The global outbreak of Covid-19 virus
has led to massive disruptions in all industries, especially the healthcare
sector, testing the healthcare facilities of all the countries and caused major
changes in the perception of health and fitness. The looming public health
crisis has claimed over 660 thousand lives globally as of 28th July
2020 and apart from that, it continues to pose a threat to the lives, livelihoods,
and businesses across the world.
The Philippines is in the top 30th worst
Covid-19 hit countries in the world, with more than 83,000 cases as of 28th July
2020. The Philippines implemented one of the strictest and longest lockdown durations
globally. On 16th March 2020, the Luzon Islands group was put
on Absolute lockdown, and on 17th the state of calamity was
declared nationwide. This lockdown was extended till June and after that
different parts of the country were put under different regulations of lockdown
depending on the number of cases on a regional level.
Philippines logged a GDP growth rate of
-0.2% in the first quarter of 2020; this has happened for the first time in 22
years since 1988 that the Philippine economy has contracted. Tourism and Transportation
were the worst affected sectors, only the services sector provided growth in
the quarter. On the demand side, investments declined in the construction,
durable production, and other sectors and private consumption were stagnant
during the period.
Change in Consumer Attitude towards
Health and Fitness: The Corona Virus Outbreak has forced
the people to realize the importance of adopting health and fitness related
activities in their daily lives. The people are making changes in their
lifestyle and are becoming more accommodative to include different health
beneficial activities. As per a survey, ~48% of people said that they will
start exercising.
more frequently, ~80% said they have
started consuming some Vitamins or Health Supplement Products, ~80% of people
have started consuming nutritional food and drinking supplement, 88% started
washing their hands more frequently and ~65% of people started using some Germ
Preventive Product.
Government Making Regulation for
Telemedicine and E-Prescriptions: In
order to discourage people from going outside and reducing their visits to
hospitals, the government of the Philippines has laid down regulations for
usage of Telemedicine. It also made E-prescription a valid document and laid
down regulations on how a patient can use these services for attaining
medicines. The Department of Health is also partnering with different private
entities in order to provide telemedicine services.
Corona Virus Impact on Pharmacy
Operations: Pharmacies had to alter their operations
in order to accommodate the new regulations being imposed in the country. No
new major pharmacies started their operations due to lockdown. Majority of the
pharmacies depending on the region had reduced their operational timings
by 2-3 hours. Pharmacies which are located in malls had closed their stores in
the Enhanced Community Quarantine (ECQ) area. The chain pharmacies had to
update or implement new SOPs in order to accept E-Prescriptions. The lead time
of delivery also increased significantly for online pharmacies. The pharmacies
also witnessed supply chain issues due to the lockdown regulations. Also, in
the past, the DOH had proactively cracked the operations of Ghost Pharmacies.
The DOH is currently keeping a close tap on the operation of pharmacies in
order to ensure that proper guidelines are being followed and no malpractices
are happening in the industry.
Corona
Virus Impact on Pharmacy Sales
The industry is expected to witness
steady recovery from mid-2021 onwards and the sales volume reaching pre-COVID
levels in the next few years. In the longer run, lubricant manufacturers are
expected to shift towards online sales channels including e-commerce platforms,
online marketplaces, and investing in an official online store, particularly
for automotive lubricants, which accounts for the majority of the lubricants
sales volume in the country. As a result of the Covid-19 pandemic, online
buying is expected to dominate the buying preferences of consumers in the
future. The market is having a high demand for generic medicines due to which
new stores are focusing on generic medicine sales. Further, established chains
such as TGP, Generika, Gamot Publiko have adopted the franchise model for store
expansion. DOH has currently limited the option of online pharmacy to the
pharmacies having physical stores, with the growth of telemedicine segment; we
can expect some amendments in this rule which can help in easing the current
situation of online pharmacy delivery. It is expected that the market will
witness a CAGR of ~3.0% on the basis of revenue during 2019-2025F.
Key Segments Covered: -
By Market Structure (In USD Billion)
Organized
Market
Unorganized
Market
Type of Store Location (In USD Billion)
Standalone
Pharmacy
Hospital
Based Pharmacy
By Region (In USD Billion)
North
Central
South
By Type of Sales (In USD Billion)
Prescribed
Medicines
OTC
Products
Non-Pharmaceutical
Products
Medical
Equipment
By Type of Drug (In USD Billion)
Generic
Patented
By Therapeutic Class (In USD Million)
Cardiovascular
Anti-Infectives
Pain/Analgesics
Anti-Diabetic
Vitamins/Minerals
/Nutrients
Dermatology
Respiratory
Gastro
Intestinal
Neuro
Oncology
Contraceptive
Gynecological
Ophthalmological
Others
Companies Covered
Mercury Drug Corporation
Watsons Personal Care
Stores
SouthStar Drug Inc.
The Generics Pharmacy
Rose Pharmacy
Generika Drugstores
Several Regional Players
& Others
Key Target Audience
Pharmaceutical
Manufacturer Companies
Pharmaceutical Importing
Companies
Pharmaceutical
Distributing Companies
Major Retail Companies
E-Commerce
Pharmaceutical Retailers
Consultancy Companies
Industry Associations
Regulation Bodies
Time Period Captured in the Report:
Historical Period:
2014-2019
Forecast Period:
2020-2025
Key Topics Covered in the Report
Healthcare
System in the Philippines
Major
Hospitals & Doctors in the Women Healthcare
Usage
of Contraception & Family Planning in the Philippines
Health
Insurance in the Philippines
Supply
Structure of the Philippines Pharmacy Retail Market
Trends
& Development in the Philippines Pharmacy Retail Market
Issues
& Challenges in the Philippines Pharmacy Retail Market
SWOT
Analysis & BCG Matrix in the Philippines Pharmacy Retail Market
Philippines
Pharmacy Retail Market Size & Segmentation, 2014-2019
Online
Pharmacy Regulations in the Philippines
Telemedicine
& Growth of Online Medical Consultation in the Philippines
Major
Telemedicine Providers in the Philippines
Operating
Model of Hybrid Pharmacies
Competition
Scenario, Market Share, Cross Comparison of Major Players (Online &
Offline) and Company Profile
Assessing
Regional Pharmacies in the Philippines
Corona
Virus Impact on the Consumer Behaviour& Pharmacy Sales
Future
Market Size and Segmentations, 2019-2025F
Covid
19 Impact on the Philippines Pharmacy Retail Market
Analysts’
Recommendations
For More Information on The Research Report, Refer To
Below Link: -
Philippines
Pharmacy Retail Market
Related Reports by Ken
Research: -
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