Pharmaceuticals
Philippines Diabetes Therapeutics Market Analysis
Philippines's diabetes therapeutics market is expected to witness growth from $317 Mn in 2022 to $689 Mn in 2030 with a CAGR of 10.2% for the forecasted year 2022-30. The increasing awareness about diabetes and new therapeutic developments taking place in the Philippines is responsible for the expansion of the market. The Philippines diabetes therapeutics market is segmented by type, application, drug, route of administration, and distribution channel. Maridan Industries, MedChoice Pharma, and Boehringer Ingelheim are the major players in the Philippines diabetes therapeutics market.
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Philippines Diabetes Therapeutics Market Executive Analysis
Philippines's diabetes therapeutics market is at around $317 Mn in 2022 and is projected to reach $689 Mn in 2030, exhibiting a CAGR of 10.2% during the forecast period. The proposed $97 Bn national budget for 2023 was presented to Congress by the Philippine Department of Budget and Management (DBM), and it includes $5.43 Bn for the health industry. The DBM emphasized that the $5.43 Bn proposed budget for the health sector is 10.4% higher than this year's budget in order to improve the healthcare system, particularly in light of the persistent threats presented by infectious diseases. $0.53 Bn has been set aside for the purchase of drugs and vaccines, and $0.35 Bn has been set aside for the pay and benefits of healthcare employees.
Approximately 6.3% of Filipino people have diabetes, according to the International Diabetes Federation (IDF). That implies that nearly 4 Mn of the 63 Mn adults in the country have diabetes. The majority of diabetes medicines, including insulin and glucagon-like peptide 1 receptor agonists (GLP1-RA) and oral anti-diabetic drugs (OAD), are sold in the Philippines. Most diabetes medicines without patents are now accessible as generics. Biguanides and then sulfonylureas were the OADs that were most prescribed. This practice makes sense given that these 2 drugs in the Philippines offer the best value for money because their generic counterparts are widely accessible and therefore very affordable to the public sector. Metformin prescription rates are understandable, but the continued use of sulfonylureas in the face of deprioritization in nearly all diabetes CPGs (due to high rates of hypoglycemia) emphasizes the predominant and ongoing influence of economics on diabetes treatment. Premixed insulin, which accounted for 43% of all insulin prescriptions, was followed by basal insulin (detemir or glargine), which accounted for 26%. For both basal and bolus doses, half of the patients receiving insulin used the more recent insulin analogue preparations, while the other half received the standard human NPH and R insulin preparations.
Market Dynamics
Market Growth Drivers
The public in the Philippines is becoming more conscious of diabetes, and government agencies and healthcare providers are working to spread this information. The market for diabetes therapeutics is being driven by an increase in the screening and diagnosis of diabetes. In recent years, there have been substantial improvements in the management of diabetes. The creation of new, more potent diabetes therapeutics as a result of these developments is what is fueling the Philippines diabetes therapeutics market's expansion. The Philippines' pharmacy sector is expanding as a result of investments made by both domestic and foreign businesses in R&D projects. As a result, the market is expanding and novel diabetes therapeutics are being developed.
Market Restraints
In some areas of the Philippines, especially in rural areas, access to healthcare services and facilities can be limited. Due to this, patients may find it challenging to obtain diabetes medications, which may confine the Philippines' diabetes therapeutics market's expansion. Insufficient diabetes care is provided to many patients in the Philippines, which results in reduced glycaemic control and a higher risk of complications. The country's requirement for diabetes treatments may suffer as a result. Even though diabetes treatments have been enhanced, some of the more recent and potent diabetes therapeutics may not yet be broadly accessible in the Philippines. This may thwart patients from receiving the best treatments.
Competitive Landscape
Key Players
- Multicare Pharmaceuticals (PHL)
- Bell-Kenz Pharma (PHL)
- Pascual Laboratories (PHL)
- Maridan Industries (PHL)
- MedChoice Pharma (PHL)
- Boehringer Ingelheim
- Eli Lilly
- Glaxosmithkline
- Novartis
- Novo Nordisk
- Sanofi
Healthcare Policies and Regulatory Landscape
The Food and Drug Administration (FDA) is the body in charge of regulating medications in the Philippines. The FDA oversees guaranteeing the nation's access to pharmaceuticals, including diabetes therapeutics, that are safe, effective, and of high quality. Pharmacies are produced, distributed, and sold in the Philippines under the administration of the FDA, an organization that works under the Department of Health. In addition to reviewing and approving applications for novel medicines, the agency also keeps an eye on the efficacy and safety of medicines that are already available. The FDA also inspects manufacturing sites to make sure they obey legal necessities. To increase efficiency and streamline its procedures, the FDA in the Philippines has been implementing reforms. These changes include the adoption of electronic application filing and the formation of a national drug information centre to offer details on the efficacy and safety of the drugs. To make sure that Philippine regulatory standards are in line with global best practices, the FDA also works with other foreign regulatory administrations. This cooperation entails exchanging knowledge and experience regarding drug regulation and taking part in joint inspections of manufacturing sites.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
Diabetes Therapeutics Segmentation
By Type (Revenue, USD Billion):
- Diabetes 1
- Diabetes 2
By Application (Revenue, USD Billion):
- Preventive
- Prediabetes
- Nutrition
- Obesity
- Lifestyle Management
- Treatment/Care
- Diabetes
- Smoking Cessation
- Musculoskeletal Disorders
- Central Nervous System Disorders
- Cardiovascular Disease
- Medication Adherence
- Chronic Respiratory Disorders
- Gastrointestinal Disorders
- Rehabilitation
- Substance Use Disorders & Addiction Management
By Drug (Revenue, USD Billion):
- Oral Anti-diabetic Drugs
- Insulin
- Non-insulin Injectable Drug
- Combination Drug
By Route of Administration (Revenue, USD Billion):
- Oral
- Subcutaneous
- Intravenous
By Distribution Channel (Revenue, USD Billion):
- Online Pharmacies
- Hospital Pharmacies
- Retail Pharmacies
Methodology for Database Creation
Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.
Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.
How Do We Get It?
Our database is created and maintained through a combination of secondary and primary research methodologies.
1. Secondary Research
With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:
- Analyzing historical proprietary data collected from multiple projects.
- Regularly updating our existing data sets with new findings and trends.
- Ensuring data consistency and accuracy through rigorous validation processes.
With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:
- Searching through academic conferences, published research, citations, and social media platforms
- Collecting and compiling diverse data to build a comprehensive and detailed database
- Continuously updating our database with new information to ensure its relevance and accuracy
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
- Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
- Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
- Continuously refreshing our database to ensure that the information remains current and reliable.
- Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.
Combining Secondary and Primary Research
By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:
- Merging historical data from secondary research with real-time data from primary research.
- Conducting thorough data validation and cleansing to remove inconsistencies and errors.
- Organizing data into a structured format that is easily accessible and usable for various applications.
- Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.
Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.
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Maridan Industries, MedChoice Pharma, and Boehringer Ingelheim are the major players in the Philippines diabetes therapeutics market.
The Philippines diabetes therapeutics market is expected to grow from $317 Mn in 2022 to $689 Mn in 2030 with a CAGR of 10.2% for the forecasted year 2022-2030.
The Philippines diabetes therapeutics market is segmented by type, application, drug, route of administration, and distribution channel.
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