an additional opportunity for OTC pharmaceutical organizations.
Popular tourist spots such as Boracay, Palawan, and Cebu, are poised to hold to a substantial Philippines OTC pharmaceutical market share in forecast period. The growth can be attributed to increased tourist footfall, leading to higher demand for common medications such as motion sickness medication, sunburn relief and insect repellents.
With rising emphasis on developing improved alternatives for the masses, rural and remote areas are also witnessing expedited infrastructure developments. The government along with key healthcare providers are taking critical steps to bridge the gap and provide access to better healthcare facilities.
In November 2023, Lloyd Laboratories (a Filipino firm) and United States based DifGen Pharmaceutical signed a USD 20 million worth partnership to boost the local production of pharmaceuticals in the country. The alliance can be marked as a vital step towards the promotion of a robust local pharmaceutical and healthcare industry. It is also indicative of the current market trend which focuses on increased merger and acquisition activities.
The key features of the Philippines OTC pharmaceutical 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:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product Type
|Breakup by Distribution Channel
|Breakup by Formulation Type
*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.
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Philippines OTC Pharmaceutical Market Overview
3.1 Philippines OTC Pharmaceutical Market Historical Value (2017-2023)
3.2 Philippines OTC Pharmaceutical Market Forecast Value (2024-2032)
4 Philippines OTC Pharmaceutical Market Dynamics
4.1 Market Drivers and Constraints
4.2 SWOT Analysis
4.3 Porter’s Five Forces Model
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Rivalry
4.4 Key Demand Indicators
4.5 Key Price Indicators
4.6 Industry Events, Initiatives, and Trends
4.7 Value Chain Analysis
5 Philippines OTC Pharmaceutical Market Segmentation
5.1 Philippines OTC Pharmaceutical Market by Product Type
5.1.1 Market Overview
5.1.2 Pain Relievers
5.1.4 Gastrointestinal Drugs
5.1.5 Vitamins and Minerals
5.1.6 Cough and Cold Remedies
5.2 Philippines OTC Pharmaceutical Market by Distribution Channel
5.2.1 Retail Pharmacies
5.2.2 Online Pharmacies
5.2.3 Drug Stores
5.3 Philippines OTC Pharmaceutical Market by Formulation Type
5.3.1 Market Overview
6 Patent Analysis
6.1 Analysis by Type of Patent
6.2 Analysis by Publication Year
6.3 Analysis by Issuing Authority
6.4 Analysis by Patent Age
6.5 Analysis by CPC Analysis
6.6 Analysis by Patent Valuation
6.7 Analysis by Key Players
7 Grants Analysis
7.1 Analysis by Year
7.2 Analysis by Amount Awarded
7.3 Analysis by Issuing Authority
7.4 Analysis by Grant Application
7.5 Analysis by Funding Institute
7.6 Analysis by NIH Departments
7.7 Analysis by Recipient Organization
8 Funding Analysis
8.1 Analysis by Funding Instances
8.2 Analysis by Type of Funding
8.3 Analysis by Funding Amount
8.4 Analysis by Leading Players
8.5 Analysis by Leading Investors
8.6 Analysis by Geography
9 Partnership and Collaboration Analysis
9.1 Analysis by Partnership Instances
9.2 Analysis by Type of Partnership
9.3 Analysis by Leading Players
9.4 Analysis by Geography
10 Regulatory Framework
10.1 Regulatory Overview
11 Supplier Landscape
11.1 Johnson & Johnson
11.1.1 Financial Analysis
11.1.2 Product Portfolio
11.1.3 Demographic Reach and Achievements
11.1.4 Mergers and Acquisitions
11.2.1 Financial Analysis
11.2.2 Product Portfolio
11.2.3 Demographic Reach and Achievements
11.2.4 Mergers and Acquisitions
11.3 Bayer AG
11.3.1 Financial Analysis
11.3.2 Product Portfolio
11.3.3 Demographic Reach and Achievements
11.3.4 Mergers and Acquisitions
11.4 Pfizer Inc.
11.4.1 Financial Analysis
11.4.2 Financial Portfolio
11.4.3 Demographic Reach and Achievements
11.4.4 Mergers and Acquisitions
11.5.1 Financial Analysis
11.5.2 Product Portfolio
11.5.3 Demographic Reach and Achievements
11.5.4 Mergers and Acquisitions
11.6 Novartis International AG
11.6.1 Financial Analysis
11.6.2 Product Portfolio
11.6.3 Demographic Reach and Achievements
11.6.4 Mergers and Acquisitions
11.7 Procter & Gamble
11.7.1 Financial Analysis
11.7.2 Product Portfolio
11.7.3 Demographic Reach and Achievements
11.7.4 Mergers and Acquisitions
11.8 Reckitt Benckiser Group plc
11.8.1 Financial Analysis
11.8.2 Product Portfolio
11.8.3 Demographic Reach and Achievements
11.8.4 Mergers and Acquisitions
11.9 Takeda Pharmaceutical Company Limited
11.9.1 Financial Analysis
11.9.2 Product Portfolio
11.9.3 Demographic Reach and Achievements
11.9.4 Mergers and Acquisitions
11.10 Boehringer Ingelheim
11.10.1 Financial Analysis
11.10.2 Product Portfolio
11.10.3 Demographic Reach and Achievements
11.10.4 Mergers and Acquisitions
11.11 Sun Pharmaceutical Industries Ltd.
11.11.1 Financial Analysis
11.11.2 Product Portfolio
11.11.3 Demographic Reach and Achievements
11.11.4 Mergers and Acquisitions
11.12 Perrigo Company plc
11.12.1 Financial Analysis
11.12.2 Product Portfolio
11.12.3 Demographic Reach and Achievements
11.12.4 Mergers and Acquisitions
11.13 Teva Pharmaceutical Industries Ltd.
11.13.1 Financial Analysis
11.13.2 Product Portfolio
11.13.3 Demographic Reach and Achievements
11.13.4 Mergers and Acquisitions
11.14 Mylan N.V. (now part of Viatris Inc.)
11.14.1 Financial Analysis
11.14.2 Product Portfolio
11.14.3 Demographic Reach and Achievements
11.14.4 Mergers and Acquisitions
11.15 Cipla Limited
11.15.1 Financial Analysis
11.15.2 Product Portfolio
11.15.3 Demographic Reach and Achievements
11.15.4 Mergers and Acquisitions
12 Philippines OTC Pharmaceutical Market - Distribution Model (Additional Insight)
12.2 Potential Distributors
12.3 Key Parameters for Distribution Partner Assessment
13 Key Opinion Leaders (KOL) Insights (Additional Insight)
14 Company Competitiveness Analysis (Additional Insight)
14.1 Very Small Companies
14.2 Small Companies
14.3 Mid-Sized Companies
14.4 Large Companies
14.5 Very Large Companies
15 Payment Methods (Additional Insight)
15.1 Government Funded
15.2 Private Insurance
*Additional insights provided are customisable as per client requirements.
* The coverage of the Market Landscape section depends on the data availability and may cover a minimum of 80% of the total market. The EMR team strives to make this section as comprehensive as possible.
The market is anticipated to grow at a CAGR of 5.2% during the forecast period of 2024-2032, driven by the rising demand for convenient and affordable medications for common health concerns across the region.
The market demand is driven by the increasing preference for self-medication, rising disposable income and infrastructure improvements leading to expansion of drugstores and pharmacies across the region.
Increasing mergers to provide enhanced solutions to the consumers is a major market trend. In January 2024, STADA Philippines Inc., appointed Zuellig Pharma, distribute over the counter (OTC) drugs along with ophthalmology, antibiotics, and cardiovascular medications across the country.
Based on product types, the market is divided into pain relievers, anti-allergic, gastrointestinal drugs, vitamins and minerals, cough and cold remedies and others.
Tablets, liquids, ointments, and sprays are common formulations available in the market.
Major distribution channels include retail pharmacies, online pharmacies, drug stores and others.
Key players involved in the market are Johnson & Johnson, GlaxoSmithKline, Bayer AG, Pfizer Inc., Sanofi, Novartis International AG, Procter & Gamble, Reckitt Benckiser Group plc, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim, Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Teva Pharmaceutical Industries Ltd., Mylan N.V. (now part of Viatris Inc.), and Cipla Limited.
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