Philippines Cholesterol Therapeutics Market Analysis

Philippines Cholesterol Therapeutics Market Analysis Executive Summary

The Philippines Cholesterol Therapeutics Market is anticipated to experience a growth from $53 Mn in 2022 to $68 Mn by 2030, with a CAGR of 3.1 % during the forecast period of 2022-2030.

Cholesterol, an important lipid involved in many physiological functions, becomes harmful when its quantities stray from ideal ranges. Its key categories are LDL, which is related to arterial plaque deposition and increased cardiovascular risk, and HDL, which aids in the elimination of excess LDL from circulation. Elevated LDL cholesterol, caused by genetic predisposition, poor eating habits, and sedentary lifestyles, hurts atherosclerosis, hypertension, and the risk of cerebrovascular events. Fortunately, a variety of pharmacotherapeutic approaches have proven effective in lowering high cholesterol levels. Statins, as major medicines, inhibit hepatic cholesterol production, whereas Ezetimibe reduces dietary cholesterol absorption. Novel techniques include PCSK9 inhibitors, which target a protein to reduce LDL levels further, and bile acid sequestrants, which force the liver to use cholesterol, lowering systemic levels. Emerging technologies such as gene therapy, which involves genetic alterations to reduce cholesterol synthesis, and RNA interference, which silence genes involved in cholesterol metabolism, provide intriguing hopes for long-term solutions.

The country's CVD burden is growing, with risk factors such as elevated cholesterol adding to this trend. The incidence of hypercholesterolemia in the Philippines is estimated to be 12.6% among persons aged 20 to 79. The Philippine Health Insurance Corporation (PhilHealth) has created initiatives to help prevent and manage certain illnesses.

The key driving factors in the Philippines market encompass the high prevalence of cardiovascular diseases, growing health awareness, improved healthcare infrastructure, and changing lifestyle patterns.

Unilab, the largest Philippine pharmaceutical company, sells the most cholesterol drugs under numerous brand names. It focuses mostly on generic drugs, making them more inexpensive and driving up volume sales. However, multinational corporations such as Pfizer and Merck have worldwide portfolios and a bigger presence in branded, high-priced pharmaceuticals, which may lead to higher total revenue despite fewer products.

Market Dynamics

Market Growth Drivers

Increasing awareness and emphasis on preventive healthcare: As health awareness campaigns gain momentum, more individuals are proactively seeking medical advice and adopting healthier lifestyles. This trend contributes to the growing demand for cholesterol-lowering medications as part of comprehensive cardiovascular risk management strategies. Physicians are also likely to prescribe these therapeutics as a preventive measure for patients with elevated cholesterol levels, further driving the market.

Increased accessibility: The healthcare infrastructure and accessibility to medical services play a crucial role in shaping the cholesterol therapeutics market in the Philippines. The expansion of healthcare facilities, especially in urban and rural areas, enhances the diagnosis and treatment of conditions related to high cholesterol. Improved access to healthcare services facilitates timely interventions, leading to an increased prescription of cholesterol-lowering medications.

Changing lifestyle patterns leading to higher prevalence: The evolving lifestyle patterns and dietary habits in the Philippines contribute to the demand for cholesterol therapeutics. Urbanization, sedentary lifestyles, and shifts towards diets rich in processed foods contribute to the increasing incidence of high cholesterol levels. This lifestyle-related factor propels the need for effective cholesterol management, driving the market for therapeutics that can address these concerns.

Market Restraints

Economic hurdles: One significant restraint is the economic challenges and disparities prevalent in the Philippines. A considerable portion of the population may struggle with financial constraints, limiting their access to healthcare services and medications. The high cost of novel cholesterol therapeutics can act as a deterrent for individuals with lower socioeconomic status, hindering their ability to afford and adhere to prescribed medications. This economic constraint poses a substantial barrier to optimal cholesterol management and may contribute to suboptimal treatment outcomes.

Influence of alternative treatment options: The influence of traditional and alternative medicine practices in the Philippines poses a challenge to the widespread acceptance and adoption of cholesterol therapeutics. Cultural beliefs and practices may lead some individuals to rely on alternative approaches, potentially neglecting or delaying conventional medical interventions. Bridging the gap between traditional and modern healthcare practices through targeted educational efforts can help overcome this restraint and encourage a more comprehensive approach to cholesterol management.

Inequalities in the healthcare system: Shortages of doctors, nurses, and other healthcare professionals, particularly in rural areas, can hinder effective cholesterol screening, diagnosis, and treatment. Additionally, Fragmented healthcare data across different providers makes it difficult to track patient progress, monitor medication adherence, and identify high-risk groups for targeted interventions.

Healthcare Policies and Regulatory Landscape

The Food & Drug Authority (FDA) -Philippines, a crucial regulatory body under the Department of Health, ensures the quality, safety, and efficacy of pharmaceuticals, medical devices, cosmetics, and food items. Tasked with evaluating, approving, and overseeing manufacturing and distribution, it enforces strict regulations on labeling, advertising, and production processes. The FDA-Philippines collaborates with healthcare professionals and international bodies to stay updated on global best practices by engaging in both pre-market clearances and post-marketing surveillance. Additionally, it plays a vital role in public health education, providing information on pharmaceutical usage, side effects, and overall health promotion. Through these efforts, the organization significantly contributes to the preservation and improvement of public health in the country.

Competitive Landscape

Key Players:

• Pfizer
• Novartis
• Sanofi
• AstraZeneca
• Merck
• Bayer
• Abbott
• Eisai
• United Pharma
• Hizon Labs