Philippines Alzheimer’s Therapeutics Market Analysis

Philippines Alzheimer’s Therapeutics Market Executive Summary

Philippines alzheimer’s therapeutics market valued at $11 Mn in 2022, projected to reach $22 Mn by 2030 with a 9.6% CAGR.

Alzheimer's disease is a neurological condition that impairs mental health, behavior, and memory. Usually, it starts slowly, gets worse with time, and makes it harder for the person who is affected to perform daily tasks. Nerve cells in Alzheimer's disease die as a result of abnormal brain alterations such as plaque and tangle formation. Alzheimer's disease does not currently have a cure. However, some drugs can help with symptom control and enhance quality of life. These medications treat memory and cognitive issues by changing specific neurotransmitters in the brain. Among these medications are memantine, rivastigmine, and donepezil. Non-pharmacological techniques include keeping a healthy lifestyle, engaging in social and cognitive activities, and fostering a supportive environment, all of which may improve overall illness management.

In the Philippines, dementia affects 10.6% of elderly citizens, with Alzheimer's disease being the most common type. The country's aging population is contributing to this trend, with over 14 Mn people predicted to be 65 years of age or older by 2050. Given that the risk of Alzheimer's disease increases with age, this demographic trend is quite concerning. There is opportunity despite the ongoing stigma thanks to advancements in diagnosis and awareness campaigns. A higher reported prevalence of Alzheimer's disease could be the result of more accurate diagnoses brought about by increased awareness campaigns and improved accessibility to healthcare.

The US-based business Annexus Therapeutics is now carrying out a Phase II clinical trial for its intriguing drug candidate ARX784, which is intended to target Tau protein aggregation a crucial component of the pathophysiology of Alzheimer's disease in the Philippines. Results from this experiment should be available in late 2024, highlighting the Philippines' active involvement in international research projects centered on Alzheimer's treatment.

A research project targeted at creating a possible Alzheimer's treatment is being carried out by the University of the Philippines Diliman and the local pharmaceutical company Medichem Laboratories. This partnership not only demonstrates the nation's dedication to furthering scientific endeavours but also emphasizes regional contributions to the changing field of potential Alzheimer's treatment alternatives.

Market Dynamics

Market Growth Drivers

Aging Population: The population of the Philippines is expected to age quickly, by 2050, there will be over 14 Mn people over 65. The desire for efficient treatment alternatives is being driven by the direct increase in Alzheimer's risk caused by this growing cohort.

Emerging Treatment Options: Encouraging concepts are entering late-stage clinical studies in the rapidly expanding worldwide pipeline for Alzheimer's therapies. Different components of the illness are addressed by some drugs, which gives hope for improved therapeutic possibilities. The Etermis clinical study for EMERG-01, which focuses on Tau protein aggregation, exemplifies how local initiatives can support global advancements in healthcare.

Growing Awareness and Diagnosis: Increased reported prevalence and more precise diagnoses are being produced by public awareness initiatives and better access to medical facilities. This may increase consumer demand for available treatment choices.

Market Restraints

Limited Access to Specialists: Most neurologists and other specialists who treat Alzheimer's disease are located in urban areas. This makes it more difficult for rural populations to receive proper diagnosis, treatment, and follow-up, which is detrimental to patient outcomes and market penetration.

High Costs: The high cost of new treatments such as Leqembi places a significant financial burden on patients with Alzheimer's disease and their families. Limited insurance coverage for chronic illnesses exacerbates this issue by forcing many people to choose between costly medical care and other necessities. This can hinder the growth of the market by preventing a significant portion of the population from accessing new medicines.

Lack of Awareness and Stigma: As dementia and Alzheimer's disease are still stigmatized in society, many people cannot get a diagnosis or treatment, even despite the growing number of awareness campaigns. One of the main barriers preventing the market from reaching a larger spectrum of consumers is this stigma.

Healthcare Policies and Regulatory Landscape

The Food and Drug Administration (FDA) is in charge of overseeing the regulatory framework for healthcare policies and the approval of therapeutic drugs in the Philippines. The FDA is the federal regulatory body in charge of guaranteeing the efficacy, safety, and caliber of medications, medical equipment, and other healthcare supplies. When assessing and approving medications for the market, the FDA in the Philippines adheres to a set of rules and regulations. Pharmaceutical companies that want to get their therapeutic drugs approved must go through a rigorous review process and submit proof from preclinical and clinical trials that the therapy is safe and effective. The FDA verifies that the data is compliant with international standards and assesses its submissions. Apart from the clearance of drugs, the Department of Health (DOH) holds significant influence in creating healthcare policies inside the Philippines. The DOH is in charge of creating health plans, policies, and initiatives to offer the general public easily accessible and reasonably priced healthcare services.

Competitive Landscape

Key Players

• Pfizer
• Novartis
• Johnson & Johnson
• Roche
• Eli Lilly
• Biogen
• AstraZeneca
• Merck & Co.
• AbbVie
• Eisai